Pawn Shop Loan Renewal

by | Mar 30, 2012 | General


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Pawn shops are one of the most common and efficient methods of getting quick loans in Lincoln Park, but are they truly wise to use? Anyone who’s familiar with the pawning process knows that if you fail to repay your loan in full by the appointed date, you may never get your pawned item back. After all, most pawn shops are quick to resell collateral items in order to earn back whatever money they loaned out, so many people shy away from using them. Sometimes cash is simply hard to come across, and it’s not unheard of for people to be unable to repay their loans even if they had every intention of doing so. So what if you do pawn one of your possessions for a quick loan and can’t come up with enough money to get it back?

It’s true that sometimes it’s simply impossible to regain possession of an item that’s been put up for sale by a pawn shop, and for many people, there’s never any guarantee that they’ll earn enough money to reclaim it. That’s why pawn shops are mostly used by people who are in the midst of financial trouble. They might need the money to pay off a particularly expensive debt, but at the same time, they may be unwilling to permanently part with their favorite necklace or wedding ring. Getting a quick loan from a pawn shop makes it possible to have your cake and eat it too, but sometimes the unexpected happens… and then it’s time to see about getting an extension on your loan contract so that you can buy back your pawned item.

You might think that allowing people to get a loan extended defeats the entire purpose of using collateral to ensure that they pay what they owe. But it’s good to remember that pawn shops are staffed by people just like you, and they understand that sometimes it’s simply impossible to earn enough money to repay that quick loan you received in your time of need. Because of this, most pawn shops have systems in place to grant people some leeway. If you’ve made a quick loan, it’s usually possible to request that the deadline to repay the pawn shop be pushed back. Most shops will require that you pay some of the interest you owe, but this is better than losing your items for good.

It’s recommended that before you choose a specific pawn shop, you inquire about the possibility of being granted a loan extension. Failing that, some Lincoln Park pawn shops may also allow you to opt for a complete renewal on your quick loans.

Quick Loans Lincoln Park – Clark Pawners & Jewelers offers quick loans in Lincoln Park. Clark Pawners & Jewelers has served Chicago since 1968 with a courteous, knowledgeable staff in a family-owned and operated pawn shop.

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