Pawn Shop 

Pawn shop what are they and how they can help you when you need cash in a hurry. A pawn shop is basically a shop that offers you loan in exchange for your goods. They will take your items and offer you some cash usually a fraction of what the items are worth.  The pawn shop will lend you money for a period of time and will charge you an interest plus a fee in most cases. 

What to Expert form a pawn shop?

When you take your items to a pawn shop you will be required to fill out a form and offer two forms of photo ID like a passport and drivers licence. They will check the items and find out the total value of the good, in most cases you will be able to get around 25 to 30 percent of the value of the good as a loan. 

How it works ?

The pawn shop will offer you terms and conditions of the loan and in most cases it will be around a month but you can ask for a longer term as well. Once you have paid the money back the pawn shop will return your items to you in its original state, for some reason if you are not able to pay the loan you can ask for extension. In the worst case if you are unable to pay the loan in full by the end of loan term you will be charged a penalty interest and sometimes a hefty fees. 

What not to do ?

Defaulting in your loan will result in the pawnshop selling you items to recover the money they lent to you and this will affect your credit rating in the long run, so make sure to only get a loan from a pawnshop if you can pay it back onetime with interest and fees.  

For more information you can check out your local pawn shop to find out more or check out the list of local pawn shop here