Do you need money in a hurry? Then consider getting a quick and easy loan from a pawn shop in your area. Trying to get a loan from a bank or credit union can be a hassle. Borrowing from friends or family members can be embarrassing and put a strain on personal relationships. Pawn shop loans in Merritt Island FL, enable individuals to get money in a short amount of time based on the value of pledged assets. Learn about this opportunity so you can have the cash you need today.
Loans in Merrit Island FL, are collateral-based loans. This means the loan is secured by putting up an asset as collateral. While you retain actual ownership of the asset, it is a part of a contract until your return to pay the balance or simply let the pawnshop keep your items. Interest rates and fees will be added to the final cost of getting the loan. A regular interest rate is about 18% but can be as high as 24%.
Many types of items can be used as collateral. While pawn brokers prefer items such as jewelry or coins, they also accept guns, instruments, electronic gadgets, and power tools. The amount offered for an asset is only a portion of its actual value. A pawnbroker will consider the cost of storing the item and keeping it secure. He will also take into account the likelihood of being able to sell the item in the future if a borrower does not pay off the loan. You may be asked questions and have to provide proof that you are the owner of the item. Establishing rightful ownership of an asset is a legal requirement when getting a loan in many states.
When you need money in a hurry, the last thing you want to deal with is the inconvenience of getting a loan from a traditional lending institution. Instead, use the items you have in your home to get money from a pawn shop. For more information on pawn shop loans, please talk to a professional at Gold Mine of Merritt Island, LLC. This business can handle pawn shop loans in addition to buying and selling jewelry.
