Getting a small cash loan hassle-free isn’t as far-fetched as it seems. As long as there’s something of value in your home, and almost everyone has something, you have the tools you need to get cash fast. In this guide, you’ll learn everything you need to know about getting a cash loan from So Cal pawn shops.
The Benefits of a Pawn Loan
Why get a pawn loan over any other small cash loan? The most attractive thing about pawn loans is most likely the fact that you don’t need to tie it to your credit report. It’s really as simple as putting a piece of jewelry or collector coin on the line which is way easier than damaging your credit and any future opportunities that could have been available to you with a decent score.
Perfect for Small Amounts of Cash
If you only need to borrow a small amount of cash anywhere from twenty bucks to a couple hundred, it may not seem worth it to deal with all of the paperwork at the bank. Unless someone close to you is willing to lend you the money, it may seem impractical to go seeking out a loan. Cash loans from So Cal pawn shops, however, are a great way to get you the cash you need in a matter of minutes, and it won’t require complicated and lengthy agreements.
No Risk to Your Credit Score
Most cash loans, big or small, are tied to your credit. Even if the lender doesn’t make a hard pull when transacting your loan, missing a payment can severely damage your credit score. Any unpaid amounts will go to your collections, and it’ll become that much harder to get approved for anything else down the line. With a pawn loan, you can ask for an extension on your payment deadline or allow the shop to permanently claim your collateral item without it touching your credit score at all.
Zero Waiting Periods
When we need cash, we need it sooner than later. Taking out a traditional loan can take an entire day or longer to process, and you may not have the time to spare. When you go to a pawn shop, the process is so simple that in the time it takes for you to walk into the store and come out with cash in your hand, it would have felt like only a moment.
Applying for a loan online, you risk the chance of the lender either being a scammer or they could disappear off the face of the earth when you run into any issues. People online can be difficult to track which could leave you in a tight spot. Pawn shops that have been established in the area for years are not likely to up and leave overnight. Before you go to a store, you can check the store’s reputation by reading online reviews to get an idea of whether the shop is trustworthy or not.
The Pawning Process
Dealing with pawn shops is incredibly simple and easy once you know how a pawnbroker does things. Broken down into simple steps, all it takes to take out a pawn loan is to:
1. Find an item of value
This can range from a piece of jewelry to a collectible trading card and everything in-between. You’d be surprised to find out how many things in your home are worth a bit of cash, so now is the time to scrounge around to see what you can find.
2. Negotiate the loan terms
When you bring your valuables to a pawn shop, the pawnbroker will carefully examine each piece to gauge the value. Many brokers are trained and/or licensed to appraise certain things like jewelry or coins. However, this doesn’t mean that you need to take their word for it. If you feel like your item is worth more, pawnbrokers are no stranger to negotiations.
3. Receive your cash
Once you and the pawnbroker agree on a price, you settle on terms and make your exchange. Each pawn shop has their own way of calculating the terms of a loan. After that, the broker keeps your item, you take the cash, and that’s it!
4. Repay your loan
Many shops will give you a decent amount of time to repay your loan no matter how small. If you can’t repay your loan for whatever reason, the broker gains permanent possession of your item. Nothing else happens, it’s really as simple as that.
5. Complete the terms of the loan
If you do end up repaying your loan in full, the broker will give back your collateral item. From there, you can choose to renew the loan or walk away.
Tips for Pawning in So Cal
What can you expect from a So Cal pawn shop? There are so many choices in So Cal when it comes to pawn shops but few of them are friendly, fair, and easy to work with. It’s worth looking into which businesses are deserving of your time.
Find a Reputable Pawn Shop
Which So Cal pawn shops can you rely on? It’s as easy as pulling up the name of a nearby shop to look at online reviews and star ratings. The more reviews, the better you’ll be able to judge the legitimacy of those reviews.
Collect What You Need
Once you find the item you want to pawn, make sure you gather every single little piece that came with it. Having the original packaging could significantly increase the value of your item as opposed to bringing it in loose.
Check Out California Regulations
So Cal pawn shops need to follow certain regulations set in place by the state. You can take a look at the California Pawnbrokers Association website to get an idea of how pawn shops in California should operate.
What do So Cal Pawn Shops Accept as Collateral?
Depending on the pawn shop, there may be no limit to what a broker will accept as collateral. A few common examples include:
- Designer watches
- Trading cards
- Power tools
- And much, much more
The Best Pawn Shop in So Cal
How can you find the best pawn shop in So Cal? Central Mega Pawn already has a large and established customer base due to having the most caring staff, diverse inventory, and fair loan terms. When you get a cash loan from here, you’ll want to come back for more after seeing how simple and easy the process is. Come bring your valuables to 11031 South Central Avenue in Ontario or call ahead of time at (909) 627-9622 for more information.