pawn loan

There may be a point in your life where you run short on cash. In most cases, it would be because of an unexpected emergency situation such as a medical emergency. When you can’t wait for your next paycheck to pay off something urgent, your initial reaction is to borrow some money either from someone you know or from a financial institution that lends money. However, your friend or your relative might not have adequate funds at the moment and banks or other financial institutions might require a lot from you upfront before they can approve your loan request. 

Need some quick cash?

When you need an ample amount of money in a short period of time, taking out a loan from a lender or a bank may not be a good option for you. This is because accessing those funds may take some time.  The best way to get instant cash is to take out a pawn loan. If you have an attic full of stuff that has monetary value but you are not using, consider bringing those items to a pawnshop. Pawn Shops are willing to give you money for your item and you will have a chance of getting the item back once you paid off your loan after a certain period of time.

A pawn loan is a type of collateral-based loan that means that your loan is secured by something of value. The pawnbroker will keep the item until you fully repay the loan. However, the loan amount will not be equal to the item’s actual value but just a small fraction. The best part is that you can get the money right away once you and the pawnbroker have agreed to a certain loan amount. 

Repaying a pawn loan

A pawn loan can get you access to money when you need it. You just have to present collateral such as an item with high value like jewelry or a collector’s item. When it comes to paying your pawn loan, you have 2 choices:

  • Your pawn loan has a deadline based on what you agreed with the pawnshop. You need to pay the loan amount before its deadline which is normally 1 to 6 months after the transaction is made.
  • You can’t pay the loan and decide not to return to the pawnshop anymore. When this happens, the pawnshop will keep your item instead. You lose the item but you don’t need to pay off your loan anymore. The good thing is, there is no effect on your credit report at all. However, if the item is of great value to you, reclaiming it is a good option.

Get instant cash with a pawn loan

Pawn loans from Centreville Gold & Pawn are easy to take out and don’t require anything at all so long as you bring a collateral item with you to serve as insurance for your loan. You will be able to get your cash right away and settle whatever financial challenge you are currently facing without the long wait and the risk of hurting your credit report too.