If you are in need of quick cash, you may have considered getting pawn loans in Marietta, GA. With the less than ideal economy, there are many people who have decided to do this. The fact is that this offers many people a great opportunity to get the cash they need and then pay it back when they can. Some things to consider when using the services of a pawn shop are highlighted here.
Ignore the Bad Image
The pawn shop has a notoriously bad reputation of being scary and shady places; however, the fact is that these locations are actually regulated by a total of 12 different federal laws, as well as a number of local and state laws. The majority of these shops are well-lit and clean and run by individuals who are proud of offering great customer service.
Getting a Loan
If you have never used the services of a pawn shop before, it works like this:
* A pawnshop offers consumer’s collateral based loans, which means that you secure the loan with something that is valuable. You can bring in something that you own and if the broker is interested, they will provide you with a loan. Then the broker is going to keep this item until the loan is repaid. The amount you receive will only be a fraction of the actual value of the item.
* There is also the option to simply sell the item that you have to the pawn shop outright; however pawnbrokers are typically less thrilled about this options since they offer a lower potential for profit.
* Be sure that you keep up with your pawn ticket. This is the receipt for the item as well as a summary of the terms of the loan you have received.
Repayment of the Loan
There are two choices to repay your loan. You can pay the balance, which includes the original amount of the loan plus any additional fees, prior to the deadline. The other options is to not return to the pawnshop to pay, in which case they will keep your item and resell it. Besides actually losing possession of the loan, you will have no consequences. While there are some options to extend the loan, this will have to be discussed with the pawn shop that you decide to use. Visit website for more details.