With the recent pandemic, you may be out of a job and need money fast. However, your credit is terrible and there’s no way you can qualify for a bank loan. One solution may be pawning your jewelry or other valuable items for some quick cash to see you through. It’s estimated that around 30 million Americans use their property as collateral to secure a loan at a pawn shop every year. Here are three advantages of taking out a bad credit loan from a pawn shop.
You can get approved for a bad credit loan from a pawn shop instantly during your visit. With a bank loan, it can take you weeks to get a loan approved and processed. All you need to do to qualify for loans for bad credit at a pawn shop is to exchange an item for the amount you need. The loan you’ll receive will be a fraction of what your item is worth.
No Credit Checks
Another advantage to loans from pawn shops is that no credit checks are necessary. You won’t even be asked about your credit situation. This is because they base the loan on the item you bring in. The highest amount you can expect to receive is $100,000. So, you can sell jewelry you own or the TV in your living room and be just fine. If you fail to pay back the loan, your credit rating won’t be affected. The pawn shop will simply keep the item and sell it to recoup the amount they gave you.
Get Multiple Loans
You can get as many loans as you want from a pawn shop. As long as you bring in another item, you can request a loan every day of the week if you want. Other lenders may require you to pay off your first debt before they’ll approve you for another. If you ever do need to apply for a bank loan, the bank won’t be notified about your pawnshop loans.
If you’re in need of a bad credit loan, we can help you get the cash you need fast and discreetly. You can pawn gold, jewelry, or silver in any condition and receive the amount you need today. Your items may be more valuable than you think, so contact us today!