Unlike banks, when you get a loan from a pawn shop, you don’t have to worry about your credit score or any past loan misconduct. Getting a loan from a pawn shop is much easier, quicker and painless!
Receiving the Loan
To get a loan from a pawn shop, you will need to show a form of identification and some collateral as proof of payment. Pawn Shops use your collateral to decide your approved loan amount rather than a credit score or pay schedule. Some forms of collateral include jewelry, entertainment items, electronics, power tools, antiques, or just about anything with value. The value they put on your item will be the amount you will receive as a loan.
For example, if you bring in a piece of jewelry valued at $250, the pawnbroker will give you $250 as long as you agree to pay it back within a certain amount of time. When you get a loan from a bank, a certain percentage of interest is added to the end payment per month; this is the same as with a pawnshop. If you are unable to pay off your loan, the pawnshop has permission to take your collateral as a form of payment.
Proof of Ownership
Pawn shops may require proof of ownership for the collateral to ensure it’s not stolen before agreeing to a loan. This may be in a form of receipt of purchase for the item, or some other sort of proof the item belongs to you.
Loan Extensions
Loan extensions may be available if you cannot pay back the loan in full on the due date. A typical pawn loan has a term length of 30 days, which can include a 30-day grace period. If you cannot pay back your pawn loan in full, ask your local pawn shop if they can offer an additional extension. You should expect to pay a small fee to receive an additional extension.
Loan Renewals
Much like a loan extension, a loan renewal happens when you are unable to pay back the loan by the due date. To get a renewal on your loan, you will have to receive approval by the pawnbroker and pay the total amount of interest owed on your loan. Typically the interest rate will stay the same, but now you will have more time to pay off your loan.
Need some quick cash? Remember the Alamo, on Transmitter Road! We provide quick confidential loans on just about anything of value. Ask about our VIP loans for small businesses, or individuals with high net worth in need of a quick cash loan! Special rates apply to VIP loans.
*A typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full.