If you’re in the market for a secured money loan in Salt Lake City, you may have a few questions about what they are, how they work, and what you can do to make sure everything involved with your secured money loan goes smoothly from start to finish. Here are a few basics to get you started on the right track.
What is a Secured Money Loan?
A secured loan, also known as a collateral loan, is money being borrowed against some sort of collateral, such as a valuable piece of jewelry, electronic equipment, or musical instrument. In the case of a pawn shop, the borrower would be giving the pawnbroker an item of value in exchange for an agreed-upon amount of money based on the value of the collateral. This value is based on the current appraised value of the item, as well as its condition and the store’s need or consumer demand for the item. However, the borrower is not selling the item to the pawn shop; instead, he or she is merely letting the pawnbroker hold the item until he or she can return and pay back the full amount of the secured money loan.
How Long Do I Have to Pay Back My Secured Money Loan?
While the duration of a secured money loan may vary from state to state, most pawn shops in the United States allow 30 days for the loan to be paid in full, plus a 30-day grace period, before either paying back the loan, surrendering the item you pawned or re-negotiating the terms of the loan. Some people continue pawning the same item over and over again for months, even years, to extend the terms of their secured money loan, but if you want to get your item back from the pawnbroker, eventually you will need to pay the money back in full.
How Can I Apply For a Secured Money Loan?
No need to apply- by bringing an item of value into a pawn shop and seeing how much they are willing to loan you based on the item’s appraised value and condition, you are well on your way to borrowing the cash you need right now! Simply stop by your favorite Salt Lake City pawn shop with the item you are hoping to pawn, and we’ll help you with the rest.
Still have questions? Call Pawn Brokers Exchange today at 801-238-0111 to speak with a representative about obtaining a secured money loan.