In an economy where many of us are surviving paycheck to paycheck, we are always looking for alternatives to get some extra money when things come up. Things such as an unexpected bill, a car repair or a sickness can send finances into a tail spin. One way to get your hands on some much needed cash during these times is by looking into some Pawn Shops Chicago.
You can take almost anything into a pawn shop. You can do one of two things; you can either sell the item to the pawn shop or you can obtain a loan on the item. If you sell it to the pawn shop, you will not be able to get it back. This is a good way to get rid of things that you may have around the house that you no longer have a use for. If you obtain a loan on the item, or pawn it, you do have the ability to get the item back. You will be loaned an amount of money and you will be charged interest on the loan. The amount of the loan will be dependent on the value of the item. Most people choose to pawn electronics and jewelry as those items will be of more value.
Most Pawn Shops Chicago will make the loan for a period of 30 days. At the end of that 30 days, you have the option of paying off the loan with interest and have the item returned to you or you can pay the interest to extend the loan for another 30 days. You also have the option to gradually pay down the loan by paying against the principal after covering the amount of the interest that has accrued on the item.
You don’t have to have any credit in order to qualify for a pawn shop loan because you are giving them an item as collateral. If you do not pay the interest or the entire loan off, you do run the risk of losing your item. These loans are much safer than payday loans and bear less interest.
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