EZCORP Inc.
06/30/2021 | Press release | Archived content
How does pawn work?
EZCORP Information Network
At some point, we all have needed extra cash. However, not everyone has the credit score for a bank loan or other financial options to access funds. Pawn shops offer quick loans based on your personal items that are used as collateral. What's the process to get a loan through a pawn shop?
Getting a loan requires just three fast and easy steps and doesn't require a credit check.
1. Bring in your item(s)
Pawn shops like EZCORP's various stores (EZPAWN, Value Pawn, USA Pawn & Jewelryand others) lend on most items with no credit check and no hassle. Everyone qualifies. You must be 18 years of age (certain states may impose higher minimum ages) and a valid government-issued ID is required.Unfortunately, the EZCORP family of brands does not lend to active dutymilitary at this time.
From the traditional items like jewelry, electronics and tools to more unexpected goods like high-end purses, small kitchen appliances and designer sneakers, pawn shops accept a wide variety of items as collateral. Remember - the better condition of your items, the greater opportunity you will have to get a higher loan amount!
2. Get a loan
Pawnbrokers will appraise your item and let you know the cash amount they are able to lend. They then hold your item and you leave with cash. The time period for the loan varies depending on state law. And rest assured that your item is stored securely.
3. Pay back your loan
To retrieve your item, just pay off your loan. Of course, should you need more time, most pawn shops offer extensions and renewals, as permitted by law.
Repay your pawn loan to retrieve your merchandise. However, if you choose to surrender your collateral, there is nothing further you need to do. You are free to not pay off your loan without judgment or any impact on your credit score. And you are always welcome to bring in additional items for new loans.
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