In an article called “Seven Best-to-Worst Ways to Borrow $500” by Dawn Papandrea published on foxbusiness.com on July 31, 2012, foxbusiness.com called pawn loans one of the best way to borrow.
Pawnshop loan. Believe it or not, a pawnshop loan is one of the better options to consider, says Mary Hunt, author of “7 Money Rules for Life,” and founder of Debt-Proof Living. “A lot of people think of them as back alley, but that’s really not how they work anymore,” she says. In fact, thanks to shows like “Pawn Stars,” they’ve become more mainstream than ever.
The way it works is you bring in an item as collateral for the cash they give you. The pawnshop must keep your item for an agreed upon amount of time (for instance, 90 days). If you come back and pay back the loan before the term is up, you get your item back. If you don’t, your item is sold
The perks: “It’s clean. There are usually no credit checks. And you have the option to not pay it back legally,” says Hunt. In terms of risk, the only thing to consider is how much sentimental value the item has, just in case you’re unable to pay for its safe return.
The verdict: good borrow… if you’re not using your family heirlooms or wedding rings as collateral.
Stop by either of our two great locations in Alabaster and Roebuck and find out why Scott’s Jewelry and Pawn is the place to go when you need a short term loan.
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