5 Great Reasons Online Pawn Shops are a Perfect Choice
Friday, March 5, 2010
A great new source for obtaining fast cash loans are online pawn shops. They work very similarly to traditional pawn shops except you don't have to leave home. From a super easy process to secured loans, here are the top 5 reasons you should consider using an online pawn shop.
1. The process for using an Internet pawn shop is very easy. With an online pawn shop all you have to do is fill out their online form describing the item you wish to pawn. They will then give you an estimate of the amount they are willing to loan for your item. From then you will agree on loan terms (length, interest rate, etc.) If both sides are agreeable, they will have you ship the item to them, usually at their cost. And the great thing is, all of this can happen over your morning coffee in your favorite pajamas.
2. Security is a great benefit online pawn shops offer. Your item is totally insured during transit and it will be kept in a secure vault upon arrival at their facility. It will remain completely secure until you repay your loan amount and reclaim your item or decide not to pay back the loan and the item is sold. Once the loan is paid, the item will be sent back to you free of charge and once again totally insured. Your item is actually safer in their secured vault than in your own home.
3. Another great reason - flexible payment options. As long as the amount of your loan is paid back, plus interest and handling charges, it does not matter when you pay. You can pay easy installments centered around your pay periods, you can pay in random non-incremental amounts, or you can even pay the whole amount the day before your loan term expires. It does not matter as long as you pay it back.
4. In most cases, you will have a longer time to pay back the loan. Most pawn shops only have a term of 2 weeks for pay day loans and any other loans are for 30 days plus a very high interest rate. With online pawn shops, you can have as long as 6 months to pay back the balance of the loan and at a much better interest rate. If for some reason you can’t pay back the loan within the agreed upon time limit, you have the option to fill out an extension form that allows you more time. You may have to pay back more interest this way, but at least you will be able to repay the loan without further penalty. A normal pawn shop would simply take your item and sell it without giving you the extension.
5. One of the strongest benefits to using an online pawn shop is that if you choose not to pay back the loan they will sell your item for you without impacting your credit. They will also give you the difference (minus a small fee) if they sell the item for more than the loan amount. You will never make a profit on an item using a regular pawn shop.
Internet Pawn offers an online secured loan ranging from $500 to 250,000. They are the first U.S. based asset backed lender who offer fast cash loans against your valuables with no credit check required.
