If you need some extra cash, getting a loan from a pawn shop is one option. Unlike traditional institutions like banks, credit unions, and loan companies, pawn shops don?t require a credit check. Instead, they will consider the value of your item as collateral and give you a loan based on that. The items you can pawn include jewelry (rings, necklaces, bracelets), antique watches, gold coins, and firearms. The higher the quality of these pieces, the more they will be worth to a pawnbroker.

How Fast Pawn Loans Work and When to Use Them

Fast pawn loans can also pawn electronics like cellphones, laptops, digital cameras, stereos, and TVs. Look for newer models that are in good condition to get a better price. Musical instruments are another popular item to pawn. Look for guitars and violins, but also consider more expensive ones like brass instruments (trumpets, tubas, horns). Guns are often considered to be of high-value, too. Look for those made by reputable manufacturers like Springfield, Colt, and SIG Sauer.

You can always come back and retrieve your item from a pawn shop once you pay the loan plus fees. However, if you fail to repay the loan within the allotted time, the pawnshop will sell your item to cover the cost of the loan. Failure to repay will not hurt your credit score, but it might damage your chances of getting future loans or employment opportunities. However, the best thing about pawning is that you won?t be subject to debt collectors or lawsuits.