What Is a Pawn Loan?

What is a pawn loan? That’s a question we receive sometimes from customers who don’t know that you can take advantage of the stuff you own for financial credit.

Yes, it’s true! There’s a lot better way to use your valuable items than selling them at a garage sale. We’ll show you how to use a short-term pawn loan to access fast cash and address serious debt issues.

What is a Pawn Loan?

Do you have any old electronics or jewelry you wouldn’t mind setting aside for a while? What if there was a way to obtain a loan with them? Well, now you can because pawn loans only require an exchange of something valuable as collateral for quick sums of cash.

These are the kinds of items you can pawn with us:

  • Sporting Equipment – golf clubs, skates, scuba gear, etc.
  • Jewelry – items such as diamonds, gold, and silver are very popular for this purpose.
  • Power Tools – saws, drills, nails guns, etc.
  • Firearms – especially these days, guns and ammo are worth quite a lot.
  • Electronic Equipment – laptops, MP3 players, smartphones, tablets, TVs, etc.
  • . . . and much more.

The value of the pawn loan is contingent upon whatever you submit for collateral. In most states, the duration of the loan will be 30 days, there’s no hassle with credit checks, and extensions are possible in certain scenarios. Many of our clients use these to tackle large expenses they weren’t expecting.

Are Pawn Loans Good or Bad?

Well, we certainly wouldn’t lend them if we thought they were “bad,” but let’s explain why they’re beneficial for the borrower. These are some advantages of obtaining one.

  • You don’t have to wait on a credit check while your money problems get worse.
  • It’s a valuable relief option for folks who would otherwise not qualify for credit.
  • If you use them wisely, pawn loans can help you resurrect a bad credit score.
  • You can have your funds ready within the same day.

What is a Pawn Loan Like with Lending Bear?

How do we administer pawn loans to our clients?

All you have to do is bring whatever it is you wish to pawn into one of our stores for a quick inspection and valuation. We’ll agree on an estimate and with your consent, we would safely store the items as collateral until repayment. Remember, this isn’t a permanent confiscation since most of our clients get their valuables back at the end of the loan period.

Lending Bear has over 20 store locations throughout the southeast United States. We take great care of your valuables in all of our secure locations.

If you’d like to learn more on this subject, check out this previous post on What Questions Should I Ask at a Pawn Shop?. As always, our goal is to arm the borrower with as much information as possible, so that you know exactly what you’re doing with any credit instrument.

Lending Bear: Financial Service Professionals With Over 30 Years Experience

Our commitment to 100% customer satisfaction through fast-cash loans isn’t just glowing sales rhetoric. We’ve surpassed 8,000 evaluations on Google Reviews, which includes well over 7,000 5-star responses from real customers. That alone makes us one of the most trusted names in the lending business.

Contact us today and find out what is a pawn loan, and how to use them, today!