If you are looking for collateral loans Florida then a great place to start is with us at Florida Pawn. We specialise in collateral loans, and we provide a safe, quick and efficient service.
What is a collateral loan?
A collateral loan is a loan where an asset is used to borrow against as security for the loan. The asset is provided so that the lender has a way of getting their money back from the loan if you fail to repay the loan in full. The asset used as collateral for a loan can vary depending on the lender. Traditionally financial institutions such as banks use your home as collateral, but other loan providers offer loans against other assets that you own.
Pawn shops offer a different type of collateral loan where you can use a wide variety of assets as collateral for your loan and you will be able to get a loan quickly without the need for credit checks and lots of paperwork.
What can you use for collateral loans?
We will consider a wide range of assets as collateral for a loan from jewelry to cars. We are interested in large items such as cars, boats, motorcycles and power tools. Gold, jewelry and diamonds such as necklaces, rings, watches, bracelets, antiques and coins. We will consider electronic items such as TVs, stereos, cell phones and laptops, and musical instruments such as guitars, amplifiers, violins, drums and percussion instruments.
How much can I borrow?
The amount you can borrow through a collateral loan depends on the item you are using as collateral as that determines the loan amount. We will assess your asset fairly and offer a generous deal for the item.
How does pawn shop collateral loans work?
To take out a collateral loan with us you will need to visit one of our stores and bring the asset that you want to use as collateral with you. One of our highly skilled and experienced appraisers will assess the item and will research it to ensure that they can offer the best possible loan amount. They will put together a loan for you and explain the loan to you.
We offer loan terms for 60 days or more but our loan has the option for early repayment without any additional charges. You will be given time to review the loan terms before you accept and sign the agreement. We will then take ownership of your collateral item until the loan is repaid in full. During this time, we will take great care of your item storing it either in our secure warehouse or vault. If you are unable to pay the loan in full, you should contact us to see if the loan term can be extended.
Visit us in our Hollywood or Margate stores to learn more about our collateral loans and find out what we can offer you for your assets as a loan.