So you know that you need cash, now the question becomes – how do I obtain it. Moreover, if you need that cash immediately, the question of ‘how’ shouts all the more loudly.
At Goodfellas Pawn Shop, we offer same day collateral loans that may be just the answer that you are seeking.
About Collateral Loans
Collateral loans are exactly what they sound like – you put up collateral in exchange for the money lent to you. If you have items of value, you can use them to secure a loan.
With items in-hand, make your way to our store in West Covina. We have individuals from all across Los Angeles who come to us, because they know we lend more to our customers than the competition does.
When you arrive, you will be greeted by a friendly staff member who will appraise the pawn value of your item(s). They will outline the interest that will be applied to the loan and will explain when and how repayment is to be made. Assuming you agree to the outlined terms, they will write-up a pawn ticket for you that is both a record of the loan and a claim ticket to get your item back when you pay back the loan you have taken out with us.
Items Used as Collateral
Not everything is accepted as collateral, but there is little limitation to what we might consider assuming the item you are seeking to pawn has real-world value. The item needs to be in good condition (free of structural and significant cosmetic damage) and in working order – functioning as it is designed to do.
Commonly Pawned Items
This is by no means an exhaustive list of what can be pawned, but it is a list of items we commonly accept.
- Musical Instruments
- Designer Handbags
- Collectible Sneakers
- Performance Bicycles
- Laptops and Tablets
The list goes on. If you are unsure about an item, contact us today, or stop by our store and we will let you know your borrowing power based on the item you are borrowing.
Paying Off Your Loan
With Goodfellas, you have 5 months to pay-off your loan and collect your pawned items. At time of collection, you are responsible to pay back the amount borrowed plus any interest accrued. There is also a $5 ticket writing fee that is part of the loan financing cost. If paid in full, your item will be returned to you. If you need the money a while longer, we can accommodate that need as well.
Longer Term Loans
At Goodfellas, we only offer 5 month terms on loans. This does not limit you from paying back the loan sooner, but it does require you to take out a new loan if you need to hang on to your cash a little longer. You are free to take out back-to-back loans with us for as long as you like. As long as you fulfill your obligation in servicing the loan by paying accrued interest, there is no issue with continuing to utilize our lending services.
How to Obtain a Pawn Loan
The simplest way to obtain your loan, is to stop by our store with the item you are wanting to pawn. Give yourself about 20 minutes to complete all the paperwork, and we will have you on your way with the money you came in for.
Call or visit us today for more information.