For most people, the pawnshop is a fantastic place to get some money for items they no longer want. When individuals need quick cash to pay a bill or tide them over until their next paycheck, however, they can also stop by the business for a hassle-free loan. If you’re considering a pawnshop loan, keep reading to understand the advantages of this service.

What Are the Benefits of Pawnshop Loans?

1. Get Cash Quicker

If you have an emergency and need cash fast, a pawnshop can supply money quicker than a bank because these businesses often have one person who makes the decision on site. With banks, the loan could go through local, district, or even regional managers before it’s approved.

During the process, you’ll put up an item as collateral in exchange for the cash; pawnshops will take a variety of objects, depending on the store. The loan amount will depend on the value of your collateral. Electronics, jewelry, and musical instruments are popular choices as collateral because these items are in high demand.

2. No Credit Check

If you go to a bank for a personal loan, your credit score and history will play major roles in the application process; they rely on them to determine your ability to pay. If you have a lower score or a history of missed payments, the application could be rejected.

Pawnshop loans don’t require credit checks; however, there is some paperwork involved. You have to be at least 18 years old and have proof of your identity. When you accept the loan, you’ll walk out of the shop with the money and a pawn ticket.

3. Lower Interest Rates

The interest rate on a loan often determines if it’s financially worthwhile to pursue. While other bank alternatives, like title or payday loan facilities, can offer similar speed and convenience to pawn loans, their interest rates are typically higher.

With pawnshops, you will have an interest rate to pay on the loan; however, this varies among individual businesses. If you have several companies in the area, it’s useful to visit a couple of different ones to find the best rate. You will usually have 30 days to a few months to pay off the loan; some pawnshops may extend this timeframe if asked. If you can’t pay the loan, the shop gets to keep your item in its place.

When you’re looking for a pawnshop to get a loan from, choose Gold & Silver Pawn in Hinesville, GA. For over 35 years, this locally owned family business has been a trusted resource for those who want to get a loan, as well as anyone who wants to pawn electronics, jewelry, or a wide variety of other items. To get started with their quick and easy loan process, visit them online or call (912) 876-6580.