5 Reasons to Use Pawn Shop for a Loan  

5 Reasons to Use Pawn Shop for a Loan  

A financial emergency can strike at any time. In most cases, it happens when you have no penny in your pocket. The formalities involved when borrowing from a bank are sickening. Worse still, you have a poor credit score, and no financial institution would do business with you. And even if it were possible to get a loan from a bank, you just need a little cash to sort the current emergencies.

It can be annoying to borrow cash from family and friends, especially when you don’t want your problem known by other people. That’s where pawn shops come in. With a valuable item in the house, you’re a step away from having cash. For instance, people pawn designer handbags for instant cash. We discuss five reasons to use a pawn shop for a loan;

No Credit Checks

All the financial institutions have to check your credit score before they can offer you a loan. If you have a bad credit score, you’ll go home empty-handed. In a pawn shop, you use your item as collateral for the loan. And the best thing that when you pawn designer handbags as collateral, even if you default, your credit score is never hurt.

Zero Red Tape

There are no lengthy procedures involved when pawning. In a bank, they’ll have to check your credit score, confirm if you have security for the loan, and ask for guarantors, a process that can take days. If you want to pawn designer handbags, all you need is have your ID number, and the proof of residency checked out. In minutes, you’ll be walking away with cash ready to sort your emergencies.

The Pawnbroker Carries the Risk

Any pawnbroker you visit will put a value on the items you bring. If they value it incorrectly, say a price above its current value, the pawnbroker will incur a loss if the valuation plus the interest on the loan is less than the market value of the car itself.

Save a Valuable Items with a Loan

You’ll agree there’s that item you don’t feel like letting go. If you’re cash-strapped, you can approach a pawn shop instead of selling the item and regret later. Just visit a pawn shop, use it as collateral for the loan, pay the loan and interest within the timeframe and get your items back.

Get a Loan You Can’t Find Elsewhere

Financial institutions have a limit below which they can offer loans. With pawn shop, your items can get you a loan of as little as 50 dollars.

Pawn Your Valuables for Loan at GEM Pawnbrokers
Since 1947, GEM Pawnbrokers has been the go-to pawnbroker for the residents of New York City area. We offer reasonable rates on your merchandise in our 24 branches. For more information, call 718-CALL GEM (225-5436).

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