Looking to pawn something right now to get money? If you need cash, a pawn shop might not be the best option, especially late at night. Here is why.

  • You never know what you are going to get for you item.
    Part of the benefit that the pawnshop owner has is that you have made the effort to go to them. You have dragged your property down to their shop and then they present you with a low offer. They know that you already have time committed. You don’t want to go shop your property around and waste time, especially when you need money soon.
  • The Money you can get is limited.
    A pawn shop loan is secured by the property that you put down. You might get 30% of the value of an item towards your loan. For example, put up an iPad that the pawn shop can sell for $400. They would give you $120. If you need hundreds of dollars, you would have to put up some very expensive property.
  • You risk losing your hard earned property. 
    Don’t pay the loan back on time, the pawn shop can sell your items. Think about the item you want to pawn and how much it would cost you to replace it.

Consider A Cash Advance

A cash advance or payday loan may be the right option for you or it might not. Here are some of the benefits of a payday loan.

  • You can apply online.
    You can actually get a quote here. No need to drive to a pawn shop to get an offer. Review your offer from the comfort of your home.
  • It takes just a few minutes.
    The quote form only takes a few minutes to complete.
  • You can get more money.
    With a cash advance, you can get more money than with a pawn loan because you do not have to secure it with property. Depending on your state, you can get up to $1000 deposited to your checking account.

As with any loan of this type, payday loans or cash advances also have many negatives.

  • Interest rates are high. 
    Calculate the fees into a percentage rates and it can often top 400%. Consider what you will have to repay to satisfy the terms of the loan.
  • The payback period is short.
    Most loans are due to be repaid in 10 to 14 days.


  • How do you find a pawn shop open late?
    The easiest way is to do a search online. Google local is good about placing the hours of businesses online. Do call the pawn shop to make sure they are open late however. Sometimes open hours can be wrong.
  • How does a pawn shop loan work?
    It is simple, you bring your property to a pawn shop and they give you a portion of the value of the property as a loan. You must then pay back the loan plus fees and interest by a set date. If you do not pay the loan back, the pawn shop can keep your property.
  • How much of a loan can I get from a pawn shop?
    Most shops will give you 30 to 40 percent of the value of the property. This is off the used value of the property, not what you paid for it.
  • Is a pawn shop loan better than a cash advance?
    It depends. The interest rate is often less with a pawn shop loan but the amount that can be borrowed is less. The amount you can borrow depends on the property value of the item being held.
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