Borrowing Money From Collateral Lenders VS Pawn Shops

In this day and age when credit cards and banks have tightened up your best option may be a collateral lender or pawn broker. Collateral lenders and pawn brokers work on the same basic principles. The differences are a wide variety of things including what the business looks like, its location, and how much they will lend. A pawn shop is generally in a not so nice area. They lend very little and charge high rates. Maybe a scary place to walk into. A jewelry store that acts as a collateral lender will generally lend more and charge less. It can also be in a much nicer area. The Florida state law limits loans to periods of 90 days and they are renewable as many times as you need. Interest should be paid on a monthly basis. Basically the reason a collateral lender that is operated buy a retail jeweler can lend more is because in the event you do not pick up your collateral they can get more for it than a pawn broker. If you have any questions or comments please don’t hesitate to contact Lee.

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