Fast Cash With a Pawn Loan
You’re desperate for cash. A fast cash pawn loan has left your home uninhabitable and you can’t afford to pay for a plumber, much less cover your daily living expenses until the emergency is resolved. You’ve tried to secure a personal loan, but your credit score is so low you don’t qualify. And you’ve heard that payday loans can cause a vicious cycle of repeated borrowing and exorbitant fees.
You decide to visit a local pawn shop to explore your options. A pawnbroker greets you and listens as you explain the problem. He evaluates your items and tells you how much he can lend you based on their resale value. You leave with a check for the amount and valid ID.
Get Fast Cash With a Simple Pawn Loan Process
Pawnshops offer fast, easy-to-obtain collateral loans to consumers without access to traditional credit products, like bank or online lenders. These types of loans are also known as payday or short-term loans and usually do not factor in your credit history or employment status. In addition, pawnshops rarely report your loan to credit reporting agencies. This means that your loan won’t impact your credit score unless you default on it and it goes into collections.
But pawning can still be risky, especially when the terms are so tight. In the short term, a high interest rate can turn that $100 loan into a big bill in just 30 days. That’s why it’s important to weigh all the pros and cons before deciding on a pawn loan. Read on for a closer look at how they work, the risks, and alternatives that can help keep you on track.
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