Everyone has experienced emergency situations and needed immediate cash. Maybe your car broke down and you need to get it fixed as soon as possible, or else you won’t be able to make it to work the next day. Perhaps an unexpected bill came up and your cable or electricity is going to get cut off unless you can make a payment within 24 hours. When these situations arise, it’s often hard to get cash right away. Going to the bank, if it’s even open, requires you to fill out an application, bring a variety of paperwork, and then wait days for a decision. Luckily, there’s a much easier way for you to get fast cash loans Long Island.
With 28 locations across Long Island, it’s easy for you to find a brick and mortar pawn shop to get instant cash loans or pawn loans, and the process couldn’t be any easier. Before discussing why so many people get fast cash loans Long Island, it’s important to understand what a pawn loan is.
A pawn loan is a loan that’s backed by collateral. The lender accepts a piece of collateral, such as jewelry or electronics, and then gives the borrower an appropriate amount of money for the item. It’s normal for the lender to give less money than the item is worth because the lender has to account for overhead and other costs. The borrower and lender agree on a certain amount of time for the loan to be repaid, and once the borrower pays back the money, the lender returns the item to the borrower. Sometimes, if the borrower needs more time to pay back the loan, then both parties can agree to a loan extension, so the borrower can get the money together. All pawn loans are regulated by local, state, and federal laws, making the process safe and straightforward.
Pawning items is an extremely popular way to get quick cash because the borrower doesn’t have to deal with banks or brokers and no credit check is required. The process is also extremely fast, as the borrower leaves the same day with cash in hand. Another reason why pawning items is so popular is that the borrower doesn’t have to actually sell the items. Many people bring extremely precious items to the pawn shop, including wedding rings, expensive jewelry, and mementos. The pawn shop takes great care of the items and keeps them secure, so the borrower receives the items in great condition. If the borrower decides not to pay off the loan and retrieve the item, then the lender simply takes possession of the item and puts it up for sale after the short-term loan contract expires between the borrower and lender.