Pawn brokering has played a crucial role in economies across the globe for thousands of years. So, if you’re looking for a reputable pawn shop to buy, sell, or pawn valuable items, you’re in luck. Pawn shops are found throughout the world, but some of the best are right here in the Inland Empire! At Central Mega Pawn, we help our friends and neighbors to buy premium items at discounted prices. We also help you get through tough financial times by offering pawn loans on luxury items such as watches. Here’s our guide to finding a pawn shop near Pomona that loans money on designer watches.

Benefits of Getting a Loan Using a Designer Watch as Collateral

You can use luxury items such as watches, handbags, and jewelry as collateral to get loans at pawn shops without giving up ownership of your item. Pawn loans are designed to be short-term loans to help you through a tough financial period. But, unlike selling your item outright, you’ll be able to get your designer watch back after you repay the loan. So, immediate cash for your item is the primary reason that people choose to get a loan using a watch as collateral.

But there are several other benefits of pawning a designer watch that you may not know about. Here’s a look at 6 benefits of getting a pawn loan using a personal item as collateral.

1. Pawn Loans Do Not Require Good Credit

One of the most unique features of pawn loans is that they have nothing to do with your credit score whatsoever. Your credit is not checked to approve you for a loan. Your credit will not be negatively impacted if you default on the loan, if you extend the loan, or if you renew the loan. Your credit also won’t be impacted if you have more than one pawn loan at a time. In other words, your credit is of no consequence, and will have no bearing on your ability to secure a loan.

2. Pawn Loans Don’t Have Fine Print

You’ll never be surprised by unexpected fees or charges on a pawn loan obtained at Central Mega Pawn. Our pawn loans are completely straightforward. The interest rate is fixed, and the term of your loan is fixed at four months. That means you won’t ever find out that you need to pay more than you planned, so long as you if you keep current with your payments.

3. Pawn Loans Can Be Renewed

If your financial hardship persists beyond the four-month loan term, your loan can be renewed or extended, so long as you keep up with the interest payments. Your item will not be put up for sale until you default on the interest in addition to the loan repayment. This gives you peace of mind knowing that even if it takes you a little longer than you had initially planned to pay off your loan, you won’t lose ownership of your designer watch.

4. Interest Rates on Pawn Loans are Far Better than Payday Loans

The interest you’ll pay on a pawn loan from Central Mega Pawn will be far less than the interest you would pay on a loan from a payday loan company. The maximum interest on a pawn loan is 35.99% at Central Mega Pawn. Compared to payday loans which may have interest rates of 350% or more, you’ll pay far less in interest on a loan using your watch as collateral, than you will on a payday loan.

5. Approval for a Pawn Loan is Instant

When you bring your designer watch to Pomona for a loan from Central Mega Pawn, you’ll know instantly if we will accept the item. If we do, the paperwork will be drawn up on the spot and you’ll walk out of our store with cash in your pocket.

6. Pawn Loans are Private

Pawn loans are made between you, and Central Mega Pawn, and that’s it. We don’t report the loan to anyone, and we will not confirm that you have a loan with us to anyone who would ask. We take your privacy seriously and keep your loan confidential.

How to Choose the Best Pawn Shop for Your Loan

When looking for a pawn shop in Pomona that loans money on designer watches, it’s always a good idea to ask friends, family, or coworkers for a referral to a trustworthy pawnshop. But there are other steps you can take to find a reputable pawnshop in Pomona that will loan money on designer watches and other items. Here are a few tips:

1. Look for a Pawn Shop that is a Member of CAPA

Membership in the California Pawnbrokers Association will confirm that a pawnshop in Pomona is an ethical shop, dedicated to complying with all local and state laws. Central Mega Pawn is a member in good standing and is a CAPA approved lender.

2. Look for Good Online Reviews

Online reviews can help you to see how other customers feel about their experience with a pawn shop. At Central Mega Pawn, we are enormously proud to have excellent online reviews on sites such as Yelp. In fact, we encourage our customers to review us on our website, where you can also read additional reviews.

3. Look for Established Pawnshops

A sure sign that you’ve found a high-quality pawnshop is by confirming how long it has been in business. At Central Mega Pawn we have been providing pawn loans to our friends and neighbors in Ontario, Pomona, Upland, Claremont, Rancho Cucamonga, Fontana, San Dimas, and surrounding communities for decades. We have been able to sustain our business for so long because we provide excellent service, are compliant with all laws, and value every customer.

Getting a Pawn Loan for a Watch in Pomona

If you’re in a tough financial spot, Central Mega Pawn wants to help. Feel free to bring in your designer watch, jewelry, tools, sporting equipment, musical instrument, or your electronics to inquire about using it as collateral for a loan. Central Mega Pawn is here to get you through lean financial times by providing a loan, with simple terms, and clear-cut pricing. Central Mega Pawn is located on Central Avenue in Ontario. We are open seven days a week from 8:30 am -6:00 pm. We look forward to serving you and earning your business!