In the United States, you have to be over the age of 18 to legally sign for a loan unless it is a student loan. The same applies to pawn shop loans and this can’t bent for any reason because:
- A person classed as a minor (under 18) is not allowed to sign any document that can be used as a legally binding contract in the United States. All pawn shop loans involve a legally binding contract to make them above board and certified and therefore they are not available to under 18s.
- If a person under 18 did sign a contract for a loan under false pretences then the contract would be null and void on discovery of their real age.
- A pawnbroker offering loans to underage customers is at risk of losing their license.
These rules are in place to protect younger people from being taken advantage of and not there to deliberately exclude them as it may appear.
What loan is the best?
If you are over 18 and looking for a loan then finding the right type of loan for your needs can be confusing. Pawn shop loans are a great way of accessing money quickly without the need for excessive paperwork and checks. There is no need to conduct a credit check or take salary details for a pawn shop loan as you use an item as collateral, and you don’t need to owe a home and use that as collateral either. So a pawn shop loan is available to more people.
How does a pawn shop loan work?
A pawn shop loan is quick and simple. You just need to bring the item/s you want to use as collateral for a loan to one of our stores to have it appraised. We will assess its value and offer you a loan based on its value. You can then decide whether to accept the loan or walk away.
If you accept the loan, your collateral item will be stored safely with us for the length of the loan. Once the loan has been repaid you can collect your item. If you are unable to repay the loan within the term you should have a discussion with us to see if we can extend the loan term.
So if you are over 18 and want a quick and convenient loan then visit either our Hollywood or Margate stores to see how much we can offer you.