Whether you experience a medical emergency or an extensive car breakdown, there may come a time when you need cash fast. In these situations, you have a few options, including going to a bank, payday loan facility, or pawnshop. Here are a few advantages of working with a pawnbroker.

Why You Should Get a Pawnshop Loan

1. Avoid a Credit Check

Most banks request a decent credit score and a strong credit history to approve a loan application. If you have a low score, a history of missed payments, and can't find a cosigner, the lender may reject your request.

Fortunately, pawnshops don't perform credit checks. Your score also won't be affected if the loan isn't repaid; instead, the shop will keep the item you pawned as collateral.

2. Get Cash Quickly

Fast cash is handy in an emergency; however, banks and other traditional lenders may take days to approve a loan application. On the other hand, a pawnshop will let you walk out with the cash once the deal is made, which may only take a few minutes.

3. Keep Your Valuables

You won't have to relinquish your valuables if you take out a pawn loan, as long as it's repaid. Instead of listing the item for sale immediately, the shop will hold it for a predetermined period. You can take the valuable home after settling.

4. Enjoy Low Interest Rates

Pawnshops typically offer lower interest rates than banks and payday or title loan providers. This is particularly true for people with deficient credit history, who often pay substantial interest rates, even for small loans. Pawnshops may also be more flexible with payback plans if asked.

If you need fast cash, turn to A Happy Pawn in Chinatown on Oahu. This pawnshop has helped the community since 1988, providing excellent service and fast loans. To get more information about their secure loans, visit them online or call (808) 383-5253.