It is common knowledge that a pawn shop is a good source of quick money when you need it. When faced with challenging financial circumstances, people get loans on jewelry or other valuable items. This is highly convenient, especially when the reason for needing the money is to deal with an emergency. A pawn shop loan can usually be arranged in minutes. As long as you have the collateral and identification, you are guaranteed to get a loan. Despite the convenience and ready availability of pawn shops however, it is worth noting that rates vary among these businesses. Also, you should not expect the same level of professionalism in every store.
Jewelry is one of the first things people think of pawning when they need money. Jewelry pieces rarely depreciate in value, unless they are damaged. The process of assessing the value of jewelry is also generally quicker. With electronic devices for example, there is a need to check their settings and features, and sometimes to ensure that additional components are provided. The pawn shop worker will have to turn on electrical devices and possibly check to see if they charge properly when plugged in.
Getting loans on jewelry is generally hassle free, and dealing with a pawn shop requires no credit check. You will not need to provide information about your employment or salary. It is also possible to get much lower rates than you would for payday loans. Some pawn shops offer loans of up to 60 days, while others offer 90 day loans. Failing to fully repay the loan at that time does not always automatically guarantee that you lose your collateral. Some pawn shops will allow you to pay interest on the loan which will give you another 90 days to pay off the amount you owe.
The potential for miscommunication or unfair treatment always exists. It is best to deal with reputable pawn shops that are not focused on holding on to your jewelry or other valuables. Businesses like Arizona EZ-Pawn have good reputations for dealing with their customers fairly. Before you take the step of pawing your jewelry, make sure that you get the details on the loan terms and that you understand them fully.
