Are you having a bad credit history because you have not paid any of your previous loans, which you may have taken for buying a house, a car, machinery or anything else of value?
Have you been declared bankrupt?
If the answer to the above-mentioned questions is yes, and if you require a short-term instant cash loan to meet your most pressing needs at hand, then certainly it’s difficult for you to avail a short-term cash loan. Obviously, you won’t get an instant short-term cash loan from a bank or financial institution or any other institution if you’re having a bad credit history or have been declared bankrupt. So, where you should go to get the instant cash money that you so badly require for fulfilling responsibilities at hand. In such circumstances, the services of a car pawnbroker and moneylender come in handy.
How can a car pawnbroker and moneylender help to give you a short-term instant cash loan?
- Typically, a car pawnbroker and moneylender will not carry out any credit checks or background checks for approving the loan amount. They will also not ask for your bank statements or pay slips to approve the cash loan.
- You should possess any asset of value that you can deposit with the car pawnbroker and moneylender as a guarantee that you will return the loan money along with interest on the loan’s expiry. An asset of value could be anything such as a car, a boat, a motorcycle, a truck, machinery etc.
- You can opt between pay as you go or at the loan’s expiry. Once you fully pay back your loan amount along with its interest, your asset shall be returned unto you.
Is it possible to extend the loan’s repayment period?
Yes, it is possible! To extend the period of the loan, you need to visit your car pawnbroker and moneylender before the loan’s expiry date and request to extend the payment duration. Depending upon your specific situation and your commitment towards payment, your pawnshop may extend your payment duration by one month so that you can pay off the remaining loan amount, however, you may be required to pay the interest.
What will happen if I fail to pay the loan amount within the agreed timeline?
The car pawnbroker and moneylender will sell off your asset to receive the amount, which was loaned to you. It will sell the asset for a slightly higher rate so that the pawnbroker can also receive its interest and book some profit as well. In this way, the pawnbroker is able to remain in the business.