Popular television shows about pawn shops have made many people wonder how it all works. Here is the low down on what a pawn loan is all about.
What is a pawn loan?
A pawn loan is based on collateral. The borrower uses valuables like jewelry as collateral for a cash loan based on the estimated value of the merchandise. There is also an option to extend the loan if a borrower requires more time to pay the loan in full and redeem. The loans are regulated by federal, state and local laws.
Why is pawning so popular?
Pawn loans are a fast, safe and easy way to get cash without credit checks, banks or brokers.
There are many reasons clients take out collateral loans instead of selling their valuables. Very often, people will pawn their wedding rings, gold, watches and other items of sentimental value to ensure these items remain in the family. These items are very personal in nature which means and selling them is not an option. This is why a short term pawn loan makes perfect sense.
New Liberty Loans Pawn Shop has a professional and friendly staff to ensure the loan process is a pleasant experience. Customers can also rest assured knowing their valuables are stored in a secured vault during the term of their loan.
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