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Top 5 Reasons People Choose Pawn Shops for Personal Loans

Top 5 Reasons People Choose Pawn Shops for Personal Loans

In these trying and uncertain times, more and more people are finding themselves in a financial pinch, but don’t know where to go for help. If this sounds familiar, and you are among the millions of Americans who might need some quick cash, you should consider your local pawn shop for a personal loan. If you’ve never thought about using your local pawn shop as a resource for personal loans, keep reading to find out some of the top five reasons why people choose their local pawn shop when they need a personal loan.

1. No credit check

Unlike banks or other traditional financial institutions, a personal loan from a pawn shop does not require a credit check. For people with low credit scores, this reason alone can be a lifesaver. Your local pawn shop does not need to know your credit score to grant you a loan.

2. No applications

To get a personal loan from a traditional bank, you will be required to fill out numerous forms and lay bare all of your financial information, which makes your privacy vulnerable. Then, you will be forced to wait several business days before you find out if you will get the funds that you desperately need. Your local pawn shop will not make you share excessive information and will not keep you in suspense.

3. A safer alternative to other sources of personal loans

A personal loan from a pawn shop is one of the most reliable forms of loans. Other sources, such as loans from payday advance stores, can put you at risk of a vicious cycle of debt. Payday advance shops are poorly regulated and survive by imposing astronomical interest rates on people. Pawnshops, on the other hand, are highly regulated and charge fair interest rates.

Also, for people who might be considering getting a loan from a friend or family member, a pawnshop loan will not put close relationships at risk.

4. Will not hurt your credit

A pawn shop loan will not show up on your credit report, even if you find yourself among the minority of people who default on your loan. This is because your loan is secured by collateral. Loans from traditional sources, however, immediately appear on your credit report, lowering your score until well after you’ve paid it off, and severely damaging it if you happen to default. Your credit score can influence everything from where you live to where you work and is too valuable to put at risk.

5. Reliable – you can do it over and over again if you need to

Once you’ve repaid your personal loan from a pawn shop, you get your item, and therefore its value, back. This means that if you find yourself in need of a personal loan again soon, you know that you have something of value that you can turn into the cash you need in minutes.

A few more reasons why your local pawnshop is the right choice for your loan

  • Pawnshops are part of your community – unlike big banks, pawnshops can be flexible with interest rates and loan terms. Pawnshops like Central Mega Pawn have your best interest in mind. It is our mission to go above and beyond every time.
  • Pawn loans are likely to be repaid – a pawn shop will not loan you more money than you can realistically expect to pay back. In fact, according to the National Pawnbrokers Association, a majority of people who take out a pawn loan repay them on time. This makes it more likely that you will repay your loan and regain possession of your item.
  • Pawn loans are private – because your pawn loan is secured by the value of an item that you own, there is no need for it to affect your life in other ways, such as liens, taxes, or additional publicly available information.

How to get a personal loan from your local pawn shop:

      1. You bring us your item of value plus your identification
      2. Our professionals evaluate the monetary value of your item and will offer a loan based on that value
      3. We carefully go over the loan terms with you
      4. Get your cash!
      5. You repay your loan and reclaim your item! If you cannot repay, we simply keep your item and resell it, with no additional penalty to you.

What kind of things can you pawn to get a cash loan?

Almost anything of value can help you get the cash you need! However, every pawn shop is as different in the community it serves. At Central Mega Pawn, we love dealing in:

Plus, so much more! The best way to get an idea of the type of items we tend to have is to visit us.

How do I pawn an item to get my loan?

  • Do your homework – Before you bring us your item, do your research to find out how much you can expect it to be appraised for. You can look at recent sales on sites like eBay, or other person-to-person sites or apps.
  • Clean it up – Whatever you plan on bringing in, make it look as clean and presentable as possible. The easier you make it for us to resell potentially, the more willing we will be to offer you a loan against its value.
  • Be realistic – Once you’ve got an idea of the value of your item, figure on an offer of about 40 – 60% of that number. Most pawnshops will be willing to negotiate, but they must make a profit on every item in the shop to keep their doors open. Also, keep in mind that we will not be able to make an offer on broken, obsolete, or stolen goods.

Why is Central Mega Pawn the best choice?

