When you think of loans, you may automatically think of your bank. However, did you know that you can also approach your nearest pawn shop, especially if you are looking for short-term loans? That’s right! For your quick cash needs which you plan on settling within just a few months, a pawn loan—where you receive the funds you need based on the value of an item which you deposit as a collateral—may be more suited for you.
Here are some of the main reasons why approaching your nearest pawn shop is a better option for your loan.
Pawn loans are quick and convenient
Traditional banks often do a credit check before you can even be considered for a loan. Loaning from banks also involves lengthy approval processes and stacks of paperwork, making the whole experience quite time consuming. If you have a limited or bad credit history, or if you need cash ASAP, then a bank loan may not be for you.
On the other hand, pawn loans typically have no credit checks as you’ll be using your collateral items as security. Pawn loans are also much, much quicker to process, only requiring a handful of steps before you leave the pawn shop with cash in hand. Sometimes, the entire process can even be completed within a few minutes!
Pawn shops offer you flexibility in the amount of your loan and how you repay it
Loans from a bank are typically at least five digits in number. If you need something lower, then tough luck. Meanwhile, pawn loans are determined by the value of your collateral items, making them more flexible. Whether you need just a couple of thousands all the way to even hundreds of thousands pesos, a pawn shop can serve your needs—as long as your collateral is enough.
Likewise, loan payment options are flexible. You can pay the loan in full or in installments. Should you default on it, pawn shops usually won’t pursue legal action or send loan sharks your way. After all, they have your collateral and they can simply take ownership of it as repayment. It’s a win-win for both parties.
In summary, pawn loans offer cash accessibility for people who may not meet the requirements for bank loans or want to avoid the lengthy approval processes and credit checks that come with them.
Get quick cash through a pawn loan with M Lhuillier!
With a decades-long track record of helping Filipinos with their financial needs, M Lhuillier makes sure you get the most out of each and every transaction. Over 3,000 M Lhuillier branches nationwide are currently available to ensure your quick cash needs are always within reach. Each branch is staffed with well-trained and friendly personnel that puts you first. This means you get the fairest and most reliable appraisals you will not get anywhere else.
That’s right! M Lhuillier boasts of the highest appraisal and lowest interest rates in the industry, ensuring you get the most value out of your items at the friendliest payment terms up to 120 days long. While you can redeem your collateral item as soon as you are able at a 10% redemption rate, you can also opt to renew your loan when it becomes due at any branch of your choice! You don’t need to return to the branch where you processed your loan, except for OPI prenda. How’s that for convenience?
To further inspire customer confidence, each M Lhuillier branch is equipped with closed-circuit television (CCTV) systems, fire alarms, monitored security systems, and a “safe within a vault” to guarantee your collateral item’s safety while your loan is pending.
For collateral items, M Lhuillier accepts the following for its Quick Cash Loan: gold and diamond jewelry; cellular phones; laptops; tablets; cameras; kitchenware; silverware; home appliances; cookware; power tools; guitars; medical equipment; bicycles; sewing machines; and watches, among others. All you need to do is three simple things*: (1) present the item/s to the appraiser; (2) submit a valid ID or ML Diamond Card; and (3) get your cash and pawn ticket—it’s that easy!
Similarly, redeeming items at M Lhuillier is as convenient as can be*. Just (1) give the signed pawned ticket to the teller; (2) present your ML Diamond Card along with the payment; and (3) claim the item/s and your official receipt.
*Please visit https://mlhuillier.com/quick-cash-loans/ for the full terms and conditions of M Lhuillier Quick Cash Loan.