For people that need money in a hurry, it can be frustrating to apply for a loan through a bank or credit union. These traditional banking institutions often have stringent and lengthy application processes. Instead, individuals can get fast and easy cash with Quick Loans in Chicago. By doing this, a customer can get cash in as little as 10 minutes. Learn more about pawn shop loans with the following details.
The Basics of a Pawn Shop Loan
While most loans require a credit check, pawn shop loans don’t. Instead, these Quick Loans in Chicago offer customers a chance to get anywhere from $10 upwards of thousands of dollars using everyday items as collateral. Assets such as televisions, cameras, jewelry, silver, gold, scrap gold, and computers can be used to secure a loan. All a person has to do is bring in the items for a specialist to determine their current value. The pawn shop will keep the assets until the loan and finance charges are paid in full.
How a Pawn Shop Loan Works
A pawn shop loan requires a person to show a valid form of identification, such as a state driver’s license or state-issued identification card. After a person is given the cash and releases the items into the pawn shop owner’s custody, a memorandum will be issued. This form details the charges and fees associated with the loan, such as the total finance charges to that date and the daily finance charge. It will also give the maturity date. It will show the amount due at redemption as well. This amount includes the principle, total finance charges, and other associated fees. A customer may be able to extend a loan past the grace period. All state laws must be followed during any type of pawn shop loan transaction.
Getting money in a hurry can be stressful when the loan is credit-based. Instead, enjoy the benefits of pawn shop loans. This offers customers a relaxed and convenient way to get the cash they need without a hassle. For information on pawn shop loans, please Check us out by visiting Clark Pawners and Jewelers. This business strives to offer enhanced customer services, including cash loans.