Why Pawn?

Not only are Pawn loans extremely convenient, for many people they are the best or even only option at times when they need cash. It's a safer, short term, and cheaper solution than getting other types of loans. It is a deal that is beneficial and safe to both customer and lender. Here's why Pawning may be the best option for you.

1. Timeliness

One of the best aspects of Pawn Loans is that they are fast. There is no waiting period for a pawn loan, there are no credit checks or anything of that sort. There is simply the appraisal of the collateral, registering of a new customer, and the signing of the pawn contract (all of which takes just a few minutes).  The loan is for a very short period of time and can be payed back all at once.  Usually people seek out Pawn loans when they need money sooner than their payday. 

 Perhaps you need to pay a bill by Wednesday, but you don't get paid until next week. Maybe your car suddenly needs repairs, and you don't have the money on hand to get it fixed, or maybe you just need a little extra cash for groceries. Whatever the reason, Pawnbrokers are here to help. In my experience, many customers pay off their loans way before the deadline. 

Some even reclaim their Pawns the very same day!

2. Credit 

Many people who need loans do not have adequate credit to borrow from a bank or credit union. Some may not want to get a loan because they fear that a missed payment or default will harm their credit score. 

Pawn loans do not work on credit, they work on collateral. Loans are given based on the value of the item being pawned. There is no need for credit because if the loan is not payed, the lender has something of equal value.  This is also beneficial to the customer, as it prevents them from spending money they can't pay back and bankrupting themselves. If you default on a pawn loan, the only repercussion is that you lose your stuff-no legal or financial consequences after that.

3.  Low Interest

Pawn shops provide some of the lowest interest rates than any other lending institution. At just 3% per month, Pawns are definitely the cheaper option.

4. Safety

Pawn Loans are incredibly secure.  Every transaction within a Pawnshop is saved and on paper. A report of every item that comes in is sent to local law enforcement on a daily basis, so that any stolen items that have been pawned can be rightfully returned to their rightful owners. All items are stored safely and securely. Everything from a physical description of the item to its serial number are recorded and items are labeled and sorted so that no item is ever lost. 

If you're worried about losing your possessions just remember that:

The overwhelming majority of people (70%-80%) that obtain Pawn Loans end up paying them off and reclaiming their property. 

Pawn Loans are easy to pay back. Low interest, small loan amounts, and the immediate consequence of losing your item (as opposed to the long term consequence of ruining your credit) make for a very easily repaid loan. Pawns are the option for someone who needs a quick, safe, short-term, low interest loan.  We at Morrisville Gold/Mega Pawn are here to help with those needs.