Where To Get Pawn Loans In San Francisco

Pawn Loans In San Francisco

There are a number of options available to you if you need money. For instance, you can go to a bank or other financial institution to get a loan. However, you may not be able to get loan from a bank or other financial institution in case you need money in an emergency.
In such cases, you need to look for other sources of raising money quickly. One of the popular ways of getting cash in an emergency is pawn shops. They can lend you money at affordable interest rates. Here is list of some of the other pawn loan benefits.
Pawn Loan Benefits
If you have something to pawn, it is one of the most efficient ways to get instant cash without any hassle and time-consuming paperwork. On the other hand, if you want to get a loan from a bank, you have to go through a lengthy loan application process where you are needed to provide a ton of paperwork and offer something as collateral to be approved for the loan.
The whole process takes a lot of time and in many cases, loan is not approved which means that the whole exercise needs to be started again by applying to other banks. Many people these days prefer pawn loans when they come to know the many pawn loan benefits.
One of the biggest advantages of getting a loan from a pawn shop is that the loan is almost guaranteed. As long as you have something to pawn, you are going to get the loan approved. Once the loan has been approved and minimal paperwork is finished, you will be paid money instantly in cash. You don’t need to wait for 24 hours or more after the approval of the loan to get money.

You just need to walk into a pawn shop to get the money. It is a very simple process that does not involve complicated paperwork and terms and conditions.
Another big advantage of getting a loan from a pawn shop is that there is no credit check required. When you apply for a loan to a bank or financial institution, you credit score will be checked. If you have bad credit history, your loan is unlikely to be approved. It is also important to mention here that many credit checks also bring down your overall credit score. So, when you apply for a loan from a pawn shop, the only thing that is needed is a valuable against which you will be given the loan.
If you take loan from a pawn shop, it is not going to affect your credit history in case you are not able to pay back the loan. In other words, if you default on the repayment, the pawn shop is going to sell the collateral and it won’t be reported to the credit bureau. On the other hand, if you take loan from a bank or financial institution and are unable to pay off the loan, the collateral that you have given to the bank will be auctioned and it will also be reported to the credit bureaus which mean that it will affect your credit history.

 

As far as the paperwork requirement is concerned, the applicant does not need to provide employment history or bank statement or any other such document. Also, the repayment terms as well as interest rates are flexible and can be negotiated with the manager. There are absolutely no questions asked when you take out a loan from a pawn shop and you are free to use the money as you see fit. In other words, there is no restriction on the use of funds.
You can take almost any valuable item to get loan. The items usually include jewelry, vehicles as well as other items. The amount of the loan is usually kept to a certain percentage of the valuation by the appraiser.
The application process is extremely simple. You just need to fill up a form and sign at a few places. Here is how the process works.
Generally, you need to bring a valuable item to the pawn shop where it is appraised by a professional appraiser. The price is given by the appraiser along with interest rate and various other terms and conditions. Keep in mind that most of the shops are independent businesses and terms and conditions may vary from one to another. Similarly, the interest rate will also vary from one shop to another.
If you agree to the terms and conditions as well as the amount of loan offered and the interest rate, you will instantly receive the money in cash. As far as the term for loan is concerned, most of the shops offer loans for a period of 2 to 3 months.
While the loan is initially given for a fixed period of time, it is important to mention here that most of the pawn shops will offer an extension on the loan. When you apply for an extension, you extend the length of your loan. However, most of the shops require you to pay a part of the interest before the extension.
Overall, these are some of the major pawn loan benefits. However, it is important that you take loan only when you need money in an emergency and do not have any other means to get cash. It is also important that you repay the loan on time to get back the collateral. Do not forget that the collateral will be sold by the pawn shop in case you do not pay back the loan on time or do not get it renewed.