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Are there any benefits to pawn shop short term loans?

Posted on April 19, 2020April 19, 2020


If you’re already a fan of pawn shop short term loans, then you know all the benefits compared to traditional loans. However, if you’ve never had any reason to visit a pawn shop for a loan, then you might not be sure if it’s the right move. To help you decide one way or the other, let’s take a look at the benefits of pawn shop short term cash loans. 

Pawn shop short term loans don’t need credit checks

This is one of the biggest advantages of pawn shop cash loans, because even if you have the worst possible credit score, you can still get a loan. In fact, pawn shops won’t even ask about your credit score, and taking out one of these loans won’t affect your credit rating, one way or another. So if you go to a bank for a loan in the future, they won’t know anything about your previous or current pawn shop loans. This means that you can have as many of these loans as you need to get your life back on track, and still apply for a bank loan – no worries!

Pawn shop loans don’t need endless forms and financials

When you apply for a loan at a bank, you’re faced with an endless number of complicated forms that need you to share every tiny detail of your life. The application process for bank loans is not only long winded, but invasive and frustrating. To top it off, you might even be refused over a technicality. On the other hand, pawn shop short term loans are a breeze! All you need to do is present your ID, your collateral and proof of ownership, and you are good to go!

Pawn shop cash loans are given immediately

The process of applying for a bank loan can be so long that by the time you get the loan, you forgot why you wanted it! Your pawn shop loan however, is given to you immediately, so you walk in, show your ID and ownership papers, your collateral is assessed, and you walk out with cash in hand. Too easy! These loans can really help you out of a tight spot, especially tradies who are waiting on payments from their customers, so that they can pay their own bills.

Pawn shop short term loans can use your car as collateral

Whilst anyone can apply for these loans, they are very popular with tradies (as mentioned above), because they can use their vehicles as collateral. Whether it’s a Ute, SUV, truck or tractor, even a Jet Ski, boat or RV, all of these vehicles can be used as security against a short term cash loan at a pawn shop. This arrangement is ideal if you know that money is coming in, but it’s not soon enough to sort out your cash flow problems. Simply get a loan against your vehicle, and you are good to go!

Pawn shop interest is calculated monthly 

Instead of calculating the interest on your cash loan over the life of the loan, pawn shops calculate it by the month. This means that if you pay back your loan within the first month, you only pay one month’s interest, making pawn shop loans easy to manage and affordable.

So if you’re looking for short term loans, don’t ignore the value of your local pawn shop.

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