Cashback on Loans from Pawn Shops

When you have run out of motion for fast cash, payday lenders, title lenders and pawnshops all market their services to borrowers in this predicament. However, of the three mentioned, pawn broker loans are the least risky. No you are probably asking yourself why is that? These loans can offer interest rates as low as 2%, in addition contract extensions, where other methods garnish pay checks and potentially damage your credit. By accepting the loan, you walk away with the cash and a pawn ticket needed to redeem your article of value. It is always a good idea to take cell phone photo of your ticket as backup.

After you have left your collateral with the lender, the pawn shop like Gems N' Loans doesn’t require a credit check, bank account or a co-signer. Although, they do require that you are at least 18 years or older and show proof of your identity. In the worst case scenario, and you can’t repay within the original terms agreed upon, you may be able to extend or renew the loan. If you can’t repay the loan, the pawnshop simply keeps and sells your item to get their money back. The borrower is only left having to recouporate a material item which in most case is replaceable, unlike a damaged credit score of paycheck extraction.