Have a medical emergency, an unexpected car repair, or just need a little help buying groceries this week? Unlike complicated bank loans, pawn shop loans can be a quick and easy process. They offer no credit check, no proof of employment, reasonable interest rates, and valuables are returned when the loan is repaid. Follow this handy how to guide to help ease the worries associated with obtaining loans in Cocoa FL.
First, pick your item you want to pawn or use to get your loan. A pawn shop will generally make a loan on anything of value. Jewelry, tools, musical instruments, or electronics are generally used. Bring the item to the pawn shop along with a valid government issued ID. The pawn shop will determine the value of your item based on its appraised value and the current condition of the item. They will also take into account their ability to sell the item.
The loan usually has a 30 day term length and will be regulated by state and local laws. After the initial 30 days, most shops offer a 30 day grace period. If one cannot pay off the loan in that time period there are additional options. The first option is an extension. A portion of the interest is paid and the loan is given a due date. The amount of time a loan can be extended is based upon state law. The next option is a renewal. In a renewal the interest is paid in full. The loan is rewritten for the same principal amount, but the due date is reset for the full term of the loan.
In the event that someone is unable to repay the loan, the pawn item is surrendered. The pawn shop will put the item up for sale in their store to recover their losses on the unpaid loan. One major advantage to a pawn shop loan is that if the loan is not repaid, it will not affect a person’s credit score. The collateral is surrendered and no credit agencies are notified. Contact Gold Mine of Brevard to discuss options or visit in person for an easy loan experience.
