What You Need To Know About Loaning From A Pawn Shop

With more and more families today needing money in order to pay for their needs, the importance of pawn stores as a way to secure loans has significantly increased. Thousands upon thousands of people are now seeking the help of pawn stores everywhere in order to acquire short term or small dollar loans.

With many pawn stores becoming more prominent especially after the success of the History Channel series Pawn Stars, it has now become more important for you to know what exactly happens in a pawn shop and what you should expect when you go to one. We at majorpawn.com believe that as a person who wants to go to a pawn shop in order to get financial assistance, you should first know what exactly you are dealing with. You should have an idea as to what a pawn shop does and how loaning with them works.

We have compiled this list of frequently asked questions about the inner workings of a pawn shop. We hope that you can keep the answers in mind when you visit one in your area:

• What does it do?

Pawn ShopThe main idea of a pawn shop is to offer an option for people to get loans in exchange with something that has value. Basically, a pawn store would loan you money around the same amount of the value of the object that you are trying to pawn. Although there are a growing number of pawn stores in the country that have a retail element included in them, the main focus of almost all pawnbrokers has always been lending money in exchange for valuables.

• How does it work?

Every single pawn store in the country is regulated by many federal and state laws. They are licensed to accept items of value in exchange for an amount that they will loan to the one pawning the items. The value of the item and the consequent loan amount is determined by the pawn broker’s staff. The shop will keep the item until the money is repaid complete with the fees and interest.

• How much money can a person get?

The amount of money that you can get from loaning an item to a pawn store would depend on the worth of the item itself. When loaning, however, do not expect that you will get the full retail price’s worth out of the item you are pawning. The pawn store is simply loaning you the money, rather than purchasing it from you. Therefore, they consider storage costs, security costs, as well as the potential demand for the item. They also consider the resale value of the item, in case you are unable to pay your loan back. On a national level, the average amount that you can get is approximately $150, although again this can vary depending on the item.

• What interest rates should I expect?

PawnShopThe interest rate will vary depending on which state you are in, but these are typically less than the overdraft fees you encounter in banks or the credit card late fees and utility reconnect fees. For instance, if you loaned $80 at 20% and you have been given thirty days to pay, expect that the interest would be around $16.

• What do I need in order for me to request for a loan?

It is very easy to get a pawn loan. There is no need for you to sign anything or to have a credit check before you go to a pawn store to request for your loan. All you need to bring when you go to the pawn store would be the item that you are going to pawn and the rest of your transaction would depend on the worth that the pawn store decides to give the valuable item you have brought.

• What happens if I am not able to repay?

If you are unable to pay your loan, the most obvious thing that would happen is that the item you have given to the pawn shop will be considered as sold to that pawn shop. Loans given by pawn shops are guaranteed by the actual items that can be sold or can serve as collaterals. Non-payment of the loan or the pawn amount would forfeit your ownership of the pawned item, as if you already sold it to the shop. However, failing to pay your loan will in no way affect your credit scores.

Pawn stores have always provided quick options for people who have encountered emergencies. They have become important parts of society because of the helping hand that they have to offer, something that is not usually given by banks or any other lending company. If you are in need of immediate money for an emergency, we suggest going to a pawn store near you and get the best deal out of your valuables.

The Versatility of Portable Storage Containers for Business

Home-based businesses are fast becoming popular among aspiring entrepreneurs. A recent study shows that 69% of entrepreneurs started their businesses at home. The same study shows that most of these home based business owners hire staff for business operations, which contradicts the common perception of a solo entrepreneurship for home based businesses. What this study proves is that such form of business grows and even then, the entrepreneurs continue to use their homes as the base.

Along with the increase of home based business, entrepreneurs are beginning to see the benefits they get out of the use of portable storage containers for business purposes. Not only are the containers transformed into a business office, they are also useful for retailers, hospitals, salons, hotels, mobile cafes and small businesses.

Modern technology has given the container companies the means with which to address the different needs and preferences of mobile entrepreneurs regardless of the type of business they run. You can rent or buy portable storage containers from storage solutions providers like us, who can supply you with a container, which perfectly fits your needs and specifications.

How you can use a moveable container

Our years of experience in dealing with different customers have given us the valuable insights about what they need. We make sure that we have have containers in different sizes and materials to suit the purposes and specifications of our customers. We also make sure that the containers are modifiable, so these can meet our customer preferences. The two most observed uses of customers for containers are for storage and the mobile office.

For storage purposes:

  • Clear a home space for office use – Use the portable storage containers as  storage for the things you remove from a home space you are converting as your office. The space can be a spare bedroom, an unused kitchen, or a part of your basement. You can clear the room with the furniture and equipment and store them in the container.
  • Declutter an existing home office – If you have been running your business at home for years, it is safe to assume you have accumulated files and inventory that fill up half of the room. You can declutter your home office with a storage container located conveniently near you, so you do not have to travel to retrieve files.
  • Storage security -Most containers have a high security locking system, which keeps your files and inventory safe from intruders. The materials used for the containers can withstand winds and are water resistant, adding security to the stored things.
  • Saves time and travel –You can have the mobile container delivered and placed on-site, removing the necessity for you to travel a distance to retrieve items from the storage or check the inventory. Accessibility of the storage container also saves you time and effort in loading and unloading your things.

For mobile office purposes:

If your business necessitates frequent travel to different places, portable storage containers are perfect for you. We have design experts who can modify the container into a mobile office according to your needs and specifications, and your preferences for colors and materials.

Entrepreneurs who use containers as mobile offices claim the following advantages:

    • Expands customer base – You increase your visibility when you travel in your mobile office. People see your brand displayed in places you pass and when you park, and this increases your chances of expanding your customer base.
    • Variety – Mobile office containers come in different sizes. You can increase the container size like when you hire an employee to help in business operations. You can also modify the container if the existing design no longer satisfies your needs, like when you need a space to receive your visitors.
    • Convenience – You can enjoy the luxuries and conveniences of a standard office in your mobile office – conveniences, such as heating, electricity, ceiling lights, and windows. Your office may not be permanent, but this does not mean you should not enjoy the convenience of a standard office.
    • Amenities – A moveable container allows for maximum use of space using collapsible desks and chairs, and functional service doors useful when loading and unloading equipment and materials. You can have the comforts of a standard office and an interior design, thereby giving your customers the impression of expertise and professionalism.

    The changing economy gave rise to home-based businesses that, in turn, made mobile offices popular among entrepreneurs. Technology, experience and expertise provided the perfect opportunities for moveable containers to satisfy the various needs of home-based entrepreneurs. Our containers are ISO certified, vary in sizes and configurations, and the exteriors are of sturdy metal with easy swing doors.

    Whatever your type of business and your requirements are, our experts can supply you with storage or mobile office solutions. You can also arrange with us for cost-effective short or long-term storage options.