Generations past have portrayed the idea of visiting a pawn store as borderline taboo; however, with the recent success of mainstream television shows such as Pawn Stars, Hard Core Pawn, Pickers and Storage Wars that idea has shifted tremendously in American pop culture. The secret is out, not only can people find amazing deals but they can also use Pawn Stores as an alternative to a bank for small collateral based loans.
So how does a pawn loan work exactly? At Max Money Pawn the process is extremely simple.
- The first step is to determine how much you want to borrow.
- Secondly, you would bring an item of value that you own and can use as collateral for a pawn loan.
- Third, the pawn store would examine your item and ensure it is functional as intended. Then they would determine the pre-owned fair market value of your item. Upon determination of the value, they would make you an offer for a pawn loan – typically 40%-60% of the pre-owned fair market value of your item.
- Next – if you accept the amount offered on a pawn loan you would provide valid identification for a simple one page loan contract that explains the terms of the pawn loan.
- Finally you receive the loan proceeds in cash and you’re on your way! There is no credit check, there is no application, there is no need for co-signers or even references! And best of all, it is a non-recourse loan so even if you do not pay back the loan it will not affect your future credit standing!
We would love the opportunity to earn your business – should you have additional questions please call any of our locations and our staff would be more than happy to answer your questions.