Sunday, November 26 2023
At Cash Express, one of the things we constantly purchase is Smartphones of all makes and models in good working condition. If you’re in the market for a more affordable device, we have nine tips to help you shop smart.
Our inventory at Cash Express changes daily. Our gallery gives yo a peek at new items. However, to see our whole stock, make a visit to our Philadelphia, PA, store. Take your time and shop around.
Thursday, November 09 2023
Pawn shop loans are a type of short-term secured loan where borrowers can use their personal possessions as collateral. Here's how pawn shops like Cash Express’ loans work and when they may make sense:
How it works: You’re stuck and need money quickly. If you want to secure a pawnshop loan, bring in an item of value, such as pottery, coins, watches, electronics, or jewelry, to the pawnshop. If you’re unsure what things the pawn shop may want, look at their online catalogs for inspiration. Or, call the store and ask about “hot ticket” items currently.
Once you’ve picked out your collateral and arrived at the store, the pawnbroker (or a skilled professional employee) inspects the item, assessing its worth and offering a loan. The amount is based on a percentage of its value, typically around 25% to 60%.
Expert tip: Avoid any items with strong emotional connections. If you lose that piece, you’ll regret it.
You now have a choice to make. Do you accept the loan terms? If so, there is an immediate receipt of the cash and a pawn ticket, which is evidence of the loan. The loan period is typically 30 days, during which the borrower can repay the loan with interest and redeem their item.
What happens if you cannot pay? The pawnbroker may sell the item. However, many store owners will reach out before then and try to work out new terms with you. You can also inquire, explaining the circumstances.
When They Make Sense:
Pawn shop loans can be beneficial in certain situations:
b. Quick Cash: Pawn shop loans provide immediate access to funds. If you need money urgently to cover unexpected expenses or short-term financial hardships, a pawn loan can offer a fast solution.
c. No Risk of Debt: Unlike traditional loans, pawn shop loans are collateral-based. If you cannot repay the loan, there is no direct impact on your credit score, and you won't accumulate additional debt since the collateral is used to secure the loan.
d. Negotiable Terms: Pawn shop loans often have more flexible terms than traditional loans. The loan amount, repayment period, and interest rates can often be negotiated with the pawnbroker.
Considerations: While pawn shop loans can be helpful in certain situations, there are a few factors to consider:
Getting a Loan
Pawn shop loans, like those we offer at Cash Express, can be a viable option for those needing quick cash, especially if they have poor credit or require a short-term solution. You can call us at 215-922-1580 if you have any questions about how to proceed. You can also use our contact form to open discussions on particular items.