You may not know it, but if you find yourself short on cash, you may be able to use your tools as collateral for a short-term loan. Indeed, reputable pawn shops will provide instant cash for power tools, and some hand tools, without requiring you to give up ownership of your items. So, if you find yourself in a cash crunch, look no further than your closet or garage, as sources of immediate cash. Here’s how to find the best pawn shop near Pomona that loans money on tools.
Tips for Finding a Pawn Shop That Loans Money on Tools
The obvious choice for finding a pawn shop near Pomona, Ontario and Upland that will let you use tools as collateral with a loan, is to turn to the internet. But, beyond just running a search for a pawn shop that will give you cash for tools, you should look for a pawn shop with:
- Good Reviews
- Convenient Hours & Location
- Transparent Loan Policies
When looking for a pawn shop near Ontario, Upland, and Pomona that offers loans on tools, be sure you find a shop that is established. Central Mega Pawn in Ontario, for example, loans money on tools, and has been a longstanding business in the Inland Empire. An established, long standing pawn shop indicates that the pawn shop conducts fair business. After all, the business wouldn’t stay open if they didn’t maintain loyal customers and attract new customers.
Experience also matters because it means that the staff knows how to properly value items, so that you get the best offer on your pawn loan. Central Mega Pawn staff knows that brand-name tools from the best manufacturers including Skil, Craftsman, Black & Decker, Milwaukee, Ryobi, and others are worth more than off brand tools. So your loan offer will reflect that.
When looking online for a pawn shop that loans money on tools in the Inland Empire, look for positive online reviews. A pawn shop that has lots of good reviews, like Central Mega Pawn, (which boasts more than 1300 Google Reviews yielding a 4.9 star rating) are more likely than other poorly reviewed pawn shops to offer you a pawn loan on tools.
Convenient Hours & Location
You don’t want to have to drive all over SoCal to turn your tools into cash. So look for a pawn shop that is convenient to you. Also check to see that they are open the hours that you need. Central Mega Pawn is very accessible from anywhere in San Bernardino County, and is open seven days a week from 8:30 am – 6:00 pm.
Transparent Loan Policies
Pawn shops that fail to explain exactly how their loans work should be avoided. By contrast, Central Mega Pawn clearly states that all loans will be 4-month loans. However, loans can be extended or renewed if you’re unable to make your full payment each month. If you are struggling, just make sure you pay the interest each month. If you keep up with interest payments, our team will work with you to renew or extend your loan, to give you extra time.
Benefits of Using Your Tools for Cash Loans Near Pomona, Ontario & Upland
Using your unused power tools as collateral for a pawn loan provides many benefits. Here are the top five benefits of pawning your tools for cash at Central Mega Pawn in Ontario.
1. Loans are Immediate
At Central Mega Pawn there is no waiting period when you apply for a loan using your tools as collateral. Our team will examine your item(s) and if the item is accepted (we don’t accept rusted, corroded or broken tools), will make you an offer. The loan amount will be based on a percentage of the value of the item you wish to use as collateral.
If you accept, the loan papers will be drawn up immediately, and you’ll be on your way with cash in just minutes. It really is that easy.
2. Our interest rates are much more favorable than payday lenders
Our maximum interest rate at Central Mega Pawn is 35.99%. Compared to payday loan companies which may have interest rates of more than 350% in CA, you will save an absolute fortune by using a tool as collateral for a cash loan at Central Mega Pawn instead of going to a payday lender.
3. Your pawn loan is confidential
When you take out a pawn loan with Central Mega Pawn, no one will know unless you tell them. We don’t accept payments for your loan from anyone other than you. We don’t notify anyone that you have used your tools as collateral for a pawn loan. It’s your business if you want to tell anyone you have a loan, but we keep your loan confidential.
4. Your credit doesn’t matter
Pawn loans don’t have anything to do with your credit, because you are using your tool as collateral. So we don’t check your credit. Although you should pay your loan on time to get your tool back, if you default, we also won’t notify any credit bureaus. So you never need to worry about your past credit, or your future credit being impacted by a pawn loan from Central Mega Pawn.
5. You will get your item back after repayment
Another benefit of pawning your tools for cash is that you’ll get your stuff back once you’ve paid off the loan. For example, if you have a nearly new circular saw that you don’t want to give up, you can still use it to get cash when you need it. Then you can also get your saw back! Just abide by the loan terms and your item and all accessories will be returned to you when you make your final payment.
Moreover, we are flexible, and always willing to help you retain ownership, if you need a little extra time to pay back your loan. Just be sure to make the monthly interest payments, and we can extend your loan, or renew your loan so that you retain ownership of your tool.
Tools and Other Items You Can Use as Collateral for Cash Loans in the Inland Empire
At Central Mega Pawn, we extend loans on a wide variety of items. In fact, we offer cash loans on nearly anything of value in Ontario, near Pomona and Upland. So if you need more cash, than you’ll get from pawning tools, we are also willing to loan money using other items as collateral. Some, but not all the items that we accept as collateral for cash loans include:
- Coins and Currency
- Diamonds (loose, chains, bracelets, etc.)
- Electronics (TVs, DJ equipment, headphones, computers, laptops, smart phones, etc.)
- Engagement Rings
- Gaming Consoles
- Gold, Silver and Platinum Jewelry
- Luxury Watches
- Outdoor Gear (camping, hiking, climbing)
- Sports Equipment
Pomona’s Best Pawn Shop for Cash Loans
Central Mega Pawn is the Inland Empire’s best pawn shop for cash loans on virtually anything of value. We have proudly served the communities of Pomona, Upland, Ontario, San Dimas, Claremont, Rancho Cucamonga, Fontana, Chino and surrounding areas for more than ten years.
We are here to give you cash for tools when you need us. Central Mega Pawn is open every day of the week seven days a week from 8:30 am – 6:00 pm.