October 2, 2013 (Powerhomebiz.com) The pawn industry has always come to the aid of people looking for some urgent cash, but couldn’t be bothered about filling cumbersome paperwork or have a less than stellar credit score. They’re now helping small and medium businesses to stay afloat during the recession.
“It is common for small businesses to need emergency cash. Rather than worrying about bank loans, these companies prefer to pawn their valuables in return for money. Almost anything that is valuable can be pawned- diamonds, jewelry, Rolex watches, paintings, guitars, etc.” says a spokesperson for Best Collateral.
Unlike banks, they do not subject the borrower to absolute scrutiny and tiresome paperwork. They also do not check credit scores. “We only make sure that the object that is pawned is genuine and that you are the genuine owner. Once this check has been done, the money is handed over to. The entire process does not take more than 15 minutes,” adds the spokesperson.
Perhaps, the biggest benefit of choosing pawn loan companies like Best Collateral is that they do not affect the borrower’s credit ratings when they default on loans. The worst case scenario is that the valuable that was pawned is foreclosed and that too after informing them of the same and giving them an extended time to redeem. “But this rarely happens; almost more than 80% of the time, people redeem their valuables,” adds the spokesperson. The items that are foreclosed are sold through the Company’s online store.
Best Collateral:
Best Collateral is a pawn loan company started in 1903 in downtown San Francisco. They operate through their 8 locations in and around California and are approved members of the National Pawnbrokers Association.
To know more, visit them at http://www.bestcollateral.com/