Are you short of money and need cash fast because of an urgent or unexpected expense? Or are you currently unemployed or have a bad credit rating and find it difficult sourcing a loan provider? If so, consider a Pawn Loan; the perfect solution when you need hassle-free cash in a hurry.
What is a Pawn Loan?
A Pawn Loan requires you to provide an item of value as collateral for the cash you need. These items could include a vehicle like your car, bike, boat, etc. or a valuable item, like a luxury watch or jewellery. Your asset is valued by the finance lending team and you will be offered a percentage of the asset’s market value. Quite often a Pawn Loan ranges anywhere from $500 to $100,000 and some lenders will offer up to $200,000.
In order to finalise your loan, a contract will need to be signed which will outline how long you have to repay the loan before you retrieve your asset back. The asset is then left with your provider for the duration of your loan. You will be required to pay back the principal amount of the item plus interest, which can vary significantly depending on the loan provider.
How can Pawn Loans help you?
Pawn Loans can offer you a hassle-free way to get out of financial stress. By borrowing against an asset, it ensures a quick approval process, fast cash transfers and there’s NO credit or employment checks, even if you have a bad credit rating.
Different items for collateral
If you have an asset of a certain value, you are likely to receive money for it. Most Pawn Loan providers will offer cash for vehicles like your car, boat, caravan, motorbike etc and other valuables such as luxury watches or jewellery.
How quickly do you receive the cash?
With most Pawn Loan lenders, you will receive the cash in your bank account almost instantly, once the contract has been signed. Pawn Loans are possibly the fastest method to borrow money without the hassle of banks or paperwork.
Bad credit rating is not an issue
One of the main advantages of a Pawn Loan, is there are NO credit or employment checks required. Since you are leaving a valuable item with the lender as a security guarantee, they do not need any proof of employment or credit history. The lender should explain the consequences with you if you miss a repayment.
What can I use my Pawn Loan for?
Unlike Personal or Car Loans, there are no restrictions on Pawn Loans with what you spend your borrowed money on, provided it is for a legitimate purpose.
We hope this brief overview helped show the benefits you receive when taking out a Pawn Loan. Browse our website or get in touch today to find out more information about our Pawn Loans.