For over twenty-five years, Central Mega Pawn has been the pawnshop of choice for people throughout the Inland Empire. We have the experience and resources to help you get the cash you need in minutes. We are proud to serve our community and abide by all federal and state regulations. Visit us today to see how we can help you!

What Types of Items Do Pawn Shops Loan Money On?

What Types of Items Do Pawn Shops Loan Money On?

When you need some quick cash, you might be considering pawning something of value. This is a smart move for many people, as a pawn loan is one of the safest options out there when times are tough financially. However, if you’re new to pawning and are unfamiliar with how pawn shops work, or what kind of items you can pawn, we can help with some handy information on how to obtain a pawn shop loan.

First, you need to understand that every pawn shop is different. Pawnshops are reflections of the communities that they serve, so what is popular in one region of the country might not be in high demand in other places. For example, in some states, saddles are popular items to pawn, while in other states, a saddle would be a poor choice to pawn, because of low demand.

Next, pawn shops can make a cash loan against the value of pretty much anything! Here at Central Mega Pawn, we are always interested in things like:

Plus, so much more! Generally, the cleaner and more complete your item, the more we may be able to loan. The best way to get an idea of the type of things we can lend money on is to visit us.

Why are some advantages of a pawn loan in the first place?

Your local pawn shop is the best place near you when you need a cash loan. This is because:

  • Pawn shops are part of your community – unlike big banks, pawnshops can be flexible with interest rate and loan terms. Pawnshops like Central Mega Pawn have your best interest in mind. It is our mission to go above and beyond every time.
  • No applications or credit checks – you will not have to fill out an application, then wait for approval while your bills continue to pile up. Nor will you have to submit to a credit check. With a pawn loan, you come into our shop in need and leave with cash in hand in minutes.
  • Pawn loans are safe – a pawn shop will not loan you more money than you can realistically expect to pay back. In fact, according to the National Pawnbrokers Association, a majority of people who take out a pawn loan repay them on time. This makes it more likely that you will repay your loan and regain possession of your item.
  • Pawn loans do not affect your credit – because your pawn loan is secured by the value of an item that you own, there is no need for it to affect your credit. This is significant because a low credit score can harm your chances of qualifying for fundamental things like housing and employment.

How it works

      1. You bring us your item plus your identification
      2. Our professionals evaluate the monetary value of your item and will offer a loan based on that value
      3. We carefully go over the loan terms with you and will be happy to answer any questions and make sure you understand the offer
      4. Get your cash!
      5. You repay your loan and reclaim your item! If you cannot repay, we simply keep your item and resell it, with no additional penalty to you.

How do I pawn an item to get cash?

  • Do your homework – Before you bring us your item, do your research to find out how much you can expect it to be appraised for. You can look at recent sales on sites like eBay, or other person-to-person sites or apps. The more informed you are, the easier the process will be for you.
  • Clean it up – Whatever you plan on bringing in, make it look as clean and presentable as possible. The goal is to make your item appealing. The easier you make it for us to resell potentially, the more willing we will be to offer you a loan against its value.
  • Gather all the pieces – depending on what kind of item you are bringing in, the more complete it is, the more value it has. Meaning, original packing, manuals, remotes, cables, etc., all go a long way in increasing the value of your item. Before you come in, make an effort to find all the pieces it came with when it was new.
  • Be realistic – Once you’ve got an idea of the value of your item, figure on an offer of about 40 – 60% of that number. Most pawnshops will be willing to negotiate, but they must make a profit on every item in the shop to keep their doors open. Every article needs to be in good working order, a current or recent model, and clean. Also, keep in mind that no reputable pawn shop will be willing to loan money on the value of stolen goods.

Why is Central Mega Pawn the right choice?

Chances are, there are many pawn shops near you. How do you know which is the right one for your needs? At Central Mega Pawn, we are eager to earn your trust and your business. Here are a few reasons why we should be your #1 choice when you are looking to pawn an item for a quick cash loan:

  • Customer satisfaction and safety is our #1 priority
  • We have the resources to help you no matter your situation
  • We are a trusted member of our community

For over twenty-five years, Central Mega Pawn has been the pawnshop of choice for people throughout the Inland Empire. We have the experience and resources to help you get the cash you need in minutes. If you need some quick money, take a look around your home and turn them into the funds you need.

We are proud to serve our community and abide by all federal and state regulations. Visit us today to see how we can help you!