Pawn shop loans are a source of funding when you need a little extra money for an urgent bill, health emergency, or just need some cash fast. Experts at establishments such as Monte de Piedad Pawn Shop will say that millions of Americans use them every day, to secure same-day funding without a credit check. Those are key benefits of pawn shop loans, but there are many more. Learn more about the benefits of pawn shop loans here.
Use Your Own Collateral
Unlike a car loan or a mortgage, you don’t need to purchase something to secure a pawn shop loan. You can use what you have already. If you have an item you don’t often use, or that you’ve been thinking of selling anyway, you can use that item as your collateral.
Not only can you use that item as your collateral, but you can also get that item back. In some transactions at a pawn shop, you sell the item and don’t get the funds back if you never come back for the item. With a pawn shop loan, you get the item back when you pay off the loan. They are easy and fast ways to get funds for an emergency, without any dings to your credit.
No Credit Checks Or Reporting
Among the biggest advantages to a pawn shop loan are that there are no dings to your credit report and no credit check. To secure the funding, your credit report is not checked. You won’t be reported to the credit bureau if you don’t pay back the loan. You will lose the item that you pawned, but you won’t see an impact on your credit report in any way.
Not having your credit report checked or reported to is a common benefit to pawn shop loans. At the same time, if you already struggle with credit score issues, this is an easy loan to get. That is another key benefit to pawn shop loans when it comes to credit scores. Those with bad credit or below-average credit scores can get a pawn shop loan with minimal personal information used. You just need government-issued identification and an item to sell.
This means less paperwork and less stress. You will get the loan.
The biggest benefit for pawn shop loans is instant same-day funding. You will get the funding as soon as you visit the shop and use the item as collateral. This is not funding that you will have to wait for approval on. When you need money instantly, a pawn shop loan works.
It will take a little time to put a value on your item to determine the amount of loan you qualify for. That is how long it will take to secure a loan. The only reason you would be declined for this kind of loan is if it turns out that your item has no value.
Get a Pawn Shop Loan Today
Experts at pawn shops like Monte de Piedad Pawn Shop know how easy it is to get a pawn shop loan when you are in a money crisis. If you need something paid today and have a valuable item, a pawn shop loan can help you. Get a pawn shop loan today and bring some relief to your day with a little extra cash in your pocket.