Obtaining a Loan From a Pawn Shop

A Pawn Shop

If you need money in a hurry but do not want to apply for a loan, then you could take something to a pawn shop Brick to pawn and get a loan on.  The loan will be based on the value of what you want to pawn, and they will not do a credit check.  When you bring your item to the pawn shop, they will do an appraisal of what the resale value would be.  They do this to see what they could get for the item if you do not return and repay the loan to claim your pawned item.

On average, a loan from a pawn shop Freehold will be $70-$100, depending on what you are pawning.  You will never get the full resale value as the pawn shop has to make money if they resell the item.  When you come in to repay your loan and get your item back, there will also be interest added to the loan amount.  When a pawn broker makes a loan, it will be a 30-, 60-, or 90-day loan.  How long is based on the value of the item, also known as collateral?  The loan amount averages 33% of the resale value.  For example, if you brought in some with a resale value of $150, you would be offered a loan for about $50.

The interest rate will vary but can range from 2%-12% per month of the loan.  Some pawn shops will also collect additional fees, such as handling or stocking fees.  They can range from 5%-20% per month.  The one big advantage of a pawn shop is that you can get a loan fast and it will not affect your credit score, even if you default on the loan.  On the flip side of the coin is that you will not get even close to the true value of the item you are pawning. 

The type of loan that you get through a pawn shop Brick is considered a secured cash loan.  A loan is considered secure when there is some sort of collateral, which the item you pawned is.  Some of the things that are good to pawn for a loan are jewelry, musical instruments, televisions, and game consoles as long as they have all the controllers and cables.

When you get a pawn shop loan, they will give you a paper that details all of the loan terms, like the due date, interest, any extra fees, the amount borrowed, and what you pawned for the loan.  If you can repay the loan before the due date, you can do so and get your item back sooner.  Check with the pawn shop before you leave to see if you need to bring that paper back with you to reclaim your pawned item. 

Conclusion

If you need some quick cash, visiting a pawn shop Freehold and pawning an item can get you some quick cash.  Just remember that it needs to be paid on time or you may lose what you pawned.

Bio – Century Jewelers & Loan offers 90-day collateral loans on a wide variety of items.  We also purchase a variety of items including gold.   We appraise jewelry, coins, art and other valuables for estate, insurance, and divorce purposes and offer estate buying services.  At our store, we carry a large assortment of unique items to purchase including jewelry, musical instruments, collectibles and more. Century Jewelers & Loan will also help you host a gold party!

Century Jewelers & Loan has served the New Jersey area for over 15 years. Throughout our history, our main goal has remained the same: to deliver quality, value and, most of all, impressive service.

This commitment means we work harder and smarter than our competition. We are at the forefront of the pawnbroker industry and offer our customers the latest services, technology, and information available. Give us a call today and let us show you the Century Jewelers & Loan difference.

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By Daniel Lincoln

Daniel Lincoln is the founding member and Manager of Multiple Websites for First SEO Paper, also the owner of high-level quality sites focusing on General Categories only.

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