What is a Collateral Loan?

 

Fastcash is a pawnshop in RI. One of the things we offer is a collateral loan, which is simply borrowing money while pledging collateral that you already own. This means that you will borrow money, but you must give something in exchange for it until you repay it. The lender is not in danger since if the borrower does not repay the loan, the lender owns the collateral and can use it in place of the loan collected.

Collateral loans are actually the same as pawn loans. They are also called secured loans.

Things To Consider Before Taking A Collateral Loan

With a collateral loan, you can often achieve a lower interest rate and a longer repayment period. Determine how much money you will require before asking for a loan. You should avoid taking out excessive collateral loans because you will end up paying more money back. To obtain an estimate of how much you can borrow, calculate your monthly costs and monthly income, and then decide how much of a monthly payment you can afford based on how much money you have left.

Next, you'll pick what you'll present as collateral because what you offer as collateral can often help set the interest rate on your loan. Most times, people use collateral loans to consolidate debt, make home improvements, go on a trip, or make a large purchase. When asking for this loan, the bank or lender will typically provide you with a percentage of the anticipated market value as a loan. For example, if you use a car worth $30,000, the lender will most likely offer you a collateral loan around 85% of the value of your collateral.

Pros and Cons of Collateral Loans

There are numerous advantages and disadvantages to taking out a pawn loan. Here are some of them:

Pros

• It is a simple loan that usually gets fast approval.

• The borrower can usually borrow more money than they could with an unsecured loan, which requires a solid credit score, consistent work, and a good salary to get.

• If you have been denied an unsecured loan many times previously, you may be able to obtain a secured loan.

• There is no limit to the amount a borrower can borrow.

Cons

1. The borrower's collateral is at risk if they fail to repay the loan within the agreed-upon time frame.

2. A collateral loan is not available to everyone since you must own a vehicle or a piece of property that can be used as collateral. You cannot acquire collateral loans if you do not have any of these.

As you can see, there are more benefits than drawbacks to considering a collateral loan, but be sure you do not borrow more than you can afford to repay.

Conclusion

Taking a loan should be for a specific reason to ensure you do not get into financial trouble. Our pawn shop in Rhode Island is here to ensure you get good value for your collateral, whether jewelry, electronic equipment – anything of value! Give us a call today!

Visit our Pawnshop In Rhode Island for Fast Cash

 

Come to our pawnshop in Rhode Island to buy or sell valuable items. Whether you are looking to make money fast, or want to save on buying items, we have you covered. If you are unsure of what your item is worth, we can give you a free estimate. We’ve been in the business for over 25 years. Our Pawnshop in RI is unlike any other. Contact us today.

Fastcash Pawn &Checkcashers

848 Newport Ave

Pawtucket, RI 02861

401-722-1113

https://pawnri.com/

How to Sell and Buy Gold at our Pawnshop in RI

 

How to Sell and Buy Gold at our Pawnshop in RI

Fastcash Pawn & Checkcashers is the best Pawnshop in RI to buy and sell your gold. You may have questions relating to how the value of your gold will be determined or whether you are buying valuable and quality gold. With Fastcash, you are assured of the quality of gold you purchase, and you are assured of getting good money for your gold because we use the market price to determine the cost of your gold. Also, without bureaucracy or long protocols, you can get cash for your gold the day you bring it to the shop. 

How to Sell Gold

There are different ways you can sell your gold at our pawnshop in Rhode Island. You can sell it by making it collateral in a collateral loan which you intend to pay back and getting your gold, or you can sell it outrightly.

Gold as Collateral

At Fastcash, we accept valuable personal items as collateral for loans gotten by our esteemed customers. We accept gold as a valuable personal item, and we determine the value and quality of the gold concerning the money being loaned to you. Where you intend to use the gold as collateral and collect its money worth, which you intend to pay back within an agreed period, Fastcash is the place to be. Where you can repay the loan within the agreed period, you are given back your gold. However, where you cannot repay the loan, you have indirectly sold the gold to the pawnshop for your loan at the price you collected.

Outright Sale

While using gold as collateral is not an outright sale as you wish to regain the gold back, you can outrightly sell your gold at the pawnshop where the current market price- using 24 karat gold as the unit price is used to determine the worth of your gold.

Our pawn shop in RI offers a free appraisal of the value of your gold where you are still thinking of selling it. The shop is willing to give you a crash course on the process of determining the worth of karat gold and your carat gold. Whenever you are ready to sell, the pawnshop is willing to buy at the right price and give you cash or check- whichever you prefer.

How to Buy Gold

Gold is one of the valuable items the pawnshop sells. When you wish to buy some gold rings, earrings, etc., you should check in with Fastcash Pawn & Checkcasher as they’ve got you covered and are willing to supply your demands at an affordable price and at the quality you wish for.

Before buying your gold, you should go through the inventory to be assured that you are purchasing a quality item. Ask the attendant to explain to you why the gold is worth the money, ask for a return policy, the warranty policy on the gold, etc.

Visit our pawnshop in Rhode Island today and see why we are not your average pawn shop.

What Makes our Pawnshop in RI so Special?

 

What Makes our Pawnshop in RI so Special?

When you think of a pawn shop, you usually think of a small and/or rundown building that’s located in a plaza or a small strip. It could even look a little sketchy. At Fastcash Pawn & Cashcheckers, we operate our pawn shop in RI out of a state-of-the-art, 4,800 square foot showroom in Pawtucket. We keep it clean, and our staff is very friendly. In fact, we know many of our customers by name.

We are a family-owned operated business and have been in the Pawn industry for over 25 years. Our employees are all specially trained to help appraise your goods so you can be sure you are getting the most for your valuables. We make sure both sides mutually benefit from each transaction by taking the time to educate you on an item’s exact worth and make you a cash offer on the spot.

With over 600 reviews on Google and a 5-star rating, here are some of our favorites taken from our testimonials:

“What a difference than what I’d expect… The man that helped me out was very informative and made me feel very comfortable. I’d recommend this business to family, friends or anyone. They also had a real big inventory of items I will come back for when I need gifts. Thanks, Fast Cash!!!”

— Adam

“Amazing service! Nicest sales people. Beautiful store not what you would expect in a pawn shop. You never know what you might find. Bought a trumpet for our son for school and a beautiful watch for myself. Can’t beat the prices!”

— Bethany

“I have to say I will never use a bank again. I’m in there every week to cash my check and in and out so fast!! Very friendly family run business. Great people!!! I recommend this place to anyone. And I mean anyone it’s not just a pawn shop. You will be amazed at the things they have. Go there and check them out I swear you will like what you see!!! Keep up the great work!!!!”

— Dax”

The Premier Pawnshop in RI

Fastcash has become the premier pawnshop in RI. We offer many services besides just buying and selling pre-owned items. We do collateral loans if you are in need of cash fast. We buy and sell gold with a team that can educate you on the process of it’s valuated. We also sell diamonds at a much cheaper price than jewelry stores because we cut out the middleman. Have a check that needs to be cashed ASAP? We can do that too.

By providing honest and friendly services to our communities in Providence, Pawtucket, the surrounding areas such as Southern Massachusetts, we have developed a great reputation. From the moment you walk into our pawn shop, you will be treated with the utmost respect, confidentiality, and care that we have been showing customers for the past 25 years. If you have a question, feel free to contact our pawn shop in Rhode Island.