Friday, March 19 2021
Sometimes, you need a bunch of cash in a short timeframe. Traditional loans like banks won’t cut it in these instances because you have to jump through too many hoops.
If you’re in this situation, you might have considered pawning one of your items at a pawn shop.
But is this a good idea? Or should you find fast cash somewhere else?
Well, pawn shops are excellent places for getting a loan in little time, actually. Here are some reasons why.
Same-Day Approval and Funding
As mentioned earlier, most traditional loan types can take days from starting your application to receiving your funding.
For pawn loans, however, you can be in and out the door with your money within the same day. If you truly need money today, you can get it at a pawn shop.
No Credit Check Required
Many Americans in need of some extra cash are denied loans due to having too low of a credit score.
They have nowhere left to turn in terms of getting cash — merely on the basis of a few numbers.
Additionally, credit checks harm your score. The last thing you want is your credit score to take damage and to get denied a loan.
At a pawn shop, things are different. There are no credit checks because you secure your loan with the item you pawn. As long as you have something of sufficient value, you won’t be turned down for a loan at a pawn shop. Plus, your credit score will remain untouched.
Sometimes, things happen. You may struggle to pay back your loan, or even find yourself unable to do so.
With traditional lenders, you’d face serious fees and credit damage should you fail to make payments. If you default, they can send collections agencies after you, and your life can turn into a nightmare fast.
But with a pawn loan, you can get out just fine.
Sometimes, you can ask the pawn shop for an extension for an added fee.
And if worse comes to worst — you can’t pay back your loan — all that happens is the pawn shop takes possession of your collateral.
No credit damage, no collections agencies, and no bankruptcy filings.
Obviously, we prefer you pay your loan back in full and time. But know that if you’re financially struggling and can’t pay back your loan, the consequences of “defaulting” on a pawn loan aren’t that bad.
Looking for some fast cash in Philadelphia? If you have an item you’re willing to put down as collateral, Cash Express would be happy to take a look at it and give you a fair offer. You could walk out with cash in your hand within hours. Come down to our store today!