If you need to get a little extra money quickly, one of the best options is taking out a pawn shop loan. However, whether it’s because they’re wary of the interest rates, embarrassed about handing over their items, or scared about not getting their valuables back, people — especially first-timers — feel intimidated about stopping by a pawn shop, and thus miss out on what is an opportunity to resolve their financial woes. Don’t let common misconceptions about pawn loans stop you from seeking one out. Let’s focus on the interest rates, and talk about how you can find the best one.
Interest Rates on Our Pawn Loans
When searching for the best pawn loan for you, it’s important to compare a few crucial factors.
- The interest rate
- The service fee
- How much time you have to pay off the loan
Most pawn shops charge an average fixed rate of 13%. This means if you borrow $100, you will pay an additional $13 in interest. Pawn shops also typically charge a small service fee of $5. Lastly, most shops will allow you a period of just three months to pay off the loan. There is often little flexibility here.
At John’s Pawn Shop, we only charge an 8% interest rate.
Additionally, we can give you up to four months to pay off the loan instead of just three.
3 Other Factors to Consider
1. The Charge for Lost Tickets
We keep our data secure, and our files — including your ticket — are all digitized. Other shops will charge you for lost tickets, but we won’t. Instead, we will simply look you up in our database. Lost tickets are not an issue and will not cost you more money.
2. How Much Money You’ll Be Loaned
Overwhelmingly due to the media’s influence, many people view pawn shops negatively. There’s this common myth saying pawn shops will attempt to devalue your item and give you less than they should, but put simply, this is false.
Pawn shops are regulated. John’s Pawn Shop abides by a number of federal laws. When you take out a pawn shop loan from us, our experts will appraise the value of your item based on the estimated amount it would sell for. We conduct careful research of your valuable’s current market value and we always offer a fair price.
More often than not, our offers are relatively higher than our competitors’.
3. The Length of Time Your Item Will Be Held
Sometimes, circumstances prevent people from paying off their loan on time. Whereas other shops might move forward with selling your item, we are open to giving you more time. We determine everything on a case-by-case basis.
Serving Las Vegas Since 1975
John’s Pawn Shop has been serving Las Vegas for 43 years now, and we remain a trusted business because of the quality of service we provide. We value our customers and we value their trust, and that’s why we always make it a point to practice honest and fair trade.