Bringing valuable possessions to a Local Pawn Shop in Lincoln Park is a quick way to get money for an emergency. This option is helpful for people who don’t have credit cards and aren’t eligible for bank loans. Also, the application process for a loan from a bank or credit union also tends to take at least a few days, and the person may need cash faster than that.
An Alternative to Other Options
A Local Pawn Shop in Lincoln Park provides an alternative to payday loans and vehicle title loans. Not everyone qualifies for those possibilities either. A payday loan is generally only available to someone who can prove he or she receives regular income, typically through a wage-paying job. A title loan normally is only offered to someone who has a vehicle that is not being financed.
Requirements
Pawn lenders don’t require credit checks or proof of income. The customer doesn’t even need to have a bank account. The store simply requires collateral for the money that will be borrowed. When the customer returns with the amount that was borrowed and any interest due, he or she will be able to pick up the possession used as collateral.
Finance Charges
Interest rates do tend to be high in these businesses, but the actual amount paid can be relatively low if the loan is promptly repaid. The loan is intended to be for a short time, usually 30 days. Thus, a $200 loan paid off within a month might have a fee of $25 or $30. The fee will be less if the person picks up the item sooner. The customer also has the option to pay the interest due within the time frame specified and roll the loan over for another month if coming up with the full amount isn’t possible.
At a business such as Clark Pawners & Jewelers, the door is not closed to customers without checking accounts or high credit scores. The customer can use items like gold bracelets, a ring with a diamond, electronic equipment, and even power tools for collateral. The process is quick and easy. Visit us online to learn more.
