Boca Pawn
Do you need a short term loan but don’t have the credit to get one from a bank? There are many Boca Pawn shops that can help you with your needs. A short term collateral loan from your local pawn shop will get you back on your feet in no time.
How does a collateral loan (pawn shop loan) work? It’s easy. Just like a bank loan your local pawn shop will give you money now while you pay interest every so often until you pay off your loan. The only difference is with a pawn shop loan you need physical collateral that is worth the amount you need. That way if you default on the loan the pawn shop has an opportunity to sell your item and get their money back. A bank loan usually lends money based on your credit history or credit report. Not everyone has good credit but most people have some physical assets worth money which is why you see so many pawn shops.
Pawn shop loans are also meant to be for the short term. Usually the loan is good for 30 days with the option to redeem or extend the loan. If you want to extend the loan you simply pay the interest charge for the first 30 days. This will give you another 30 days. Also, with a collateral pawn shop loan you can pay it off whenever you want.
Short term collateral loans offer an alternative way to get a loan for those who have bad credit.
by, Seth Marcus at Boca Raton Pawn
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