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Get the Cash Loan You Need at a Pawn Shop
People from virtually all walks of life sometimes find themselves in a difficult situation where they need to get some money quickly to deal with unexpected expenses like medical emergencies, car repairs, plumbing or electrical problems in the house or anything else. When these problems come up many people make the mistake of going to a cash advance store for the money. Rather than dealing with the extremely high interest rates they have, why not check out a pawn shop to see if you can get a cash loan.
Pawn shops like Diamond District Gold Buyers in New York offer pawn loans which have much more reasonable interest rates. This is because rather than being an unsecured loan, you will be pawning something of value. You can, for example, pawn gold coins if you have them and get a loan for their value. You can also pawn watches, jewelry, or just about anything else of value.
How to Pawn Loans in NYC work
If you’ve got something of value that you don’t want to sell, but you need some cash than this type of loan is perfect. Just bring it into our shop and we’ll start by giving you a free appraisal of the loan. Based on its total value we will offer you a set amount of cash as a loan. If you accept the loan then we’ll give you the cash immediately and you can go deal with whatever problem you’re facing that requires the money.
Once you’ve dealt with that unexpected expense you can start working toward repaying the loan. Pawn loans in NY typically last for about 4 months, and at the end of that time the loan plus interest must be paid back. Of course, you can repay the loan as early as you’d like with no penalty as well which is nice. Once the loan is paid back in full you will get the item yo pawned back.
What if You Can’t Repay the Cash Loan
If you find that you’re unable to come up with the money to repay the loan you have two options. While neither are ideal, they are much better than the options other lenders will give. Your first option is to simply not pay the loan back. Just let the pawn shop know that you can’t repay the loan and they will keep the item you pawned and sell it to recover the money you borrowed. With this option there is no need to worry about damaging your credit score or getting calls from collection agencies for the rest of your life!
If you’d really like to keep the item you pawned but don’t have the money when its due then you can ask for an extension on the loan. For a small fee you can extend the loan out for several more months so you have the time to come up with the full amount of money you need. You then repay the loan as soon as you’re able and get your item back!