You may find it difficult to try getting a collateral or cash loan from a bank or financial institution when they find out you don’t have a job as they may feel doubtful that you could pay back the loan.
You also have to take into consideration that a bank loan ultimately leaves you with a huge debt. One option where having a job isn’t an issue is to get a loan from a pawn shop. There aren’t any strict requirements when loaning from a pawn shop and it can even help you save a lot of money in the long run.
Getting a loan from a pawnshop
If you haven’t tried securing a loan from a pawnshop yet, it’s something you should consider as this is a great option. A lot of people might not know this, but pawn shops have been around for hundreds of years. Even the royal families in the past have used them as a significant resource whenever they needed it.
Aside from the business of buying and selling goods, pawn shops also offer loans for those in need of immediate cash. The great thing about doing business with a pawn shop is that the processing is very simple and you can get the best deals on selling your valuable items.
The more belongings you pawn, the bigger your loan will be. Just keep in mind that if you cannot pay the loan, you won’t get to retrieve your items anymore. But you can always ask for a renewal. A word of advice though – deal only with reputable pawn shops to avoid any issues.
Of course, the items you will pawn should have some value in them. Just bring these to the shop where the pawnbroker will give you an offer for the items.
Showing lenders a strong credit history
Another way to get a loan even if you don’t have a job is to make sure that you have a good credit rating. To do this, you must always make timely payments with no missed or late payments. This gives lending institutions the assurance that you can manage your debts responsibly.
Moreover, lenders have a preference for credit reports that are completely free of negative transactions like foreclosures and bankruptcies. If you know that your credit report doesn’t show a good history, then a pawn shop is your better option as you can get top dollar for your valuable items.
Having other sources of regular income
Your capacity to pay loans each month is something that lenders look for. The payments don’t have to come from your paycheck directly. You may have some other reliable sources of income sufficient enough to cover your monthly expenditures, with some extra to cover the payments of your loans.
Get a loan with us
If you’re from the Los Angeles area and you need some fast cash, call us at Diamond Jewelry & Loan. Bring your items for assessment and take advantage of our low-interest loans. We offer flexible and customizable repayment plans.
One of the easiest ways of getting hold of some immediate cash is by pawning your possessions to pawn shop. You don’t have to lose your belongings just to make payments. Contact us now at (323) 469-1319 or visit our shop to learn more.