In today’s society, there are a number of ways that one can go about obtaining a same day loan. There are unstructured avenues like approaching a friend or a family member, and there are more structured methods like approaching a bank or applying for a credit card.

All of those approaches have their place, but in this post we are going to explore a loan option that is flexible and in many cases may be a better fit for you – collateral loans, also known as pawn loans.

Collateral / Pawn Loans – What you need to know

What Are Collateral Loans?

Collateral loans utilize something you already own as a means to back the money you are borrowing, acting as collateral. In the case of pawn loans, your pawnbroker will accept your item in exchange for the financial loan. When you have paid back the loan, your item will be returned to you.

When are Pawn Loans a Good Idea?

There is no one right time to utilize a pawnbroker, as every individuals circumstances are different. However, we see several instances every day, where a pawn loan makes a lot more sense than other alternatives.

For instance, the small cost of a short term loan can be a lot cheaper than getting hit with costly overdraft charges. It also makes a lot more sense to take out a short-term loan to pay utility bills in order to avoid expensive disconnection and restoration fees. Still for others, pawn loans can be an inexpensive way to regulate cash flow when things are tight.

Who Uses Pawnbroker Services?

We see people from all walks-of-life utilizing our services. From successful business owners who need help making payroll to individuals struggling to keep the lights on.

One advantage that Goodfellas offers over more traditional lenders like banks and credit cards, is that we are not concerned with your credit score or credit worthiness. If you have an item to pawn, that is all we need to put cash in your pocket.

If you do not have family or friends you can turn to, or, you prefer to keep your financial matters private, you will find that Goodfellas is understanding and approachable and will work with you to get you the money that you are seeking.

How to Obtain a Pawn Loan

Pawn loans are a great tool to lend financial assistance to you. When you are in need of financial aid, or simply have a desire that requires a financial injection, bring your quality goods into our store, and we will have you walking out with cash in-hand.

Learn more about getting a pawn loan here, or contact us today for more information.