Alternatives to Personal Loans (Part 1)

by Aug 18, 2015Personal Loans, Resources

Have assets but need cash and the Bank being difficult?, Pawning an item might be a way of providing short term finance.

So, when you go into a pawn shop, does the pawn shop run a background check against you or not? Boy, that is a good question that I very frequently hear, if you believe it or not.

A lot of people don’t understand what it is that the pawn shop does when you go into one and give them your ID.

A pawn shop in (NZ) actually does not and will not run a background check against you. To be honest, a pawn shop has no interest about your credit history, or anything that you may have done in your past.

That really just isn’t something that a pawn shop even has to worry about to begin with. Pawn shops don’t look into your credit when they are determining how much to make a loan for or anything along those lines.

The business of the pawn shop, is to lend money on items of value (Collateral-Lending) as we in the business like to call it, and like banks and finance companies The Pawnbroker charges interest.

However, unlike banks and finance companies The Pawnbroker won’t chase you for the outstanding loan if you fail to pay!  and even better they’ll still do business with you again!

My Thanks to Kevin Garner in Wellington for this, we always like to look at alternatives for lending.

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