Pawn shops are known for selling secondhand goods, but they can also help you get cash if you need money quickly. With a pawn shop loan, you bring in something valuable (like jewelry or electronics), and the pawnbroker appraises it for resale value. You then receive a loan offer that typically amounts to 25% to 60% of the item’s resale value, which you can either accept or decline. If you don’t redeem the item within the specified time period, a pawnshop may sell it to recover its funds.

Affordable pawn loans may seem like an easy way to access cash, they come with high interest rates and short repayment terms that can result in costly debt. This type of borrowing isn’t suitable for long-term financial problems, so if you are struggling to make ends meet consider more affordable options.

Tampa Jewelry Pawn: Get the Best Value for Your Gold and Diamonds

Alternatives to pawn loans include personal loans from credit unions and banks, which typically require good credit and lengthy application processes. Another option is a friends-and-family loan, which can offer more flexible repayment terms and lower or no interest. In addition, if you are in need of a quick cash fix, try selling an item online or to a private buyer instead of pawning it. Selling can often net you more cash, and it won’t negatively impact your credit score.