As helpful as it would be if everyone could simply stop by the bank, ask for a small short term loan and leave with the needed funds, this is not a perfect world, and few people have the perfect credit score to make the bank their ally. Some options certainly provide cash quickly without the need for an outstanding credit history, but they also bring about the risk of falling deeper into the hole we call debt.
Fortunately, there is a safer, simpler solution when finances are running dangerously low. Pawn shops combine the beneficial elements of most conventional loan options without the downsides. Title and payday loans offer fast cash regardless of credit status, but they also pile high interest rates and exorbitant fees onto the payback amount, causing the cost of repaying the loan to skyrocket. A small $250 loan could easily mutate into a payback of more than $1,000.
With a title loan, being unable to make the payback installments means losing the family vehicle. Asking for an extension on a payday loan translates to monumental late fees and increased interest accrual. In some cases, paying back either of these loans could cause families to fall behind on their other monthly expenses, leading to more stress and greater financial setbacks.
Pawn shops never perform credit checks. They simply examine the items their customers bring in, determine the condition and monetary value of such items, and make an offer. As certified Gold Buyers in New York, they buy gold jewelry whether it is new, antique, broken or simply used and no longer wanted. Some pieces are worth more than others due to age or their designer.
For pieces with no true significance, the value is based on the amount of gold present, its weight, and price per ounce of gold on the day in question. Like all other items in the stock market, the price of gold fluctuates daily. Most of the time, reputable Gold Buyers in New York will be willing to disclose whether the price of gold is high or low at the time of the appraisal, giving customers the option to take the offer or wait until a day when the value is higher. The choice would depend largely on how pressing the need for cash happened to be.