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What you need to know about Pawn Loans

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06 JANUARY 2021

These days, if you want quick cash for something you've got lying around at home, there are more options than just a pawn shop – learn all about our secured cash loans, and whether pawning your items or getting a secured loan with Superloans is the right move for you!

How do pawn shops work?

In the past, if you were short on cash and needed to put an end to that situation instantly, then a pawn shop could be one of your only options. You’d take in something of value, whether it was an engagement ring, an expensive watch, or that fancy guitar sitting around collecting dust, and after agreeing on a value with the shop, they’d give you cash in exchange for the item. With a pawn shop, there’s no guarantees of getting the item back, as anyone would be able to walk in off the street and buy it from the moment you traded the item for cash.

Nowadays, pawn shops are still popular, although the possessions that people are bringing in are far more likely to be something electronic – mobile phones, flat-screen TVs, and even high-quality power tools are all much more likely to be found in pawn shops these days, alongside the traditional select of jewellery, designer handbags and instruments.

How about secured cash loans?

With Superloans secured cash loans, also known as our pawn loans, you’ll be able to get cash in the short-term without having to let go of a prized possession for good. These short term loans allow you to bring in a valuable possession that you don’t mind going without for a short time, and after agreeing on its worth with one of our friendly staff, you’ll get a cash loan that’s secured on our side with your item. The loan period can vary depending on when you are able to collect your item, rest assured it is safe and secure in our lock up until you collect it! One more thing you should know, we are not required to perform a credit check on you for our pawn loans so if you were worried about that, don't be.

After your loan is fully repaid, we’ll give you back your item immediately, and you’ll be able to head on your way, having resolved a testing situation without needing to say goodbye to a possession for good! A loan like this will also allow you to start building your Super Score, which will give you the ability to borrow more on similar items as well as lower cost to redeem your items.

So which is best for you?

Choosing whether to pawn items or apply for a secured cash loan will depend on a few factors – you’ll be weighing up being able to get your item back against the one-off nature of pawning something and not having repayments to make. If you’re confident about your ability to make repayments with your future income, then there’s no doubt that a secured cash loan is right for you. If you just want a quick one-off transaction and don’t have any other income coming in, however, then pawning your item may be the best way to go.

Superloans can offer a range of fast cash loans, which can be either secured or unsecured depending on your situation - most people will be able to get their first loan of up to $500 with no fees or interest!

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