In order to raise funds, most people go to banks and other lending institutions to ask for money. This is more commonly known as a bank loan. More often, these loans get denied by lending institutions for many different reasons. Some say that the borrower doesn’t have enough credit history as in the case of young entrepreneurs trying to raise funds for their business ventures. Other institutions say that the borrower’s credit history is not very good because he hasn’t been paying his other bills and obligations on time or at all.
They get worried that the borrowers won’t be able to make payments on time based on their credit history. Whatever the reason a borrower’s loan gets denied is, the reality is that when it comes to lending institutions, you often need to prove that you don’t need the loan in order to get your loan approved. That’s a bit of an irony.
So where does a pawn shop factor in this equation? The answer: we can give you the money that the bank won’t give you, up to a certain amount anyway. But still it’s better than nothing.
Here are 7 other things that are so great about dealing with our pawn shop:
1. We don’t look into your credit history –
To an extent of course. If you look really shady, sorry but we will have to ask for more identification than your ID from when you were employed 8 years ago. We want to make sure that what you have really belongs to you and not something you stole. We’re not discriminating anyone coming into our shop but if you’re bleeding from a gunshot wound and handing out your stuff to us, we feel like we need to give you a once over or call the police.
We don’t do credit checks. What we do is use the item that you have as collateral. Just in case you don’t have money to return the loaned amount back, we won’t really be at the losing end of the deal.
2. We can give you the money immediately –
We at www.majorpawn.com can give you the loaned amount as soon as the agreement has been signed. No more waiting for hours for approvals from 10 other bank bosses in order to get your $200 check as initial payment for the full loan amount that you are asking for. Our shop can lend you as much as the value of your item. The average loan amount in the US is around $150, but we can give you more depending on how valuable your item is.
3. Transactions are usually fast –
Unlike banks and other lending institutions, we don’t do a lot of paperwork. You don’t need to fill up 10 similar forms with repetitive requests for your basic information. We mostly only require you sign the agreement, some proof of ownership or purchase for highly expensive items, and some certificate or paperwork proving the authenticity of the item you are pawning off. Some valid identification is also required so be ready with that.
4. We don’t ask for proof of liquidity and other papers that most banks and lending institutions require –
Another thing we don’t require is proof that you can pay the loan off. If you can pay, we give you your item back. If we don’t pay we get your item and the loan is paid in full. It’s as simple as that.
5. Some of us are open 24 hours a day 7 days a week! – I
n some locations like Vegas, pawn shops are open 24/7. If you need money at 3 o’clock in the morning, there are always shops out there where you can offer your wares and get money in an instant.
6. You can take on multiple loans for different items –
If you have 10 different items that are valuable, you can get 10 different loan agreements or one overall agreement with the broker. This will still depend on the shop owner so take note. In case the shop owner cannot take all your valuables for one reason or another, just head on to other shops. Surely, one of them can still take you on.
7. We hardly ever deny anyone who offers us something valuable –
Most shops accept the usual gold, platinum, and other precious jewelry. Other items like expensive watches are still subject to approval. If you have any of these items and you want money for them, you won’t be disappointed if you come to a pawn shop. We rarely turn away anyone unless we feel that there is no demand for the item that you are offering.
Going to a pawn shop can be intimidating at first but once you see the major advantages that we have over banks, you won’t be as wary of offering your valuables to us. We appraise fairly and we can give you your money in an instant.