"The Lending Store - A New Way to Pawn" Offers Item Backed - Quick Loans at Idaho Pawn and Gold

"The Lending Store - A New Way to Pawn" Offers Item Backed - Quick Loans at Idaho Pawn and Gold - Idaho Pawn & Gold

Samuel Reading |

"The Lending Store - A New Way to Pawn" Offers Item Backed - Quick Loans at Idaho Pawn and Gold

As the new year approaches, the team at Idaho Pawn and Gold has been strategizing how to help the community with short-term loans and reasonable loan terms. Following the holiday season, people often need some extra cash to help get them through until tax season and refund checks come in. Idaho Pawn and Gold has come up with a new slogan and plans to focus on this throughout the year. The new slogan represents the company's focus on building relationships within the surrounding community by providing safety net loans to families that encounter sudden financial emergencies. Their goal is to make the pawn loan process as easy as possible. As the owner of Idaho Pawn and Gold, located in both Boise and Nampa, Idaho Sam Reading says, "this new focus is based on our company's belief that close relationships with our customers set us apart from other pawnshops, estate buyers, and gold and silver bullion dealers". Growing up in Alaska and Idaho Sam learned early on that relationships are the key to life. After serving time in the military and then as a US military contractor, Sam believes that getting to know people and their needs is key to success. After finishing up his contract with the military, Sam decided to open up his first pawnshop. He founded the store on "respect for our customers and each other."

How does "Respect for Our Customers and Each Other" Influence" The Lending Store-A New Way to Pawn"?

While Sam expects his team to have a basic foundation of respect for customers in both of his stores, he encourages that same respect amongst the team. Whenever you come into the stores y ou will be greeted with a smile and a can-do attitude. No matter if you are buying, selling, or seeking a loan, the team is always available to help. As the team moves towards 2022, this same baseline will affect the concept of "The Lending Store-A New Way to Pawn." Sam and his team understand that some people don't understand pawnshops and may see them as shady, dishonest, and scary. Sam's biggest desire in 2022 is to change this perception. He wants to be seen as not just a pawnshop but a "Lending Store" so that the community understands that his stores are approachable and friendly, "A New Way to Pawn". He is having his team complete additional training on pawn, collateral loans, customer service, and nitch items like diamonds, gold, and silver, organizing displays so retail items are easier to find, and continually updating the Idaho Pawn and Gold online store with great affordable inventory. At Idaho Pawn and Gold, the experienced team is knowledgeable in coming up with loan options that help their customers meet their credit and financial needs. Instead of customers being concerned that they risk losing their car, their home, or their financed tools, Idaho Pawn and Gold is vested in becoming the lead "Lending Store" with an easy no-credit-check collateral loan process that anyone can use.

What is a Collateral Loan and How Does It Work?

It is often easier to get a loan if you have something of value you can use as collateral. Unsecured Loans are those typically applied for at lending institutions such as a bank. An unsecured loan requires a credit check. This is difficult if you are concerned that your credit reports lack the credit scores you need to get a bank loan. A negative credit score will typically cause a bank loan to not be approved. A collateral loan may be an option. Collateral loans help you secure the money you’re borrowing by providing a valuable item to use as security for the loan. The loan term is negotiated with the pawnshop and the item you are using to secure the loan will determine the size of the loan and how long you have to repay it.

The Process at Idaho Pawn and Gold "The Lending Store - A New Way to Pawn"

The Process: -Customers bring in an item of value. -Pawnbroker offers a loan based on a percentage of the item’s estimated resale value. -The pawnbroker then keeps the item until the customer repays the loan with interest and any additional fees that may apply. We offer pawn term arrangements as low as 35% APR Interest Rate on $10,000+ Pawns Loans. The loan repayment is based on a 1, 2 or 3 month repayment period with no maximum repayment period that can be up to 10 years.

Types Of Collateral?

Collateral is any item of value you can use to secure a loan. The items are called collateral. This means that the loan is "guaranteed" by something you own and when the loan is paid back you can get your item back. This process reduces the lender's risk. Examples of items that a loan can be written on are gold, gold bullion, silver, precious metals, musical instruments, collectibles, luxury purses, tools, cars, motorcycles, travel trailers, and heavy equipment. The greater the value is of the item the larger the loan amount and the more money you can obtain.

