In the midst of the coronavirus pandemic, many people are faced with increased pressure to come up with cash quickly and without any real form of income. While many are collecting unemployment, the reality is that many have equally been left high and dry amid the growing economic crisis resulting from the pandemic. If you find that you need a fast cash loan in Oceanside or the surrounding area but don’t have a high enough credit score to necessarily warrant turning toward the banks, your options are not completely at a loss. At pawn shop locations like Gems & Loans, you have options for getting a fast cash loan without hurting your credit score. Here are your options:
There are two types of transactions that you can take in a pawn shop. The first type of transaction is a cash loan, which involves temporarily selling your item or items to a pawn shop for a percentage of that items total value. This transaction often garners less of a return because you’re not selling the item outright, and the pawn shop expects to get the money back with a fee at a later date.
With this type of transaction you’ll need to keep your pawn ticket (the ticket issued to you when you pawn the item and get your cash loan). This ticket is often the only proof of transaction and you have, and it will contain information about the terms of the loan that you need to pay back. If you lose your ticket, you could lose any proof that you own the item and your ability to get it back once you can afford it.
The second type of loan that you can get from a pawn shop is not actually a loan at all, you’re just selling your items to the pawn shop outright. This type of transaction is ideal for situations where you might not want or need the item back at a later date. Often, you can get more money for your item with this type of transaction, though many pawn shops discourage going through with this transaction if you are pawning an item that holds sentimental value because there is no guarantee that it will be there if you need it back later.
In both of these situations, it’s best to have any proof of ownership that might increase the value of the good you’re pawning. For things like jewelry or other high value items, some type of proof of authenticity will also likely increase the value of the item. In general, it’s a good rule of thumb to have done research on the value of the item you intend to pawn so that you know what you can expect for it, but understand that you might not get the same amount from a pawn shop, especially if you take out a cash loan instead of selling the item outright.