Pawn Loans – Why They are a Viable Option

If you need money in a hurry, but your poor credit rating is preventing you from accessing traditional lines of credit, pawn loans might be the answer for you. Pawning your vehicle for cash is one way of getting your hands on quick cash flow without having to struggle through the paperwork, credit checks and minimum income verification.

Pawn loans are a great way to acquire bridging cash to get you through short-term cash flow problems and what is convenient about it is that pawn loan companies will accept a variety of vehicles including jet skis, bakkies, trucks and motorbikes. Pawn loans are a viable option for those in a cash flow predicament and here are a few reasons why:

  • Quick access to cash – Traditional bank loans can take a few weeks to secure. They are not designed for people in a hurry for cash and you will need to complete a myriad of forms and provide a variety of supporting documents during the lengthy application process. Once the loan is approved, it can take a few more days to actually be paid out. Pawn loans work differently. If the vehicle is registered in your name and fully paid off, you can have the funds paid into your account the very next day. There are also fewer forms and documents required.
  • Private and confidential – The process of applying for pawn loans is absolutely private and confidential. You do not even have to make a phone call! The application process can be handled online and all required documents can be sent and received via email.
  • Forget about invasive credit checks and affordability assessments – When pawning your car for cash, it is considered a secured loan. If you default on your payments, the vehicle will serve as collateral. Traditional loans do not have this type of security and that is why they require strict background checks and assessments to be carried out. Pawn loan companies have no interest in the state of your credit record or financial history. Conveniently, this means that if you have a subpar credit rating, you can still be approved for a pawn loan as it is based solely on the value of your vehicle.
  • You get to keep your vehicle once your pawn loan is repaid – Tough financial times come and go. If you need money quickly and you consider selling your vehicle, just remember that you will be without a vehicle going forward. Pawn loans provide you with the opportunity to work through the tough times and still have your vehicle at the end of the contract. If you need cash in a hurry and you rush the sale of your vehicle at a low price, you could end up regretting it due to the financial loss. With a pawn loan, your vehicle will be stored at a secure facility and you will receive it back in the very same condition in which you had left it.

We place a great deal of emphasis on making the loan process quick, simple and easy. We have designed our application process to take just a few minutes of your time and when it comes to loan amounts, we can provide you with up to 50% of the value of the vehicle. There is a quick turnaround time on loans (as little as 24 hours for pay-outs) and in the unlikely event that you cannot afford the loan repayment and the vehicle has to be sold, we will pay any additional income over and above the outstanding amount, directly into your bank account.