A cash-strapped person with bad credit often has very few options, when they need cash. Banks won’t consider lending them money and payday loan companies charge extremely high interest rates. These can lead to a never-ending cycle of debt. Many people are turning to pawn shops for the cash they need. Quick loans in Chicago can give them this money, without the fear of incurring more debt. Because the loan is secured with collateral and not income, there is no credit check. The loan amount is not limited by a person’s income, but by the value of the collateral. Pawn loans can be for as little as $10 or as much as $100,000.
The process for getting quick loans in Chicago is very easy. The person brings their collateral into the pawn shop to be appraised. This can include items such as gold, silver or diamond jewelry, watches, coins, computers, television sets, bikes or musical instruments. The easiest items to pawn are small and hold their value over the life of the loan. This makes it easy for the pawn shop to store them and recoup their investment. Experienced appraisers determine the value of the collateral immediately and tell the owner how much money they can get for it. The borrower signs a paper that describes the items and the repayment terms. They receive their money and leave. If they fail to pay off the loan, the pawn shop takes the collateral and sells it. There are never any threatening phone calls and no reports are made to credit agencies.
It’s not just people with bad debt who use pawn shops. Sometimes people need money faster than a bank can move. Sometimes people don’t want others to know that they are borrowing money. People who are getting ready to buy a home, know that borrowing money for another matter can impact their credit score. This can lead to higher interest rates on their mortgage. A pawn loan is always confidential. Clark Pawners and Jewelers are one of the Chicago pawn shops that make quick loans. Visit us online to learn more about quick loans and how they can work for you.