4 Benefits of Pawn Loans You Need To Know Today

By March 17, 2020 March 31st, 2020 Pawn Loan

Are your savings depleting and your stress levels increasing?

Are you looking for a way to get money quick?

Applying for a Pawn Loan could be the solution to your financial problems!

Traditional loan providers, such as banks and other institutions, can be hesitant to lend large sums of money with very little paperwork. By pawning a valuable item to a private finance lender, you can get an instant Pawn Loan with flexible repayment options. Pawn Loans have a variety of benefits over other loans. Here are some advantages of these loans that you need to know.

1. Pawn Loans Offer Instant Cash

The biggest benefit of opting for a Pawn Loan is the speed of their approvals and cash transfers. More conventional loan sources, such as bank loans, can take weeks to approve and process. Pawn Loans, on the other hand, offer you cash immediately so you can solve your financial needs quickly.

To apply for a Pawn Loan, you just need to leave a valuable item (such as a car, bike or boat) with the lender as collateral. Most Pawn Loan lenders will give you a free online valuation of the item and can make you a loan offer based on its market value. Pawn Loans are, therefore, extremely reliable when it comes to getting quick cash.

2. Pawn Loans Don’t Require Credit Checks

Another great reason for opting for a Pawn Loan is that lenders have a no-credit-check policy. Unlike conventional loans, Pawn Loan lenders by law do not require to see your credit score, employment status or income levels.

The collateral that you wish to pawn against a loan is enough security for your lender. This means that you’re only required to own a valuable item in order to qualify for a Pawn Loan, so is ideal for anyone with a less than average credit history.

3. Pawn Loans Don’t Affect Your Credit Rating

Since Pawn Loan lenders aren’t required to conduct a credit check, applying for a Pawn Loan does not influence your credit rating. A bad credit rating will have a considerably negative impact on your borrowing ability in the future. Luckily, unlike more conventional loans through a bank, there is no risk on your credit score with a Pawn Loan, especially if your loan is rejected or you miss a repayment.

4. Pawned Assets are Stored Securely

Pawn Loan lenders will store your asset in a secure holdings for the duration of the agreed loan terms. If pawning a vehicle, some lenders will offer a VIP service where your car is regularly maintained, cleaned and returned in mint condition. It should be noted, that your asset is only kept as security on the loan, and will not be rented out or used during this time.

The Bottom Line

Pawn Loans are a great way to gain access to instant funds for both your wants and needs. If you have a valuable asset that you own, why not complete a free online valuation to see how much you can borrow today! Cashify offers VIP service on all their Pawn Loans. You could borrow from $2,000 up to $500,000 with money in your account within hours!