Posts

How do loans work at a pawn shop: A guide to vehicle pawn loans

Have you ever wondered how loans work at a pawn shop? Maybe you’ve recently needed some fast cash and thought about a pawn shop, but quickly dismissed the idea? Lots of people think about pawn shops when they need to borrow money, but because they don’t understand how it works they soon forget about it. That’s a shame because if you need fast cash, the Asset Exchange can give you a helping hand. It’s a little known fact that pawn shop loans can make a big difference to your life, particularly if you are in need of short term cash.

So let’s take a look at how easy it is to get pawn loans and how you can use them to your benefit.

How do loans work at a pawn shop?

At the Asset Exchange we offer short term loans for up to 90 days with a minimum interest period of 61 days. You can borrow money from us starting at a low $1000 right up to $100,000 with no paperwork at all. Our loans are ideal if you have a poor credit rating, because we don’t need any financial paperwork, credit checks, tax returns or proof of income, and we don’t need references or check with your employer. We make the application process very simple and very fast. At the Asset Exchange, no application is refused.

How do our loans work? Well, your money is paid to you immediately and your repayments can be made as a lump sum at the end of the loan period. That’s it! Taking out a short term loan with us is a very fast and simple process. We even have affordable monthly interests rates! 

How are interest rates and fees calculated for pawn loans?

Unlike payday lenders, who focus on excessively high interest rates and inflexible payment schedules, we do it differently. That’s because when you take out a short term loan at the Asset Exchange we offer you very reasonable interest rates and a flexible payment schedule. We know that you only need the money for a limited time frame and if we offer you good terms that you’ll come back again when you’re short of cash. Much of our business is based around repeat customers who realise the huge benefits of being able to access fast cash at a moment’s notice.

Our interest rates are very reasonable and because they are charged monthly and over a very short time period, you won’t be swamped in debt. Lots of people find that pawn shop loans are an easy way to obtain cash very quickly and they have no problems making their repayments over the short lifetime of their loan. 

How do loans work at a pawn shop that focuses on vehicles?

Unlike many other pawn shops, we focus on vehicles. This means that we provide you with a short term loan based on the value of a vehicle. These vehicles can include cars, Utes, SUVs, 4WDs, motorbikes, power boats and sailboats, RVs, caravans, Jet Skis and machinery. All you need to do is to make an appointment with us to assess your vehicle. Once we have made this assessment, we’ll lend you up to 65% of the vehicle’s wholesale value right then and there. We’ll also store your vehicle in a secure location for the duration of the loan and you collect it when you’ve repaid the loan in full.

If you need more time to repay your loan, you’ll need to contact us and discuss your options. In most instances we can give you more time, but it’s not guaranteed as this is a limited short term loan. If you can’t finalise the repayments, however, then the vehicle will be sold to recover the debt owed to us and any money left over after the sale (minus fees) will be returned to you. This hardly ever happens, because our customers nearly always make their repayments in full and collect their vehicle at the end of the loan period. When you understand how loans work at a pawn shop, it’s easy to understand how you can benefit from these loans as well.

What do I need to get a loan at the Asset Exchange?

For one of our fast cash loans you need a vehicle to act as security, which you need to bring to our office in Shailer Park. You’ll also need the registration papers or proof of ownership for the vehicle, your driver’s licence or proof of age, along with one other form of ID. That’s all we require to give you a short term loan. There’s no paperwork, no credit checks and no financials needed.

Who can take out pawn shop loans?

Our pawn shop loans are ideal for business owners, tradies and sole traders who need money to tide them over in the short term. In fact, anyone can borrow money from us, regardless of employment or income. You might want to borrow money to pay for a holiday or to pay some bills. You might be waiting on your clients to pay their invoices or your tax return to arrive. You might need money to pay your employees, buy supplies and materials or hire more staff for a new job. 

Why you need the money isn’t our concern and we don’t care about your credit rating or how many loans you already have on your books. We don’t turn anyone away and we don’t drown you in paperwork or endless intrusive questions. At the Asset Exchange, we just give you fast cash for your vehicles and everyone’s happy!

So, in summary how do loans work at a pawn shop? Well, there are five steps:

  1. Make an appointment to bring your vehicle to our office at Shailer Park in Logan.
  2. We assess your vehicle and check your ID and registration.
  3. We arrange your loan immediately and hold your vehicle in a secure location.
  4. You receive your funds and walk away.
  5. You repay your loan and collect your vehicle.

So why not make an appointment today and take out your first short term loan with the Asset Exchange?