Pawn shops serve a critical financial service within communities, but they’re not without their drawbacks. A pawn loan (or a pawnbroker-issued cash advance) is a secured form of borrowing that requires you to leave something of value behind as collateral. The loan amount is based on the pawn shop’s appraisal of your item, rather than your credit history. The pawn shop may also charge storage fees or late penalties, which can add up to big bucks over time.

Pawnshops get a loan from a pawn shop  between 25% and 60% of an item’s resale value. That means you’ll need to bring something of substantial value, such as a jewelry box or vintage tool collection. It’s also important to keep in mind that if you aren’t able to pay back the loan within the specified time, the pawnbroker will have the right to sell your item(s) for their own profit.

Get a Loan at a Pawn Shop Without Credit Checks

When you walk into a pawn shop, the first thing you’ll need to do is present your item(s) for evaluation. The pawnbroker will then offer you cash based on the item’s resale value, as well as a pawn ticket detailing your loan amount, the dates you need to repay the loan, and any other fees that the shop might charge.

If you’re looking for quick funds, there are plenty of alternatives to pawning your items. In the following articles, Money Fit will explain how pawn shops work and their risks, and provide tips to help you avoid pawning your valuables.