How Does A Loan Work

Read how pawnshop loans work How Does A Loan Work?

Getting a loan from a pawnshop is a simple and fast way to raise money. To obtain a loan you must have a valid picture identification card issued by: a government agency, i.e.,drivers license, DMV identification card, valid passport.

Pawnbrokers will lend you money at an interest on the security of a personal property left with them ( you must have clear title to the item). The loan is based on the value of the goods you leave as collateral. You can reclaim your merchandise at any time by repaying your loan along with a reasonable finance charge. Pawnbrokers will typically lend you 20 % - 50 % of the competitive market value of your item. Remember, this is just a loan! If you don't pay back the loan or finance charge within a four month period, ownership legally transfers to the pawnshop.

The vast majority of pawnshops are managed by individual owner operators, making each store considerably different. When choosing a pawnshop, pick one that is well established, organized, has plenty of its own inventory, and is very secure.

Inglewood Jewelry & Loan, Inc. is all that and more!

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