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The cost of pawn shop loans can be high, but in some situations they can offer financial leeway. How pawnshop loans workThe process of getting a pawnshop loanPawnbrokers assess your items just as they do for customers looking to pawn for a direct sale. About 60% of users of pawn loans, title loans, or payday loans were turned down partially or in full for requested mainstream credit sources, according to the CFPB. Unlike qualifications for personal loans, pawn loans don't require a credit check or information on financial assets. Pawnshop loans can get expensive because they have higher interest rates and fees compared to traditional loans.

Persons: you've, You'd, you'll, They're, you'd, Kate Underwood Kate Underwood Kate Underwood, www.kateunderwoodwriter.com Read Organizations: U.S . Department of, National Pawnbrokers Association, Consumer Financial Protection Bureau, Chevron Locations: Virginia Beach , Virginia, Richmond , Kentucky

The average pawn shop loan in the US is about $150, according to the National Pawnbrokers Association. Due to the nature of pawn loans, it's common for borrowers to roll over their pawn shop loan or take out a new one. For example, Castle Jewelry and Pawn of Richmond, Kentucky states that they charge 20% interest on their pawn shop loans. In a situation where you require immediate cash but don't fit the qualifications for a traditional short-term loan, a pawn shop loan might be appropriate. Pawn shop loan FAQsCan I get a pawn shop loan with bad credit?

Persons: —, you'll, You'd, They're, you've, you'd, Bernstein, Jorey Bernstein Organizations: Service, U.S . Department of, National Pawnbrokers Association, Consumer Financial Protection Bureau, Chevron, Bernstein Investment Consultants Locations: Virginia Beach , Virginia, Richmond , Kentucky

☆ I'm a pawnbroker. Here's how I deal with shady customers, fakes, and the occasional boa constrictor.
▼ + stars: | 2022-10-26 | by ( Ingrid Cruz | ) www.businessinsider.com time to read: +7 min

I've been the president of the Mississippi Pawnbrokers Association for four years, and prior to that, I was a board member. Gas prices are also a common reason why people sell or pawn items now. When setting prices to buy an item, the pawnbroker has to make sure the client doesn't want to return for it. If a person wants to sell an item, we only have to hold onto it for 14 days. You used to have to check newspapers on Sundays to check an item's worth.

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