{"id":21379,"date":"2022-11-09T05:25:38","date_gmt":"2022-11-09T04:25:38","guid":{"rendered":"https:\/\/ecreditdaily.com\/?p=9923"},"modified":"2022-11-09T05:25:38","modified_gmt":"2022-11-09T04:25:38","slug":"how-is-a-loan-obtained-through-a-pawnshop","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/loans\/how-is-a-loan-obtained-through-a-pawnshop\/","title":{"rendered":"how is a loan obtained through a pawnshop"},"content":{"rendered":"<div readability=\"114.39120076239\">\n<p>Need some quick cash? What is a pawnshop? A pawnshop might be a good option if you have a basement or attic full of valuable stuff that is just gathering dust. While you might walk away with some cash, it is important to learn how these transactions work before you even step foot in the shop.<\/p>\n<p>\u201cWe are seeing more people who have never been to a Pawnshop before looking at short-term solutions without having to sell their farm,\u201d Rick Harrison says. He is the Gold and Silver Pawnshops owner in Las Vegas and stars on the History Channel\u2019s \u201cPawn Stars.\u201d<\/p>\n<h3>Believe The Negative Things You Have Heard: Pawnshop<\/h3>\n<p>Pawnshops don\u2019t look as scary and shady as they are in the media.\u00a0Harrison says that mainstream media have unfairly denigrated pawnshops, so many people see pawnshops as seedy and dirty.<\/p>\n<p>Emmett Murphy, a spokesperson for the National Pawnbrokers Association (NPA), stated that federal statutes and regulations do not regulate pawnshops.\u00a0\u201cThe majority of pawnshops are well-lit, clean, and run by people who take pride in providing excellent customer service.\u201d<\/p>\n<p>Murphy recommends that you check with your local Better Business Bureau or look on the NPA website for information about member stores in the area.<\/p>\n<h3>How To Get The Loan<\/h3>\n<p>Here\u2019s how a transaction in a pawnshop works:<\/p>\n<ul>\n<li>Pawnshops may be able to provide collateral loans. This signifies that the loan is secured by a valuable item. If the pawnbroker agrees to lend you money, you may use an item that you already possess. The pawnbroker then retains possession of your item until you repay the loan. Almost certainly, the loan amount will be a fraction of the item\u2019s true worth.<\/li>\n<li>Although you can sell your item directly to a pawnshop, pawnbrokers tend to be less interested in these transactions as loans have greater profit potential.<\/li>\n<li>You will need a pawn ticket.\u00a0This is essential!\u00a0It is not only the receipt for the item but also summarizes all terms and conditions of the loan, including the fees, expiration dates, item description, and expiration dates.<\/li>\n<\/ul>\n<h3>Repaying The Loan<\/h3>\n<p>There are two options for repayment.<\/p>\n<ul>\n<li>You must return to pay the entire balance (including the loan amount and any additional fees) before the deadline, typically 1 to 4 months from the original transaction.<\/li>\n<li>The pawn shop will keep your item if you don\u2019t return it. Other than losing your item, there is no other consequence. There are no collection actions and no credit reporting implications. According to the National Pawnbrokers Association, however, 80% of customers do claim their items.<\/li>\n<\/ul>\n<p>You can extend your loan term up to three months in some places, but this will incur additional fees.<\/p>\n<h3>The Interest Rate Explanation (sort of)<\/h3>\n<p>The dollar and cents of pawnshop loans are complicated because a) fees can vary from one state to another, and b) there is no fixed interest rate.<\/p>\n<p>The term\u00a0interest rate\u00a0can be confusing. It\u2019s best to consider the total \u201cfinance cost\u201d instead, says Steve Krupnik, South Bend, Indiana. Krupnik is the creator of Pawn Shop Advisor and the author of \u201cPawnonomics.\u201d<\/p>\n<p>\u201cPawnshop loans can be obtained from almost all states. The \u2018finance fees\u2019 range from 5% per month to 25% per month.\u00a0Krupnik states that Indiana\u2019s \u2018interest rate\u2019 is limited to 36% APR or 3% monthly. However, pawnshops may charge an additional 20% per month service fee, making the total allowable finance cost 23% per calendar month.<\/p>\n<p>Krupnik states, however, that the pawn industry continues to evolve rapidly. Many operators willingly lower maximum finance charges, particularly for larger pawn loans, becoming the \u201cnew norm.\u201d\u00a0\u201d<\/p>\n<p>A\u00a0personal loan can be an excellent option\u00a0for people who need funds to travel or for home renovations.\u00a0BFN.com offers the best rates.<\/p>\n<p>Murphy stated that these loans are often for life-threatening emergencies and are called safety net loans.