If you are in need of extra cash, which options have you considered? If you have not thought about getting a pawn loan then you are ignoring one of the best options. Keep reading to learn six reasons that this could be the right choice for you. If you have questions, contact your local pawn shop by calling South Bay Jewelry & Loan at (310) 371-4571.
- You Do Not Have to Take Part in a Credit Check If you are like many people who need some extra cash, you may not have the best credit. The good news is that at South Bay Jewelry & Loan you do not have to submit to a credit check. Even if you have good credit, this means you will not have the temporary dip that often occurs after your credit is checked.
- There Are No Income Requirements It seems counterintuitive – to get a loan, you often have to prove that you have enough income that you likely do not need a loan. When you choose a pawn loan, there are no income requirements. Your loan is based entirely on the value of the item you leave with us for collateral.
- Your Interest Rate Could Be as Little as 2% You’ll find payday loan options that swear they do not do a credit check and who will loan even low-earners money until payday. However, they can come with such high-interest rates that some states have made them illegal due to predatory lending practices. Our interest rates are as low as 2%. How? Because the fact that you leave collateral means our risk is very low.
- You Can Take Out a Loan Between $5 to $50,000 Of course, the amount of your loan will be based on the value of the item you are pawning. However, there is no minimum. If you want to get a pawn loan to pay for your latte, you are more than welcome to do so. On the other hand, if you have an item that is worth tens of thousands of dollars, you may be able to get a loan for much more.
- You Can Get Cash Immediately If you truly need money right away then you do not want to wait hours, days, or even weeks to get a decision, provide the necessary information, and finally get the loan money. A pawn loan gives you actual instant money.
- You Are Not Putting Your Credit at Risk With other types of loans, if you end up unable to pay them then you could put your credit at risk. If you own any property, you could be putting that at risk too. On the other hand if you do not pay back a pawn loan, the only thing that happens is that we keep the item.