Pawning an item simply means receiving a collateral loan on a valuable piece of merchandise. In the State of New York, the loan is valid for 4 months at a 4% interest rate, amoung the lowest in the country. A pawn transaction is a perfect solution to acquiring quick cash with no credit needed. Putting an item into pawn is not only a great way to get cash but can also be useful to keep your merchandise in a safe location while out of town. When in need to cash, pawning valuables is the perfect solution.
Here’s how it works:
1) Bring in an item of value to be reviewed by a pawnbroker.
2) Present a valid state or federal picture I.D. such as a drivers license.
3) Agree upon a loan value with the pawnbroker.
4) Sign your loan contract.
5) Receive Your Cash!
6) Your item is safely packaged and stored by the pawnbroker for 4 months until your return.
7) On or before the due date, you can pick up your merchandise by paying back the principle (the amount loaned to you) plus the interest. If you cannot repay the loan in full, or choose to leave your item with the pawnbroker for an extended period of time, you may pay to the pawnbroker the interest only on the loan. This will extended the loan period for another 4 months.