\u00a0Murphy says that the typical fee is usually lower than the cost for a bounced check or disconnected utility.<\/p>\n<p>Check your state\u2019s website to find out the maximum rates and rules for pawnshop transactions.<\/p>\n<p>Bottom line: Before you sign the loan agreement, make sure that the pawnbroker has clearly explained all fees.\u00a0These terms should also be included on the pawn ticket.<\/p>\n<h3>What Pawnshops Want And Don\u2019t Do<\/h3>\n<p>These are some tips to keep in mind when you\u2019re considering paddling something.<\/p>\n<p>Do not:\u00a0Offer anything obsolete, hard to store, or low-quality, Krupnik suggests.<\/p>\n<p>Wear jewelry or coins with you\u00a0Krupnik also recommends firearms, high-quality tools, and musical instruments as good options.<\/p>\n<h3>Prepare For Red Tape<\/h3>\n<p>Legally, the pawnbroker must confirm that you are the legal owner.<\/p>\n<p>Krupnik says, \u201cThey will ask enough questions about the property to make you feel comfortable with the fact you own it.\u201d Do not take offense. The pawnbroker wants to ensure that you and the property are legal.<\/p>\n<p>You will also need a government-issued identification if you are doing business with a pawnbroker.\u00a0It is required by law.\u201d<\/p>\n<p>\u00a0<\/p>\n<h3>Tags<\/h3>\n<p>short terms loans<br \/>valuable items<br \/>percent per month<br \/>credit check<br \/>brings an item<br \/>interest and fees<br \/>borrowed money<br \/>pawn an item<br \/>small loans with bad credit<br \/>buys items<br \/>interest on the loan<br \/>items as collateral<\/p>\n<div class=\"abh_box abh_box_down abh_box_business\">\n<div class=\"abh_tab_content\">\n<section class=\"vcard author abh_about_tab abh_tab\" itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\" readability=\"4.1447368421053\">\n<div class=\"abh_image\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"> <noscript><\/noscript> <\/div>\n<div class=\"abh_text\" readability=\"35.921052631579\">\n<p>Jason writes about all financial topics such as loans, debt solutions, and bankruptcy. He is an expert when it comes to subjects like APR, loan fine print, debt collection laws within the United States. With his in-depth\u00a0knowledge of all things financial, he is a great asset to Greendayonline.<\/p>\n<\/div>\n<\/section>\n<section class=\"abh_posts_tab abh_tab\">\n<div class=\"abh_image\"><noscript><\/noscript><\/div>\n<div class=\"abh_text\" readability=\"11.935\">\n<div class=\"abh_name\" readability=\"5.7435897435897\">Latest posts by Jason Rathman <span class=\"abh_allposts\">(see all)<\/span><\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Need some quick cash? What is a pawnshop? A pawnshop might be a good option if you have a basement or attic full of valuable stuff that is just gathering dust. While you might walk away with some cash, it is important to learn how these transactions work before you even step foot in the<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>how is a loan obtained through a pawnshop - Business Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessfinancenews.com\/loans\/how-is-a-loan-obtained-through-a-pawnshop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"how is a loan obtained through a pawnshop - Business Finance\" \/>\n<meta property=\"og:description\" content=\"Need some quick cash? 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I am now living in the United States. I have a house in Ontario, but I actually never go.\u00a0 I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.","sameAs":["https:\/\/businessfinancenews.com"],"url":"https:\/\/businessfinancenews.com\/author\/laidler\/"}]}},"taxonomy_info":{"category":[{"value":4,"label":"Personal Loans"}]},"featured_image_src_large":false,"author_info":{"display_name":"D Laidler","author_link":"https:\/\/businessfinancenews.com\/author\/laidler\/"},"comment_info":0,"category_info":[{"term_id":4,"name":"Personal Loans","slug":"loans","term_group":0,"term_taxonomy_id":4,"taxonomy":"category","description":"","parent":0,"count":508,"filter":"raw","cat_ID":4,"category_count":508,"category_description":"","cat_name":"Personal Loans","category_nicename":"loans","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/21379"}],"collection":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/comments?post=21379"}],"version-history":[{"count":0,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/posts\/21379\/revisions"}],"wp:attachment":[{"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/media?parent=21379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/categories?post=21379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessfinancenews.com\/wp-json\/wp\/v2\/tags?post=21379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}