Getting a short-term collateral loan from Maxferd is one of the best and easiest ways to get quick cash. Collateral loans help you pay for unforeseen expenses, emergencies, unplanned events, and much more.
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Maxferd has been giving collateral loans since we opened our doors in 1884. And 135+ years later, we are still as devoted to our customers as the day we first started.
WHAT IS A COLLATERAL LOAN?
Collateral loans (sometimes called pawn shop loans) are where a pawn shop accepts an item of value as collateral or security for a short-term loan.
You are essentially borrowing against your personal property.
With a collateral loan, you can get approved for a large amount without a cosigner, regardless of your credit history.
When you sell an item, you relinquish your ownership of it, whereas, with a collateral loan, you still own the item and can collect it as soon as you settle your loan.
At Maxferd, you can borrow between $5 and $1 million. You have four months and ten days to repay your loan – for most jewelry items, this term is doubled. And there are no monthly payments – you only pay when it’s time to settle your loan.
WHAT ITEMS CAN I OFFER AS COLLATERAL?
At Maxferd, we accept a large range of items as security for a loan, provided their value matches or exceeds the loan amount you’ve requested. We accept:
Loose diamonds and precious gemstones
High-end DSLR cameras and equipment
Laptops and computers
Collateral loans from Maxferd adhere strictly to the California Financial Code. So our loan periods and interest rates are regulated and we will never overcharge you.
We give promotional interest rates for new customers from time to time, such as 0% interest on a single loan under $2,500. And we offer customers the option to “rollover” the loan at the end of the four months without paying additional interest or principal payments.
QUICK & EASY CASH
Collateral loans make it quick and easy to get cash. Unlike bank lending, you don’t have to wait for days (or even weeks!) just to find out whether you’ve been approved. While other kinds of loans might require you to provide financial records and fill out numerous documents and forms, there are very few requirements with a collateral loan.
You can have your pawn shop loan finalized within a matter of minutes and walk out with cash in your pocket.
No Credit Check
With banks or other financial institutions, it’s guaranteed they will check your credit score. There are no such requirements when you get a collateral loan from a pawn shop. And you won’t be reported if you can’t repay your loan.
Unlike other lenders, if you can’t repay your loan, you won’t be reported to credit bureaus. And you’ll even be able to get a fresh loan based on the value of the new item you’re offering as collateral.
WHAT ARE YOUR ALTERNATIVES?
Max out your credit card – You can get cash in a hurry using your credit card. But if you cannot make your monthly credit card payment, it will negatively impact your credit score. Remember that Maxferd does not require monthly payments and won’t report you to credit bureaus if you cannot repay your loan.
In addition, if you max out your credit card, it can also hurt your credit score. Credit utilization is an important factor in the calculation used by credit bureaus of your credit score.
Borrow money from friends and family – One of the best ways to ruin friendships and relationships is to borrow money from friends and family. Not only may they be unable or unwilling to help you, but sharing your financial needs with them can be embarrassing for all parties.
Sell your personal property – Selling your personal belongings might be a good idea if you no longer need or want them. But remember that, unlike a pawn shop loan, once you sell them, it’s unlikely you will ever get them back.
Get a loan from your bank or financial institution – Besides the fact that your bank won’t accept your DSLR camera as collateral for a loan, banks can take a long time to approve your loan and will check your credit history.
What happens in a pawn shop stays in a pawn shop. At Maxferd, we understand and respect your need for privacy. All transactions and personal information are confidential except when shared with law enforcement as required by California law.
How Does It work?
Come in for a quick over the counter evaluation of your goods
Receive your verbal over the counter quote in minutes
Provide valid identification, i.e. driver’s license, ID card, or passport
Your loan is written, and your contract is printed for you to sign and keep
Your item is safely secured as you receive your payment in cash
WHY USE MAXFERD?
At Maxferd, we are committed to providing our clients with excellent, courteous, and professional service. We have in-house experts who specialize in correctly evaluating valuables so we can offer you a fair loan amount on items you want to pawn.
We understand your valuables are important to you, whether family heirloom treasures or newly purchased luxuries. You can rest assured that the valuables you entrust in our care are safely stored and protected while in our custody.