Need Money to Pay a Bill Quickly? Cash Loans in New York are the Answer

People have learned the hard way that using credit cards and home equity loans to pay bills often leads to long-term, high-interest debt. If they miss a payment it’s another black mark on their credit rating. Many Americans who have maxed out their credit have rediscovered pawn shops. Unlike unsecured payday loans that can escalate and further hurt a person’s financial health, Cash Loans New York are secured by personal property. If the borrower is unable to pay the loan, the pawn broker takes the collateral. That is the worst case scenario. There will be no harassing phone calls, threats, or reports to credit bureaus.

Some items are better to pawn than others. Pawn brokers prefer to secure quick cash loans with items that have a consistent value over time. They also prefer items that are easy to store and display. Pawn shops are required to store items for 30 days before they sell them. This gives law enforcement agencies time to contact them about stolen goods. Therefore their storage space is at a premium. A large antique Japanese floor vase may be worth a lot of money, but the pawn shop owner has to find the space for it.

Many homeowners are emotionally attached to their jewelry and home accessories. If these are made of precious metals such as 18k gold earrings, sterling silver tea sets, or platinum picture frames, they should begin to view them as investments. They should check out the price of gold and sterling silver every day and learn how it fluctuates. Then they should call a few pawn shops and see what they’re offering. That’s the best way to figure out which pawn shops offer the highest appraisal values for loans.

When a borrower applies for Cash Loans New York, they simply bring their jewelry or item into the pawn shop. One of the employees will appraise the item. After agreeing on the value of the item and the interest rate, the paperwork for the loan is signed and the person walks out of the pawn shop with cash. Usually they have 30 days to repay the loan. While the interest rate can be high, it’s often not as high as the late payment fee on a utility bill. A missed credit card payment can lead to a long-term interest rate of 29.99%.