While car title loans offer you quick cash between $100 and $10,000 in exchange for your vehicle’s title as collateral. This type of loan is expensive, and be accompanied by astronomical fees and annual percentage rates frequently topping 260%. If yin need of a cash loan fast, you might seek other options, like asking for an advance on your paycheck or better yet visit a pawnshop in your area. They have even been known to loan money to small businesses. Often this stigma about pawn shops are an idea of a grandiose antique shop. This is not the case and they deal in high end jewelry, gold, and expensive electronics.
Just recently, CNBC did a story about the popularity in wealthy people pawning their valuables for collateral and quick small business loans. There are only a small group of companies enabling individuals to do this. According to their reports, this is largely because entrepreneurs are seeking much more than the average size of a loan from a pawn shop.
Pawn stores can offer this type of deal because the customer offers personally owned property as collateral, which significantly reduces the risk for the lender, therefore, when the customer pays the loan back, the property is returned. In the United States, over 80% of all collateral property is repossessed by the borrower.
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