Pawn Loans Schaumburg

Pawn Loans Schaumburg

While granted pawn brokers are often stereotyped as being rude and cheap, this is hardly the case when you compare them to bank loan officers. When you approach them both, it is because you need money for an upcoming project, but where a bank can be a risk of getting a loan, a pawnbroker will almost always give you a loan, no matter what your circumstances are. Confidentiality Banks are required by law to report how much you borrowed and how you’re paying them back, whereas pawnbrokers do not have to. This can help you in multiple ways, first of all, if you need time to pay back a loan, a bank will have a long and drawn out process and will report it to the credit bureaus. A pawn shop is also more willing to give you an extension on your loan and like above will give you a response before you leave the store as well.

No Credit, No problem

When a bank offers you a loan, they look at your credit score. Having a high credits score provides you with a larger amount that you can borrow and better terms. Often though having an excellent credit score might not be enough at a bank to get a loan. People with a 650 credit rating, 200 points below perfect, can still be declined for a loan at a bank. Because of how a pawnbroker works you do not need to have good credit to get a loan. Because the loan amount is based on the value of the items that you are pawning, the loan amounts are easier to calculate. The terms are also easier to negotiate than with a bank because a bank can have a take it or leave it attitude, making them the more rude business to deal with. A pawnbroker wants to get your loan and is more willing to negotiate in reality.

Easier Loans Schaumburg

Pawn Brokers are one of the easier people to deal with when getting a loan from a company. This is because a pawnbroker wants to give you a loan, where a banker doesn’t care if you get a loan or not. Pawn Brokers make money off of each loan, meaning the more loans they make, the more money they make. This is also why they are often hard negotiators. Bankers, on the other hand, make about the same amount of money if they get you a loan or not. Another benefit of dealing with a pawnbroker over a bank is that the broker has the final say if you get the loan or not. There is no applying for a loan and then waiting for the bank to get back to you. A broker can give you a yes or no on the spot along with the cash you need. This can be beneficial especially if you have an emergency that you need the money for.

Pawn Shop Schaumburg

So when you’re looking for a place to get your next loan, take a look at Alexander Coin and Pawn in Schaumburg and stop on in. Their knowledgeable staff will help you, but you don’t have to stop in if you need a loan either. Selling items or looking for great values you can stop on in, buying from a pawn shop is a great thing because not only do you know that they are authentic items that you are buying in working condition but with the way pawn shops work the odds of you purchasing stolen goods are extremely rare.

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