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COVID-19 Update 5/14/20

We are still social distancing in our store, and ask our customers if they are feeling under the weather please do not visit the store. We are still offering over the phone payments on layaways and pawns.

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Benefits of Pawn Loans


2020/12/02

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Are you low on cash? Or maybe you need a little help catching up on bills before your next paycheck? Luckily, your Panama City pawn shop offers pawn loans. Many banks and other institutions are offering other loan options, however turning to a pawn shop can be a much safer, faster, and easier alternative.


There are many benefits and advantages that pawn loans have over other types of ways to get cash fast:


Cash in Hand Instantly

Need cash now? With a pawn loan, you simply bring in your form of collateral to a Bay County Pawn Shop. They’ll value your item and exchange it for the money that you need. If you agree on the amount offered, then they’ll hold on to your item as collateral and give you the amount they offered in cash.

Fast & Easy


Probably the biggest advantage of getting a pawn loan is how fast you can get one. Compared to bank loans, which can take sometimes weeks to be approved, pawn loans are processed immediately. With a pawn loan, you have an item of value that you exchange for cash. The amount of the loan is usually a fraction of the value of your item.


No Credit Check Needed


A huge factor that makes pawn loans more accessible is the benefit of not having to do a credit check. It won’t matter if you have a negative or positive score, a pawnbroker won’t even ask. The collateral you bring in is enough for you to secure the loan.


No Pre Approval


With other financial institutions, you will usually have to get preapproved, where you need to know if you even qualify for the loan. That application process can take days or even weeks. On the other hand, Pawn Shops usually only have you sign just one contract that states your loan agreement. The contract will help you presume ownership of your item if you fail to pay the loan.


Won’t Affect Your Lending Future


Life can hit hard sometimes. If you take out a loan with a bank and have problems, it can ruin your chances of lending from a bank for loans in the future. With pawn loans, you can avoid having to lend from a bank for smaller loan amounts that you need. Additionally, you can take out as many pawn loans as you need and it won’t ever affect your credit score.


At Alamo Pawn Shop, pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full.


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