An adverse credit history means that most forms of credit that were once available are no longer an option. Pawnbrokers now provide no credit check loans online based on the provision of collateral. Gold loans and jewellery loans, as they are also known, are the ideal fast cash lender advance loan as they don’t involve credit scoring at any stage of the application process. The customer can either get an online pawn shop loan or go to the pawnbrokers directly, whichever is more convenient for the customer.
Applying for an Online Jewellery or Gold Loan from a Pawnbrokers
In order to get a fast cash advance loan, the lender will need to value the collateral. The most common items of value used to secure the loan includes silver, gold, jewellery, antiques, art and sports cars. Whilst the larger items will need to be physically taken to the shop, the smaller items can be sent securely to the pawnbrokers via the postal service. It is normally possible to borrow up to 50% of the items value, but this is at the complete discretion of the lender. It is rarely higher than this figure in order to ensure that there is enough value to cover the interest that accrues.
How to Get a Fast Cash Advance Loan Today
The collaterals value has been assessed and a maximum cash value for a silver, gold or jewellery loan has been determined. If the application has been submitted prior to 2.30 PM, the funds will be wired to the customer’s bank account on the same day. In the worst case scenario, the money will arrive the next day at the latest. If the need for a fast guaranteed loan is urgent, it is recommended that the customer goes directly to the pawnbrokers. Any identification can be quickly reviewed and the money can be handed out over the counter.
Rate of Interest on No Credit Check Loans Online
No credit scoring means that the risk of default is far higher, especially as the bulk of online pawn shop loans are provided to people who have been rejected by the banks. The rate of interest depends heavily upon the borrowing term and who the lender is. It typically costs about $25 to borrow $100 for a month. However, some lenders offer a 6-month term and charge just $6 a month. The extended term gives the lender longer to recover any administrative expenses and make what they deem to be a ‘fair’ profit.
Pros and Cons of Online Pawn Shop Loans
A poor credit cash loan can be used to tackle an emergency situation, such as paying the rent or fixing a car. No questions will ever be asked in-terms of what the money is to be used for. Although an ideal loan for unemployed people as no proof of salary is required, it can worsen money problems. The interest rate is high and finding enough money to clear the outstanding balance the month after could prove impossible. Whilst it may be possible to extend the borrowing term, failing to pay back the debt will lead to the sale of the collateral to recover the loan and any interest.