We have all seen times when money has gotten tight at just the wrong time. If you need to purchase something quickly and can’t wait until a traditional loan can be arranged, you do have another option. If you have something of value, you can take it to one of the local Pawn Shops in the area. Pawn Shops buy, sell and make short term loans on all kinds of merchandise. They will make an evaluation of the item and offer you a percentage of that value. Whether the pawn shop is buying or making a loan against the item, they need to be able to make a profit to stay in business. This is why they tell you both their estimate if the items value and what they can offer you.
You can decide if you want to sell the item outright or use it as collateral for a short term loan for the amount offered. Whether you are selling or getting a loan, you can get the money immediately, with no credit check. The pawn broker isn’t interested in what your credit rating is because it is the item you bring in that is collateral for the loan. The agreement you sign will tell you what interest you will pay on the loan and how long you have to repay the loan. It will also tell you that if you don’t repay the loan within the allotted time, the pawn shop simply becomes the owner of the item used as collateral.
They have a great reputation for giving good value for items and will occasionally even extend the loan repayment time if you call or come to ask for an extension of time. They will explain that an extension will require an additional fee, but that is only a fair and reasonable business practice. This is why the people in the Windy City have come to trust this particular pawn shop. This shop will give a fair evaluation of an item’s value and make an offer that is reasonable. They treat every patron with respect and are known as a very reputable business. If you need money fast and have something of value to use collateral, this is where you want to bring it for a quick sale or easy short term loan.