PAWN SHOPS USA

Pawn shops provide consumers with short-term loans secured by property. Getting money is very simple. Bring a valuable item-get money.

Ad

Loans for ANY NEEDS
APR from 4.99%

TOP RATED COMPANIES

Rates last updated October 25th, 2020

...

Ad

Smaller tax return than you expected? Apply online for quick cash. Apply

What is a pawn shop?

A pawnshop is a shop or business that lends money to people who bring in valuables  to leave as a collateral in exchange of money. For example, it can be jewelry, watches, gold, cameras, musical instruments, televisions or computers.

Man can return his possessionsas soon as he returns the entire amount of moneyborrowed plus interest rate. Interest rate is considered a payment for using someone else's money for a certain period of time. If the person who borrowed money from the Pawnshop does not repay the loan and interest within the stipulated time, the Pawnbroker may sell the valuable thing to another customer to return the money he loaned.

Pawnshop Loans – how they work?

Pawn shops offer collateral-based loans. This means that the loan is backed by something valuable. You offer what belongs to you, and if the moneylender is interested, he will provide you a loan. Then the pawnshop keeps your item until you repay the money.

The loan amount, most often, is a part of the goods’ cost. Of course, you can sell your thing directly, but pawnshops do not really approve of these transactions, only because the loans bring much more profit to the store.

As you’ve taken the cash from a pawnshop, you get a pawn ticket. Don't lose it! This is not only a receipt for your goods, but also a brief description of the terms of your loan.

Pawn shops near me

I’'s possible to apply for a pawnshop loan online, but all the same you’ll need to drive to the office to complete the deal. Borrowing from a store has a number of advantages:

  • First of all, there you will quickly get answers to all your questions.
  • Secondly, you choose a convenient pawnshop for you, either near your home or near your place of work.
  • No paperwork
  • No credit check (After all you leave some item as a collateral)

Online pawn shops

If suddenly you can not go to one of the pawnshops, rest assured, you can apply online. You send a photo of your valuable item, confirm your identity, and soon you will receive the exact amount of credit that you can get. But most often this amount is not final. If you agree to all the conditions, your e-mail will receive further instructions on how to pack and where to send your thing. Don’r worry, 100% safety is guaranteed.

How does a pawn shop work?

 Here are all the necessary details on how the pawnshop system works:

  1.  A borrower offers a valuable thing and the pawn shop employee calculates the amount of credit that he can get (most often this amount is not the full value of the goods). Of course, there is an opportunity to just sell the thing, but it is not profitable for the pawnshop, so they refuse such deals.
  2. You get the money and a pawn ticket, you shouldn’t lose it, there is all the information about your stuff, and also information about the amount of money and interest that you have to pay.

Then there are two different variants of the process:

  •  If you have paid the loan amount+interest, you come to the pawnshop and take your thing back.
  •  If you suddenly failed to pay everything, pawnbroker has the right to sell your thing. Be careful

Pawn shops vs Payday loans

Pawn shops Payday loans
Up to 90 days 14-30 days
Collateral No collateral
Low interest rates Interest rates are higher than in Pawn shops
No credit check Soft credit check
Available for Bad credit Available for Bad credit

Read more: The difference between Payday Loans and Pawn Shops.

Why consider Pawn shop loans?

The loan is issued for up to 90 days, depending on the loan amount.

The most important advantages of a pawnshop loan are:

  • No paper work
  • No credit check
  • Lower interest rateInstant funding
  • Available to all people regardless their credit score
  • As a collateral, you can leave not only jewelry, but also equipment, anything up to ancient coins

Pawn shop hours.

In different pawnshops, the working time varies significantly. You can find pawnshops that work 24\7. But most often their working hours are from 10:00 a.m. to 7:00 p.m., at the weekends 10 00 a.m. – 5:00 p.m.  Pawn shop hours may vary 2 hours earlier or later.

Thus, in conclusion, we can say that Pawnshop loans should not be feared. The whole scheme is transparent and simple. You give your thing away in exchange for money. Pay back the money-get back your belongings.

Ad

Loans for ANY NEEDS
APR from 4.99%

Advertiser Disclosure

COMPACOM.COM is an independent advertising service that provides information and reviews on various companies to help customers compare them and get the best deal. If the company's page is not marked by "Affiliate Sign" and "Affiliate Disclosure", it means we are not affiliated with this business. We just provide the relevant data to help the company promote its services and let the customers find and get the necessary assistance faster.

COMPACOM.COM is not responsible for any products and services advertised and compared. As you click on any advertising block, you are redirected to the third party's website and it's your responsibility to check all the details of the deal. Neither is COMPACOM.COM liable for other companies' logos, names are trademarks™ or registered® trademarks used on our website. Their use does not signify or suggest endorsement, affiliation, or sponsorship. The main aim of COMPACOM.COM is to provide verified information that is taken from the companies' websites and other public sources and supported by the links to them.

COMPACOM.COM can get some compensation for featured placement of certain sponsored products and services, or your clicking on links posted on this website. But it doesn't impact the way the companies are evaluated. Their rating is based solely on real people's reviews which go through a double verification via phone number and e-mail.

We strive to keep all the information on this site up-to-date and accurate but you should check any rates and terms as well as other product or service information on the provider's website.

Close