Pawn Loans
A Brief History of Pawn Loans
Throughout history, pawnbrokers have provided short term monetary loans in exchange for valuable items. These items are then held by the pawnbroker for an agreed upon period of time.
During that time, the owner of the item can repay the cash loan, plus an amount of interest, to reclaim their goods. If the borrower is unable to come up with the money to buy the item back, the broker has the right to sell the item to another buyer.
In the United States today, more than 12,000 pawn shops operate nationwide, their shelves filled with an eclectic array of items from the ordinary to the unbelievable. Each has its own unique story and past.
Benefits of Pawn Shop Loans VS Traditional Loans
One of the biggest advantages of pawn loans is that they’re easy to obtain. The loan doesn't require good credit or even proof of income, the loan is based solely on the value of the item you are loaning against.
A pawn loans is also one of the fastest ways to get the cash you need. In most cases, you can get a loan on the same day you bring in your item.
Lastly, this type of loan is a fantastic option if you only need a small amount of money. Most traditional banks loans have high minimum loan amounts, making them a less desirable option if you only need a few hundred dollars.
What are the Requirements for Getting Pawn Shop Loan with us?
It's so easy to get a pawn loan at Eddie’s Pawn in Daphne. All you need is to bring in a valid ID showing you are 19 years of age and older and the item you want to pawn.
The item should be in good condition and have some measurable value. The pawn shop staff will appraise the item to determine its value and offer you a loan based on a percentage of that value.