If you have never done a pawn loan before you may be looking around your house wondering if maybe some of your “stuff” could possibly be worth something and may be able to get you out of a jam.
Let’s look at how pawn loans work and how to get some quick cash in your pocket today.
It’s important to understand how they work before moving forward.
We will help you weigh the pros and cons and decide what’s best in your situation. Pawning or selling outright.
How pawn loans work
When you are in need of some quick cash, pawn loans are a quick and easy way to get approved for a loan by bringing in your merchandise to a pawn shop using your item(s) as collateral to secure a loan against the value. Pawn loans range from the low end of $20 all he way up to $10,000 (or more!).
Once you arrive at the pawn shop with your items, the broker will ask how much you need, and if the item is accepted, you will be made an offer based on a percentage of what the item is selling for on various sites including eBay, Amazon, and Retail Stores. In some cases, the loan amount can be negotiable to allow the pawnbroker and customer to agree on an amount that the customer can afford and the pawn shop is still able to turn a profit should the customer decide not to come back for their merchandise. The loan is for 30 days, and the customer has the option to pay a fee and extend the loan for another 30 days or pay the initial pawn amount plus fee and pick up the item.
The fee incurred vary dependent on the amount loaned. The customer has the option to pay the fee and then pay down on the principle to make it easier to pay out the pawn in the future.
The product is stored safely in the back warehouse area or in the safe for guns and jewelry. This way when the loan is paid out the item is retuned to the owner in the same condition it was received in. If the customer does not pick up the item in 30 days or pay the fee to extend it another 30 days, the item stays on pawn status for a grace period of an additional 30 days. The customer then has the option to catch up with additional fees. If after the additional 30 days, the customer does not renew or pay out the pawn, the property t is forfeited and becomes the pawn shop’s property.
Requirements for pawning
Once you’re ready to pawn your item, all you need to bring to the pawn shop is your item or items along with a valid government issued ID. An offer will be made based on the market value evaluation. It will be a percentage of the current retail resale value.
Pawn loaning allow borrowers to gain more flexibility no matter what life throws their way. No credit check needed, and no time wasted waiting for a bank reply. What could be better than that?
Ready to get going?
Stop in to one of our 2 convenient locations
889 Airport Road South, Naples, FL 34104 | 239-434-7296
1331 Homestead Rd N, Lehigh Acres, FL 33936 | 239-369-2274