If you’re looking for a quick cash injection, a pawn shop may be able to help. Best place for pawn loans stores buy and sell items such as jewelry, tools, electronics, musical instruments and sports memorabilia for fair prices. They also offer pawn loans, which work much like payday or title loans in that you give the store your item of value in exchange for cash. As long as you pay back the loan plus interest by the deadline, the item remains in your possession. But if you fail to make the payments, the store takes your item for sale.
How to Choose the Best Local Pawn Shop Near You
The average pawnshop loan amounts to about $150, according to the National Pawnbrokers Association. But the loan amount can be much higher, depending on the assessed value of your item. The good news is that unlike payday or title loans, pawnshop loans are non-recourse, meaning your credit won’t be damaged as long as you pay the amount you owe. And in some cases, you can even get a pawnshop loan without a credit check or reporting to consumer credit agencies.
But not all pawn shops are created equal. So which one is the best place for a pawn loan? We looked at customer ratings and reviews to determine the top picks in Manhattan. The winner: EZ Pawn Corp. The chain pawn shop has 14 locations citywide and five in Queens, making it easy to drop by with your unused memorabilia for a quick loan.
