Small Business Pawn Shop Loan

Getting a small business loan without a credit-check is one of the biggest challenges for entrepreneurs. There is an option however, where collateral is used to secure the small business loan. Pawn shops can lend to individuals and small businesses in a breeze. At Imperial Jewelry & Loan we can accept an assortment of collateral to help you get your small business financing today.

 

Is a small business loan at a pawn shop a good choice?

Let’s go over the details so you can decide…

 

The process:

Present an item of value at our pawn shop location

Get a free evaluation of your item by an associate

Present a valid ID (no credit check)

Sign your loan agreement

Walk out with cash

 

The loan amount:

The loan amount will vary depending on the used or wholesale value of the items you leave as collateral. For example, if you bring in an item that retails used for say $5,000, you could probably get up $2,500 loaned to you. And since you can pawn multiple items, you could bring several items to help you meet your financing goal.

 

Benefits:

If the items you’re thinking about using as collateral are items you don’t want to sell or part with, then a small business pawn loan is a great idea. The pawn shop will return the items you pledge when the loan and applicable interest and fees are paid, as reflected in your loan agreement.

 

Speed:

Many small businesses use pawn shop loans for short-term business funding because loans are available in minutes. Loan amounts are based on the value of your collateral and you don’t have to wait hours or days for a loan approval. Evaluation of the items you bring as collateral generally take 5-10 minutes, then you sign your loan agreement and leave with cash in hand.

 

What happens if I can’t repay the loan?

Another benefit of getting a small business loan and Imperial Jewelry & Loan, is that if you can’t repay the loan there are no adverse actions like collections activity; it’s on-recourse! There is no reporting to credit bureaus, and you’re always able to get another pawn loan.

 

How much will a small business loan cost?

Although some states charge pawn loan interest as high as 25% per month, pawn shop loans in California are capped at 3% interest per month on loans of up to $2,499. Loans for more than $2,500 are also available, and interest rates may be negotiable. Storage fees may apply depending on the size of the collateral you use for the loan. And writing fees may also apply. So speak to an associate to get more details and review your loan agreement before you sign.

 

The takeaway:

If you have limited options to get emergency funding for your small business, visit Imperial Jewelry & Loan to get the funding you need in minutes without a credit check. Many small businesses rely on us to help get through payroll, operating, and other expenses.