Need a Pawn Loan? How to Get Your Stuff Back

When you need cash for some urgent purposes, a pawn loan is an excellent way to get it. With an item you already own as collateral, you can receive money quickly and without the hassle of other forms of loans.

However, after you get that cash and deal with the emergency, you'll need to ensure that you can get your pawned item back. What steps should you take in order to do this? Here are five key things to do before and during your pawn loan for the most successful outcome.

1. Learn the Details

Before signing the contract, be certain you understand the repayment terms and all associated conditions. Ask how repayments can be made, what the due dates are, how to extend the loan if needed, and how and when to pick up the item. Take a copy of the contract with you and keep it handy along with the pawn ticket.

As you do the math about what how much will need repaid, avoid borrowing more than the minimum you need. The better loan terms you choose, the easier it will be to abide by them and be reunited with your item.

2. Protect Your Documentation

You'll need documentation to retrieve your items at the end of the loan, so protect that information from the beginning. If given a pawn ticket, take a photo of it and store that picture in two different devices or locations. Keep the tickets itself locked up and labeled so you can find it again.

When you make any payments, confirm that they are credited to the right account and item. Keep any records of payments if the pawn shop can provide them.

3. Create Reminders

As soon as you get home, create a payment system for yourself. Use a calendar or cellphone reminders to ensure you don't miss any payments, and put money aside. Give the pawn shop multiple ways to contact you in case something does go wrong. Many shops can now offer text or email reminders as well, so take advantage of these.

4. Gather the Money Early

Most pawn loans are short-term, so the payment is due in full one to two months later. Set up a system to meet your obligation early. You might, for instance, make a savings plan with a due date one to two weeks earlier than the actual date so that you aren't scrambling all at once.

If you are setting aside money or making payments, plan to make an equal payment once per week so that the burden is not all on one paycheck.

5. Make Sacrifices

Handling the emergency that necessitated a pawn loan is a smart move. You have bought yourself the luxury of time. Now, consider ways to boost your savings so you can retrieve your precious belongings. You may be able to trim expenses over the next 30 or 60 days in order to set aside money for the payment.

Can't cut expenses further? What temporary services could you provide that would bring in a little extra cash? You probably have a number of skills or extra time that could benefit others. Maybe you can fix computers, walk dogs, or do light companion work for seniors? Remember, this is a short-term need and these are short-term sacrifices.

Following these few tips, you can take out a pawn shop loan with confidence no matter what the emergency. By doing the research and organizing yourself to be ready for repayment, your loan payoff is all but assured. At 2 J's Pawn & Gun, we can help. Call or stop by today to learn more about our pawn loan program.