Pawnbrokers have been lending to people who need quick cash in emergencies for centuries. Banks are unable to provide the quick turnaround and small dollar loans that some people need to help get them through brief financial emergencies.
Furthermore, a bank loan is based on your personal credit while a pawn loan is a collateral loan that anyone can get with their personal valuables. Getting a pawn loan to get through your emergency, whatever it is, is a simple process. The first step is deciding on what valuable item you own to use as collateral. Fine jewelry, estate jewelry, diamond jewelry, platinum jewelry and gold are a few items that will get you the most money.
The next step is to find the right pawnbroker. Choose a reputable pawnbroker, like Modell, with several locations in New York City, Brooklyn and Queens. If you are pawning jewelry look for a pawnbroker that specializes in jewelry to ensure you get the best deal.
Finally, you have to negotiate the loan with the pawnbroker. The pawnbroker will assess the value of your collateral and offer you a loan amount. You can choose to accept it, negotiate a higher amount or even choose to take a lower amount so you are not borrowing more than you need. Pay attention to the terms of your loan and ask questions about anything you do not understand. Once the paperwork is complete you walk away with the cash you need to cover your financial emergency.