Pawn Jewelry Boca Raton

Not many people realize that pawn shops are the oldest form of lending.  Long before there were banks if you needed cash you went to a pawn shop.  There was no such thing as credit or checking your credit so no one was willing to lend you money without collateral.  That’s what a pawn shop is.  Instead of checking your credit history, assets, or income, pawn shops just need collateral.  As long as the collateral is worth the same or more that the amount you need, you can exchange it for cash.  Now-a-days you have options when you need a loan.  You can go to a bank, there are payday advance stores, pawn shops, small business lenders, etc.  But how do you know which one is right for you?  Below are some reasons why you should consider going to a pawn shop rather than other traditional lenders, especially if you want to pawn jewelry Boca Raton.

There are dozens of places you can turn to when you need a loan.  So what makes a pawn shop different?  First, pawn loans are short term loans.  Banks and other traditional lenders are not interested in lending you money for a month or less, let alone a couple of days.  However, pawn shops specialize in this type of loan.  You can keep the loan as long as you need but most people redeem within 30 days.  Let’s say, for example, it’s the holiday season.  You had a great year at work and you’re getting rewarded with an awesome bonus which is great because you need to buy gifts for friends and family.  Only problem is Christmas is next week but you don’t get your bonus until the end of January.  You know you are going to have the money, you just don’t have it yet.  Rather than run up your credit card bill, see what assets you have that you can bring to a pawn shop.  Maybe you have a diamond engagement ring or Rolex watch.  You can leave it with them for a short time, a month or less, and redeem it when you get your bonus.  Try going to a bank and asking for a month loan.  It takes a month just to apply for a bank loan sometimes.

Second, getting a cash loan from your local pawn shop takes minutes.  It is the only place you can walk in at 1 PM and walk out by 1:15 PM with $10,000 or more.  As long as you have collateral that’s worth more than the cash you’re receiving a pawn shop will want to do business with you.  Pawn shops in Boca Raton specialize in emergency situations.  Not everything can be planned for.  Sometimes you get that unexpected bill in the mail you forgot about and you just need some fast cash to cover it.  A pawn shop can be a great option because you get quick cash.

Third, pawn loans have simple terms.  If you’ve ever applied for a bank loan or mortgage you know how complicated they can be.  It’s not black and white.  There are tons of hidden fees and payments you don’t even realize are there.  And don’t even get me started on the penalties for being late.  It’s almost like they try to confuse you so that you don’t understand the loan.  Pawn shops are much different.  When you get a loan at a pawn shop, there are two numbers you need to remember, the principle aka how much you are lent and the interest payment.  That’s it.  There are no late fees, hidden fees, etc.  For example, let’s say you borrow $1,000 at 8%.  That means your interest payment is $80.  So if you want to redeem your item within one term simply pay $1,080 and you complete the loan.  The only other things you need to worry about are the due dates and default dates, but those are on your contract.  A loan from a high end collateral lender is super simple and there are no tricks and hidden fees.

Finally, and maybe the most important reason why you should consider a pawn shop is there are no credit checks.  In fact, being late on pawn interest payments or defaulting completely has absolutely zero effect on your credit score.  It is completely 100% under the radar.  People who use a pawn shop for a short term loan don’t necessarily have bad credit.  A lot of people think that pawn clients are just people with bad credit.  But that’s not always the case.  In fact, most people choose a pawn shop to avoid getting bad credit.  Instead of obtaining a loan through traditional means where they check your credit you can go to a pawn shop and your credit will stay intact.

Pawn shops can be a great alternative to contemporary lenders like banks.  There are no credit checks, they have simple terms, they are fast, and they are short term.  So next time you are in need of some cash fast, look up your local pawn shop and pawn jewelry Boca Raton.