Types Of Alternative Credit.
Pawn Shop Loans
What Is a Pawn Loan
A pawn shop loan is a loan secured by something of value. You bring something you own like Jewelry or electronics anything with value once you bring in something someone will offer you a loan.
Interest Rate and Loan Amount.
The interest rate for a pawn loan is different in every state. The average rate is about 5% but some states can have an interest rate up 24%. The loan is about $15-$100, it depends on what you bring in.
Different Pawn shops
- Gold and Silver Pawn
- Shop-Las Vegas N.V
- Mister Money USA
- Signature Pawn
Advantages\ Disadvantages
Advantages
- It's easy, you take something in that yo own and fill out some paperwork.
- They won't check your credit score.
Why use a Pawn Loan and Some different alternatives.
Someone who might use a Pawn loan, someone who needs money. some alternatives for pawn loans could be to save up your money, bank loans or title loans.