If you need a loan you’re likely looking at all of your options to make sure that you’re getting the best rates. The issue that many face with traditional loans, though, is the timing and cost of getting it. Bank loans are a great option if you need a larger sum for something like a home remodel or a new car, but can be tougher to get if you don’t have good credit or a reason for needing the money that the bank deems a good investment. For smaller loans, or loans that don’t require a credit check, your best option is likely going to be a pawn shop loan. Here are three reasons that pawn shop loans are different from traditional loans, and why they may work for you if you need fast cash.

They’re faster than traditional loans.

Traditional loans may take some time to process, and they might take your bank several days or weeks to get to once you fill out an application. Even a credit card will take some time to receive even if you get approved instantly, meaning that if you need the loan ASAP it may not work out in time. Pawn shop loans are the fastest way to get cash loaned to you in as little as a few hours, and often come with lower interest rates than credit cards.

They don’t require a credit check.

Pawn shops, unlike banks or other lenders, don’t need to look at your credit in order to issue you a loan. This is because you’ll need to trade something with the pawn shop to hold as collateral, and the value of that item determines how much money you’ll get for the loan. Often this means that the loan amounts are smaller than bank loans which can get into the tens of thousands of dollars. But that’s ok because pawn shops are meant for people that need fast cash and not large sums of money anyway.

They’re short term.

Because pawn shop loans are reserved for smaller loans, and the loan amount depends on the value of the item that you loan to the pawn shop, the loan periods are often shorter term than if you were to work with a bank that offers loan periods of several months or more. Loan periods at a pawn shop might range from several days to weeks, and occasionally a few months depending on what you negotiate with the pawn shop.