If you need some additional funds but can not or do not want visit a conventional bank to apply for financing, an alternative you may want to consider is to utilize a personal loan from your local pawn shop. As a result of the poor economy and the change in regulations, pawn shops are easily accessible nowadays.

A recent analysis by the History Channel reports that there are over 13,000 pawns shops in business nationwide. There are also several reality shows on television, like Pawn Stars, that detail the daily going-ins of a busy pawn shop. If you are considering bringing some sort of personal property with you to a pawn shop for the purpose of getting a loan, you should watch one of these programs. These shows are extremely educational about how the business of pawning works.

In any event, if you are thinking about visiting a pawn shop for a loan, below are some aspect you should take into consideration:

- Not only is the process associated with pawn shop loans fast, similar to the no credit check loans we offer, your credit will not be run. Therefore, if you have really bad credit and need some cash, go down to the pawn shop.

- You will not receive full credit for the item you are pawning. For example, suppose you want to pawn a watch that is worth $500. The pawn shop will likely offer you half, $250. You loan is never going to be worth anywhere's near the value of the item. Reason being is that the pawn shop has to make their money. A good idea would be to get the item you are interested in pawning professionally appraised so that you can have some leverage when negotiating your price.

- Interest rates associated with pawn shop loans are extremely high. In some instances, rates will be close to payday loans. It is important to note that most states have set limits as to how much interest you can be charged. Therefore, be aware of what the laws are in your state prior to visiting your pawn shop. These types of loans are a bad idea and should be a last resort.

- You are going to have to pay to re-gain possession of your item. In addition to principal and interest, it is possible that you will have to pay insurance fees and/or storage fees. You will forfeit your item to the pawn shop in the event that you do not pay on time.

- You will be provided to remit a great deal of personal info in order to obtain a pawn shop personal loan. So make sure you bring a valid driver's license or state ID as well as at least two other forms of valid ID.

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