Every year during the holiday season, people struggle with how to create a happy holiday season without going into debt. The kids put together a wish list that keeps growing longer and more expensive every year. Trips home to visit family, or family vacations are a regular part of the season and there’s always the holiday parties you attend. The prices keep going up as consumers rang up $32.5 billion dollars in credit card debt last year according to NBC News.

Many consumers have turned to pawn loans as a way of avoiding this problem. Consumers take items such as gold jewelry and turn that into a cash loan that will let them cover their expenses for the holidays without incurring any debt. Here’s how it works:

A customer brings a gold chain into a pawn shop where the representative tests and weighs the chain to determine the assay or karat of the gold and its weight to determine how much they can borrow on the item. The pawn shop holds onto the item for up to 4 months until the customer returns with the money they were lent along with any interest or fees incurred. The length of time and interest is set by local authorities who license pawn shops.

The advantage to consumers with a pawn loan is there are no credit checks required, no background searches or waiting period for approvals. In most cases the only thing required of the consumer is a valid government issued ID. Even if the consumer defaults on the loan and the pawn shop forecloses on the item it does not affect the consumer’s credit report since the loan was secured by the item and pawn shops do not report to credit agencies.

Pawn shops like Empire Loan, with 8 locations in Boston, Providence, New Bedford, Worcester, Stoughton, Lowell and Lynn have been helping their customers make ends meet around the holidays with these fast cash, no hassle loans since 1985. “Customers call and tell us what they need the money for but it really doesn’t matter to us” said Empire President and CEO Michael Goldstein. “Since we opened we have had more people come in and tell us how we helped them get everything on their kids wish list, or afford a trip home to see family. In the end, we’re happy to help by lending them the money they need when they need it.”

Empire Loan offers pawn loans against the value of gold and diamond jewelry, electronics, musical instruments, tools or just about anything with a resale value.

 

Make this holiday season happy and debt free with a pawn loan from Empire Loan, and now with the Cashcam its never been easier!