With the economy starting to open back up, many people are hopeful that the economic downturn associated with the COVID-19 pandemic is about to subside. However, many people will be starting over with nothing or very little. If you’re in that situation, you’re not alone, and there are ways to help yourself out of a bad economic situation even as the pandemic still goes on. Read on for tips on how to get a money loan in Temecula, even with bad credit.
It’s true. Pawn stores and shops like Gems N’ Loans allow you to get what they call a quick cash loan without checking your credit at all. This is because the pawn store takes something of value to hold as collateral for the loan. You’ll need to bring in something you own that’s valuable, like a watch or a piece of jewelry or some tools, which will let you get a loan for a certain amount for an agreed upon period of time.
The loan likely won’t be for the exact value that the item is worth because you’re getting less for the item than if you were to sell it outright to a pawn store, but it does come with the guarantee that the item will be there when you come back to pay the loan off later on. The amount of time that you have to pay off your loan is something else that you’ll negotiate with the pawn shop at the time of the transaction, and this time period can range anywhere from several weeks to a month or two, depending on what your needs are and what the pawn store thinks is reasonable.
Once you’ve negotiated the terms of the loan, the pawn shop will give you the cash that you need and you’ve agreed upon for the item along with a pawn slip or receipt that contains the details of the loan. Make sure to keep track of this as it’s often the only proof you have that an item is yours, and if you don’t have it when you come back to pay the loan you could be denied the item.
If you don’t think you’ll want the item back that you’re pawning, you’re always welcome to sell it to the pawn shop outright. This option will get you more cash up front, but comes with the understanding that the pawn shop could turn around and sell the item to someone else as soon as you walk out the door. We recommend doing this with items you know you’ll want to part with, as it will get you more cash for your things and you won’t have to worry about paying back the loan to get the item back.