Cash is hard to come by for many Americans, especially during the pandemic and given the recent events. Fortunately, you can find various sources of money besides your job, such as pawning off your valuable items at home!

Although applying for a personal loan is another option to secure funding for your needs, you may want to consider getting a pawn loan instead. Whether you're in between checks, have an unexpected expense, or need a bit of money to survive until the next payday, a pawn loan will be a great help.

Besides guaranteeing immediate cash, here are some of the many benefits of getting a cash loan for a pawn shop:

1. A Quick and Simple Application Process

For a pawnshop loan, you need only visit the pawnshop and fill out a short loan application form. Pawnshops in the area tend to have fast and easy application procedures without lots of formalities.

Additionally, you'll find that pawnshop loans are relatively faster to process compared to other types of lending institutions. This is because pawn shops don't waste your time asking for tons of personal information, which is not necessary for a pawn shop loan.

2. No Effect on Credit

Unlike most loans, getting a pawn shop loan doesn't have a direct impact on your credit history, mainly for two reasons:

Your credit history won’t be affected since you aren't borrowing money for something like buying a car or getting a credit card. Without getting a loan from a bank or credit union, you won't have to worry about the stigma of a bad credit score!

Instead, a pawn shop loan is simply a contract between you and the pawnshop, with the understanding that you'll get your item back in the future. After the loan has been repaid, you'll be given your loaned item back.

3. Privacy Protection

Most pawnshops have a good reputation for respecting privacy, especially when it comes to personal matters. No one will ask you to provide your Social Security Number or other information that isn't necessary. When filling out your application form, you may be asked to provide limited information.

Unlike banks, which want to know everything about you, pawn shops are simply interested in your collateral to ensure that if you don't pay back the loan, they'll still have something worth the value of the loaned items.

4. No Cosigner or Bank Account Required

While some banks will ask you to have a cosigner or a bank account with a minimum balance, you won't have to provide any of these for a pawn shop. This is because the pawnshop wants to make things convenient for you. After all, pawn shops are interested in creating a profit, not keeping you from accessing your money!

Conclusion

Despite the new economy and grave pandemic, life must go on. While most people think pawn shops are only for desperate people, getting a loan from a pawn shop can be an excellent idea. If you need a quick loan with little hassle and zero strings attached, consider applying for a pawn shop loan. You may be surprised at how fast you can have cash in your hand!

If you need cash as soon as possible, get a cash loan from one of the most trusted pawnshops in Murray, River City Pawn! We loan more money for your items than anyone else and loan on gold and diamond jewelry, watches, electronics, and pretty much anything of value. Come in and see what your items are worth!