Loans from a bank might sound appealing when you need a loan, but slow application processes and high fees and interest don’t make them the best option in a pinch.
Typical bank loans can take weeks to get approval. Compare that to most pawn shops where you can get a loan in under 20 minutes.
In many situations, consumers can also save more money by going to a pawnshop over a commercial bank by paying less in fees and interest rates.
Here’s how pawnshops can help consumers when the bank says no to a loan.
Provident Loan Society is one of the best options for consumers who need fast cash.
At Provident Loan Society, you just need to bring your collateral items, such as gold or silverware, and your items will be appraised onsite and you will be given cash on-the-spot. You’ll be out the door with your instant cash loan in no more than 20 minutes.
NO CREDIT SCORE NEEDED
Unlike most pawn shops, Provident Loan Society does not check your credit score in the loan approval process. All you need is your collateral and a valid state ID. Banks, meanwhile, will check your credit score and use that as a basis for loan approval. For immigrants who don’t have a credit score, bank loans may not even be an option.
EASY LOAN EXTENSIONS
At Provident Loan Society, customers are given up to six months to pay the loan off, and a grace period is offered as well. Pawnbrokers keep their transactions with customers confidential, so you don’t have to worry about credit agencies spamming your email. Banks aren’t as lenient with loan extensions, and obtaining one requires an extensive process. If you can’t manage to pay back a loan at a bank on-time, your credit score will drop.
About the Author
Arianna Benhuri is studying English Literature at Binghamton University.