subject: How To Choose The Best Miami Pawn Shop [print this page] Why would someone go to a pawn shop to get a loan.
Getting a loan from a pawn shop is much quicker and simpler than trying to borrow money from a bank, or from friends and family. Banks and other financial institutions often require a minimum loan amount, credit check and may take weeks to approve a loan. Borrowing money from friends and family may be an imposition and can become embarrassing.
The 4 biggest reasons to get a loan from a pawn shop are:
1.If you need a small, short-term cash loan immediately, a bank would not be able to help you. This is when a pawn shop can help.
2.If your credit history is less than perfect and you need to borrow a little bit of money to make it until your next pay check, a pawn shop would be the right choice.
3.If, for whatever reason, you are not able to repay your pawn shop loan, it is not a problem and you will not suffer any legal consequences. The pawn shop keeps your collateral and there are no hard feelings.
4.The loan is perfectly legal, well-documented and legitimate. When you pawn an item, you receive a pawn ticket that states the terms of the loan and includes your name, address, type of identification you used when the loan was issued, a description of your collateral, the amount of money that was lent to you, the maturity date of the loan, interest rate you must pay and the amount of money you must pay to get your collateral back at the end of the loan.
The bottom line is that a pawn shop offers you a fast, convenient, and safe way to borrow money regardless of your credit history and without obligation to repay the loan.
