Is Pawning A Good Short-term Financing Option?

Discussion in Personal Finance started by MyDigitalpoint • Jun 3, 2015.

  1. kamai

    kamaiActive Member

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    I have pawned a few things already including my graduation ring. I had to take my daughter to the doctor but I was short in money so I decided to pawn my rings and I never went back for them but I have no regrets. I took her to the doctor and had plenty left for food. I think it's a great idea it helps a lot I only wish I had more things left to sell or pawn.
     
  2. remnant

    remnantActive Member

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    We call them shylocks and they charge high interest on whatever they advance. They are quite convenient when one is waiting for a salary but risky if you have an uncertain source of income. I have had some unfortunate run ins with them after pawning a phone and delaying on payment only for the item to be confiscated.
     
  3. larryl332

    larryl332Active Member

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    Well it just directly depends on what you have. If you have nothing to sell or to pawn, then you will not get anything and so no it is not great. That said, though, you can find those strange things that turn out to be valuable...those are the best.
     
  4. luisalex96

    luisalex96Member

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    Getting advances from pawn shops is much snappier and less demanding than obtaining cash from banks, family and companions. Banks and other monetary establishments require credit check, least advance sum and afterward set aside opportunity to favor an advance though obtaining cash from loved ones can get to be distinctly humiliating. Along these lines, one might say that pawn shop is the best choice for transient credit.

    On the off chance that you require a transient advance critically, a bank would not have the capacity to help you. This is the time when a pawn shop can help you in getting credit instantly. In addition, if your record as a consumer is terrible and you require some measure of cash to make it until your next check, a pawn shop is the ideal place. Exchange in these spots happens quick and you will get cash when you consent to the arrangement. Typically destitute low wage specialists come to pawn shops to have their things esteemed for paying off other quick bills and after that when they will have the cash, they can recover their things.