Interest Rates

When a loan is written using collateral, the collateral helps secure the money you’re borrowing. Repayment terms are discussed upfront and you will understand how you need to repay the loan. If the loan is not paid in full, a collateral loan could mean yielding a valuable asset if you fail to repay your debt. Bad credit, no credit, strong credit, pay stubs, and what is on your bank statements doesn't matter because the pawnshop lenders require no personal financial disclosure. All that is required is the collateral, a state-issued ID, and a signature. This is different than other financial institutions, other financial services, and credit unions, that do secured loans. Being the most item-backed lender in the area, Idaho Pawn and Gold offers a minimum repayment period of 40 days and a maximum repayment period of 10 years to repay large loans. Our loans typically end up costing less than bank overdraft fees, utility reconnection fees, or credit card late fees. We offer custom loan terms ranging from 2-20%. We DO NOT charge pawn ticket fees, or storage fees (unless larger vehicles needing stored off-site). Collateral or item-backed loans are important if you need fast loans but want to avoid a negative impact on your credit score.

Why Can a Pawn Shop Get You Fast Cash on A Collateral Loan?

Pawn Shops aren't concerned with credit history, personal assets, borrower defaults, savings accounts, credit reports, retirement accounts, future paychecks, medical bills, real estate, a customer's home equity loan, or their investment account and pawnshops don't have to run reports and gather supporting documentation. The experts at a pawn shop will appraise the item used as collateral based on market value and know how much they can offer. The process is confidential, fast, and easy. At Idaho Pawn and Gold we are focused on being the lead lending store. With our focus on being "The Lending Store-A New Way to Pawn," we are vested in making certain anyone needing quick cash who has an item of value will get the loan they need. Our moto has always been "respect for our customers and each other". Our friendly team will work with you to help you get the cash you need.

How to Use a Collateral Loan to Your Advantage

Consolidating Debt
At the beginning of the year, most people are cleaning up their finances and getting documents together to file their income tax. As you do this, you may notice that you have multiple credit cards and decide consolidating debt is the best option. You look through your dresser, your jewelry box, and your garage. Are there valuable items you can use as collateral to secure a larger loan to help with debt consolidation?
Short on Cash
As you are shopping in town you find a car you really want but you are short on cash. Car loans are impossible because you have really low credit scores. You may want to go through your garage items and find a tool you can use to secure a loan so you can make up the difference in the cash you have so you can buy the car. This will be easier than trying to obtain an unsecured personal loan which typically has higher interest rates and credit checks.
Credit Report
You are needing to improve your credit report score so you can purchase a house. You have set a goal to pay off some low balances over the next few months like your auto loans. Your bank account is low and the amount dues on your auto loans seem to get missed while you are making monthly payments. Unfortunately, you have been late several times and the financial institutions have reported to the credit bureau. You look at your savings account and sigh. You find some old gold jewelry and decide that you are going to use it for collateral so you can pay off the balances. You don't want to lose the jewelry but know it will be safe at the pawnshop until you pay off the loan. The loan is not reported to the credit bureaus and won't have an effect on your scores.

You Just Need to Borrow Money

The team at Idaho Pawn & Gold are experts that can give you quotes over the phone if you are wondering what an item is worth. Under the new motto "The Lending Store - A New Way to Pawn" just text us and send in a picture and a team member will get back with you quickly. At Idaho Pawn & Gold we have experts and resources on-site to complete all inspections and appraisals in the shop, in front of you the customer. Because of this, we are able to offer the highest value for a variety of items including gold, jewelry, coins, luxury watches, musical instruments, and much more. We are one of the only pawn shops in the area to service luxury watch transactions, accepting Audemars Piguet, Patek Philippe, Rolex, Hublot, Vacheron-Constantin, Richard Mille, IWC, and more. Idaho Pawn & Gold intends to create a “New Way To Pawn" for the people in the Boise, Meridian, and Nampa areas because of our impeccable attention to detail, outstanding customer service, and transparent item-based lending practices.

What Are Customers Saying?

A customer shared: “Truly the best place to get a quick loan. The staff is so knowledgeable and I was impressed with their warm and confidential customer service.” "A bright clean shop with lots of quality merchandise. I am always treated well, and I've found some great deals. The same people have worked there for years, too. That says a lot. A safe and reliable place to do business." "Super friendly. I needed extra money. They were great with letting me know what their store could use and gave a fair price. They even made the process easier by texting with me to figure out how they could help me. The staff in the shop were amazing! I highly recommend this shop for any of your needs whether it be to sell, buy, or pawn. Thank you for me your priority 😊"