How to Get a Pawn Loan Instead of a Personal Loan for Quick Cash

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As the economy shifts and the uncertainty of the holiday season and 2023 takes hold, it seems like an almost guaranteed the economy is headed down. When people come into Idaho Pawn and Gold, this perspective is consistent with most of our patrons.

Idaho Pawn and Gold keeps rock’n and roll’n to meet the ongoing needs of the community, while adapting to keep sales and the retail shop flowing.

As a community member, you can sit back and wait and ride the storm, hoping things will turn around, or you can look around and declutter unused items while they depreciate.

Gold and Silver

Idaho Pawn and Loan provides a “Personal Pawn Broker” for each of its clients who want to jump on an opportunity. You may have excess personal assets you want to free up and get quick cash for, or you may want to find a replacement television or stereo at an affordable price before prices soar.

A Personal Pawnbroker can help you leverage current market value quickly, so you can secure an opportunity no matter what your needs are.

Pawn Loan

Idaho Pawn and Loan provides a “Personal Pawn Broker” for each of its clients who want to jump on an opportunity. You may have excess personal assets you want to free up and get quick cash for, or you may want to find a replacement television or stereo at an affordable price before prices soar.

A Personal Pawnbroker can help you leverage current market value quickly, so you can secure an opportunity no matter what your needs are.

Selling Your Scrap Gold At A Pawn Shop

Pawn Loans at Idaho Pawn and Gold the “Lending Store”

Pawn Loan Requirements

Pawn loans are not personal loans that require an application like most financial institution processes require. A customer brings in a valuable item, say gold, silver, or name brand tool. The pawnbroker evaluates the items and comes up with an appraised value. This value is used to determine how much money can be borrowed using the item as collateral.

There are no credit checks, need for a perfect credit score, credit card disclosure or request for information about debt collectors, and bad debts related to bad credit, or employment information. All that is needed is a state issued ID and a personal item with the appraise value to cover the cost of the loan.

Payday Loans vs. Pawn Loans

Payday loans are loans taken against your next paycheck. Payday loans and car title loans can easily top 400% APR. Payday loans create an ongoing “blackhole” that causes the borrower to borrow money against their next check and then their next paycheck, without a way out.

A pawn loan offers quick cash, and the interest rates are disclosed and can be affordable because the loan is designed to be short term loans. Pawn shop loans requirements are that you make monthly payments on time. If you can’t repay the loan amount when it is due, you must make arrangements with the pawnbroker to extend the loan or pay the interest.

One of the cons of pawn shop loans is if you don’t pay the loan amount in full, you will have to forfeit your valuable item so it can be sold to cover the costs associated with the loan. Pawn brokers want to make sure they can liquidate your collateral if you fail to repay your loan. Some people don’t mind this option because they aren’t sentimentally attached to the item. If they can’t make the payments, they aren’t having a bad debt reported to the credit bureaus.

According to the National Pawnbrokers Association, the average amount for a pawnshop loan is $150.00 and is repaid in about 30 days. You can pawn various high-demand valuables, from collectible coins and gold, to cars.

pawn

Credit Unions and Banks

Credit unions and banks require financial information, and sometimes you have a bank account with their financial institution, so installment payments can be withdrawn directly.

Interest rates at a pawn shop and at a credit union or bank are disclosed as part of the process. While personal loans, banks and credit unions loans require a waiting period before you can access the money you borrowed, because processing the application takes time. A pawn loan is immediate and there are no credit requirements.

Pawn loans are easy to get and give quick cash.

Pawn Loan

Idaho Pawn and Gold is About Cash, Cash Options, and Affordable Prices

Idaho Pawn and Gold has a motto, “People taking care of people” and they will always stand by the motto. The company owns three stores in Boise, Meridian, and Nampa, Idaho, and the team is honored to serve their local community. They are all about building relationships and identifying themselves as “your personal pawn broker.” Just like people have an attorney, doctor, or counselor they can call as needed, a personal pawn broker knows you and your needs. They work to get you an offer financial products that keep fees and interest to a minimum, while getting you the cash you need.

Identifying themselves as your personal pawn broker is what sets them apart from other pawn shops, estate buyers, and gold and silver bullion dealers.

Idaho's Best of 2022

Idaho Pawn and Gold have been voted Idaho’s Best five years in a row for a reason. The owner of the company, Sam Reading, started the company with his first store 7 years ago and has a five star review rating with over 2000 reviews. This says something about the community assistance his company provides as one of the local resources for extra cash.

There are local pawn shop options in the area, but none like Idaho Pawn and Gold. Sam knows that pawn shop loans work for many people, and he encourages his team of professionals to work with each customer in a confidential and transparent process.

Sam said he wants people to know that Idaho Pawn and Gold pay the most for silver and gold based on gold and silver market prices. They can do this because they are not only a gold and silver shop, but also a pawn store. This allows him to offer several services and keep margins smaller when you sell or pawn gold, silver, broken gold jewelry and silver jewelry. They value based on the gram weight for jewelry and scrap metals, not troy ounces.

Gold Prices and Silver prices change based on the live market price. Depending on the item you bring in, they can offer up to 105% of the Gold Price or Silver Price at our Boise or Nampa Store.

If you need to make a purchase, we have a text notification list only used for Gold and Silver stock alerts. We can facilitate special orders from 5k-250k and are happy to work with you on wire transfers or a direct deposit to pay for your precious metals.

Text GOLD1 to 208-615-8704 (Nampa) and GOLD1 to 208-615-8714 (Boise) to join the notification list.

If you are a private buyer and want to set up an appointment to discuss a bulk order of precious metals, Sam’s team will facilitate this.

pawn

How Idaho Pawn and Gold Values Precious Metals

They value gold based on the current market value. There are several types of gold and silver, such as; 10k, 14k, 18k, 22k, Pure, 585, 750, 800, 925, and Sterling. These types typically identify the percentage of gold or silver in your item. For example, 14k means 58.5% gold, where 22k means 91% gold. The purer your gold or silver, the more they pay. They pay between 70-97% on the value of your precious metal.

 

How Does Idaho Pawn and Gold Test Precious Metals for a Pawn Loan?

They do not conduct acid tests. 95% of their tests are nonintrusive using our X-Ray Testing. When a heavy plate is possible on jewelry, they will have to scratch the item to get a quality test. They never have to scratch test on bullion or coins, and use a nonintrusive test as long as the purity is 90%+.

They buy all gold & silver bullion & coins, even if they aren’t stamped. If they do not have silver or gold, they will still look for value for the purchase. If your coin is authentic NGC and PCGS graded they will make an offer.

Idaho Pawn and Gold is a reputable pawn shop worth visiting.

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