There come many a times when we need money urgently yet no conventional method seem to work. These are the moment when we need to turn to unconventional sources or to those sources which we thought are taboo. There can be many reasons for requiring money quickly. There can be an accident, your car might break down or you can simply run short of money for some reason. Thinking of borrowing from a bank is fat fetched because the bank needs many papers and they will go through a lengthy process. Selling a valuable might be another idea but that means losing that item forever. If that is an emotionally attached item, that loss might be huge. The unconventional and taboo sources are handy in these situations because they give you money quickly and without much documentation. Pawn shops are such taboo sources. We think pawn shops are shady people who are planning to rob you but the truth is far from it.
All you need is to have one valuable to keep as collateral or security. Once you take that to the shop, they evaluate the price and offer you a percentage of the price as loan. They tell you how long you have to redeem the item. Within that time period, approach them with the original amount and the accrued interest, and they pay you back your item. It's a perfect solution because you get to keep your valuable item and also get the money when you need it.
The interest is calculated weekly or daily basis and generally, the more you borrow the lesser is the interest rate. Moreover, the interest rate is different for different categories. Then, there are the repayment terms and conditions which vary from shop to shop. You can find these information on the website of the pawnbrokers. Most of the renowned pawnbrokers have their own website.
Not only you can pawn your items at a pawn shop, you can also sell your items at these pawn shops and they really don't go through much paperwork’s. A pawn is where I can sell my designer bag or my costly wristwatch or gold and silver jewellery easily and quickly. Do they give you lower than market rates? Frankly, no and even if they do, it’s only marginal. The margin is much less, compared to the ease with which you get the money.
All you need is to have one valuable to keep as collateral or security. Once you take that to the shop, they evaluate the price and offer you a percentage of the price as loan. They tell you how long you have to redeem the item. Within that time period, approach them with the original amount and the accrued interest, and they pay you back your item. It's a perfect solution because you get to keep your valuable item and also get the money when you need it.
The interest is calculated weekly or daily basis and generally, the more you borrow the lesser is the interest rate. Moreover, the interest rate is different for different categories. Then, there are the repayment terms and conditions which vary from shop to shop. You can find these information on the website of the pawnbrokers. Most of the renowned pawnbrokers have their own website.
Not only you can pawn your items at a pawn shop, you can also sell your items at these pawn shops and they really don't go through much paperwork’s. A pawn is where I can sell my designer bag or my costly wristwatch or gold and silver jewellery easily and quickly. Do they give you lower than market rates? Frankly, no and even if they do, it’s only marginal. The margin is much less, compared to the ease with which you get the money.