What is a pawn loan?
A Pawn Loan is a loan that is secured by collateral held by the Pawn Broker. Different Pawn shops loan on different items. Santa Cruz Pawn loans on: Jewelry Watches Coins Small antiques Scrap gold, silver, platinum Unusual items All customers provide collateral, eliminating the need to distinguish high-risk from low-risk borrowers. Typically, loans are small, averaging between $50 and $200, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral. The process is much the same as any other lending institution, with the primary difference being the size of the loan, no credit check, and the collateral being held by the pawnbroker until the loan has been repaid. Pawn Loans are written for four months. At the end of that period the customer is required to repay the loan in full plus the interest due and the collateral is returned. If the customer cannot pay the loan in full, the option of paying only the interest due and rewriting
Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay your loan back in full, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full.
