28 Feb Seven Advantages of a Pawn Loan From Barry’s Pawn & Jewelry
What are the Advantages of a Pawn Loan?
You may already know that your Boca Raton pawn shop is a great resource for bargain hunters. What you may not know, however, is that pawn loans offer some real benefits for borrowers in our area. Here are some of the most important advantages of a pawn loan from Barry’s Pawn & Jewelry.
No Delay in Receiving Cash
Waiting around for banks to decide on your loan application can be frustrating. In some cases, these lenders can take weeks or even months to get back to you on the status of your application. By contrast, pawn loans are almost instant. After your item to be pawned has been reviewed by the staff at your pawn shop, you will receive your funds right away to help you manage life’s emergencies.
The Ability to Take Out Multiple Loans
Your local pawn shop will typically allow you to take out as many loans as you have collateral to back those loans. This will often allow you to obtain the necessary cash on hand to manage repair bills or other unexpected expenses without causing undue stress for you or your family members. If you have the items of value necessary for collateral, you can also pay off your pawn loans and then borrow against your items again and again to manage cash flow difficulties effectively.
No Effect on Your Credit Rating
One of the biggest advantages of a pawn loan from your local Boca Raton pawn shop is the ability to acquire funds without going through an extensive credit check. The value of the collateral you provide for your loan serves as your promise to pay. If you do not pay back your loan as agreed, you will forfeit the item you have surrendered as collateral. Your credit rating, however, will not be affected by this decision. This can make pawn loans a solid choice for those who have experienced credit problems in the past.
No Impact on Your Ability to Borrow From Traditional Lenders
Because pawn loans do not appear on your credit report and are completely backed by collateral, taking out these loans will not affect your ability to borrow from other sources. Even multiple pawn loans will not count against you when you apply for credit cards, personal loans and other lending arrangements through banks and traditional lenders. If you are considering purchasing a home or car in the near future, this can be one of the most important advantages of a pawn loan.
No Lengthy Paperwork to Complete
In general, your Boca Raton pawn shop will use a standard pawn loan contract that spells out how much they are lending you and what item you are using as collateral. This is often the only document you will need to sign to get a pawn loan on your item of value. Pawn loans can save you time and effort when seeking a short-term solution for temporary cash shortages.
Secure and Safe Storage for Your Items
Boca Raton pawn shops are a safe place for your valued objects. These items are stored in climate-appropriate areas and are kept secure for you until you can return and reclaim them. If you do not pay your loan as agreed, the pawn shop will typically resell the items to customers in their store. This provides a real financial incentive for pawn shops to treat your collateral with special care.
Pawn Loans Are Affordable
Pawn loans can be much more affordable than comparable bad credit loans that do not require collateral. The lower interest rates and overall affordability of pawn loans can make them a preferred alternative to payday loans or title loans. If you need cash immediately, pawn loans can be the right choice for your financial situation now and in the future.
At Barry’s Pawn & Jewelry, we offer friendly and courteous service for shoppers and borrowers who visit our location on Federal Highway in Boca Raton, Florida. Our team is committed to the highest standards of integrity and fair dealings in the pawn industry. To learn more about the advantages of pawn loans, call us today at 561-349-7829 or visit our website online. We look forward to the opportunity to serve you.
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