Pawn: A Personal Equity Loan
Have you considered a personal equity loan? Available at American Jewelry and Loan, this is like a home equity loan, but without jumping through all the hoops.
Consider this, with a home equity loan, homeowners borrow money from the value in their home and pay it back with interest over time. It’s a common practice that people use to gain access to cash for anything from paying off debt, completing home renovations, taking a vacation, paying for a wedding, or more. The list is endless. But, before you can access the value of your home in the form of cash, homeowners must go through a lengthy and cumbersome process to get approval. Get ready to fork over your paystubs, have your credit report pulled, and provide statements for every investment you have. Quick! You’ll want to complete this quickly to lock in the ever-increasing interest rates.
But, what if you’re not a homeowner or have less-than-perfect credit? NO PROBLEM!
American Jewelry and Loan can help with a pawn loan- a PERSONAL EQUITY LOAN.
Convert the equity (value) of the personal items you own into a loan and get cash in minutes.
Here’s how it works:
- Bring in an item of value.
- Discuss and agree upon a loan amount.
- The loan amount will take into consideration the market value of your item. The market value is otherwise known as the value the item could be sold for today, not what it was originally purchased for.
- Get a pawn loan. Here’s how it works:
- Loan amount + 3% monthly interest + $3 per month storage fee for a total of three months.
- Example: You own a 1967 Ford Mustang classic car.
- American Jewelry and Loan offers you a loan for $15,000.
- You can borrow any amount up to $15,000.
- If you decide to borrow $5,000, your monthly payment will be: $153.
- $150/per month interest
- $3/per month storage fee
- Total loan payoff at the end of three months = $5,459.
- $153/per month x 3 months
- $5,000 loan
- Calculate an example loan yourself. Use our loan calculator here.
- Example: You own a 1967 Ford Mustang classic car.
- Loan amount + 3% monthly interest + $3 per month storage fee for a total of three months.
Take home cash in minutes. No credit checks. No paystubs.
Then, make monthly payments, payoff your loan, interest, and fees at the end of three months and we’ll return your item to you.
It really is that simple. So, what can you pawn?
Most anything can be used for a pawn loan if it has value.
High-value items include cars, boats, RVs, jewelry, luxury handbags, tools, and electronics.
Pro Tip
Bring in an item of greater value than the loan amount you need. If you need more cash, simply call and we’ll increase your loan amount for the cash you need. It’s a great way to get additional cash whenever you need it.
Remember the classic car example above? In the example above, the customer used only $5,000 of the $15,000 loan offered. At any time, the customer may increase the loan amount up to $15,000 based on their needs!
Get Cash Today!
Speak with a loan specialist Monday- Saturday 9:30am – 6pm.
Detroit, Hazel Park, Pontiac, Southgate, and Lincoln Park
