You may not think of pawnshops when you need to borrow money, but they’re great places to go when you need a quick, confidential loan. Plus, you can get the loan without a credit check. Credit checks can ding your credit score, so the fewer you have, the better off you are.
How it Works
When you need cash but you don’t want to sell your items, bring them to your local pawnshop for assessment. The pawnshop owner will lend you as much money as the item appraises for. The loan terms spell out the amount of time you have to pay back the loan.
If you pay it in the required time frame, including interest, you get your item back.
How it’s Different
A secured loan is always easier to get because you’re providing collateral for the money. If you don’t pay the loan back, the pawnshop owner doesn’t have to send the account to collections — they just keep your item and sell it to recoup their loss.
All you need to provide is your name and contact information. It’s much different than if you walk into a bank to get a personal loan. There, you need to provide your Social Security number, your driver’s license number, your address, etc. And even after you apply, they may not approve you based on your credit score or debt-to-income ratio.
With pawnshops, as long as the owner knows they can sell your item for a profit, you are good to go!
What Can You Use it For?
Another feature that makes getting a confidential loan from pawnshops different is that you don’t have to explain why you need the money. At a bank, they’ll want to know if you’re buying a car or paying off a debt — you will likely have to explain yourself. This is not the case with loans from pawnshops!
Pay it Off — Get Your Item Back
Say goodbye to your item for now, but get it back later after it’s paid off. At Premier Pawn, we offer confidential personal loans that make life easier! Bring your valuables to us today and let’s talk details.