ALL ABOUT PAWN LOANS - CASHY
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SHORT-TERM BRIDGING WITH FAST PAY OUT
If you need money quickly and want to avoid bureaucratic hurdles, a pawn loan may be the right solution for you. All you need to take out the loan is collateral and an official photo ID. You will receive your money immediately in cash or as a quick transfer via PayPal or to your bank account.
Would you like to know how much money you can borrow for your collateral? Call up live offers for over 60,000 items and cars at CASHY around the clock and get an immediate overview.
WHAT IS A PAWN LOAN?
A pawn loan is nothing more than a loan against tangible assets. This means that you offer collateral from your property as security in order to borrow money. The possible loan amount is based on a percentage of the current market value of your item or car. For this reason, a pawn shop rarely requires any further collateral to grant a loan.
YOUR PAWN LOAN FROM YOUR POCKET
The dusty reputation of pawnbrokers is long outdated. Back then, you had to go to the pawn shop in person and were subject to the whims of a valuer, but with modern providers such as CASHY, pawnbroking is fully automated for many items.
You enter the name of your item, receive an offer online and anonymously, including an overview of fees, and take out your pawn loan directly via your smartphone. Thanks to the shipping service, you don't even have to visit the pawn shop to complete the transaction. If you need your money immediately in cash, you can also visit a store in person.
WHAT ITEMS CAN I PAWN IN A PAWNSHOP?
Here you will find an overview of the items that are most frequently pawned:
WHEN DOES A PAWN LOAN MAKE SENSE? CAN I GET MONEY AT SHORT NOTICE?
That's exactly what pawn shops are there for: you can get money quickly, easily and unbureaucratically from providers like CASHY - even online.
Pawn loans are particularly suitable for bridging financial bottlenecks. If, for example, you want to bridge the bill for a repair or an unexpected new purchase or take advantage of a bargain for a vacation offer, the pawn shop is the right place to go.
WHAT IS THE TERM OF A PAWN LOAN?
You get your money paid out immediately and can take out the loan for a short period of 90 days. At the end of the term, you can easily extend your pawn loan in your account as often as you like, make a partial repayment or redeem your item.
WHAT COSTS AND FEES SHOULD I EXPECT?
Here you will find an example of fees from the fee schedule for a pawn loan for a bag in the amount of 1,000 euros:*
FINANCING | WITHOUT BONITY |
|---|---|
Loan amount: | €1.000,- |
interest | €10,- |
Costs of business operations | €30,- |
Total fees | €40,- |
HOW SAFE IS A PAWN LOAN?
A pawn loan is clear and secure because you are not personally liable for non-payment. CASHY's fees are always clearly visible in your account. You can extend or repay your loan on a monthly basis or redeem your item. During the term of the loan, your collateral is well insured and stored under video surveillance.
In the worst-case scenario, your item will be auctioned off after a grace period has expired. You will then even be paid out the surplus, minus fees. Your biggest advantage is that your debt is paid in full even if your collateral brings in less money than you borrowed. This means you don't have to pay anything in arrears and the myth of the debt trap is not true.
WHAT ADVANTAGES AND DISADVANTAGES DO I HAVE COMPARED TO A BANK LOAN?
For a bank loan, you need a regular income, a good credit rating and a functioning household budget. With these requirements, you can get a loan for a longer period of time and pay low fees with low installments.
A pawn loan is better suited for short-term bridging with quick pay-outs, because all you need for a pawn loan is collateral and an ID that confirms you are of legal age.
The most important differences at a glance:
DEPOSIT SERIES | BANK | |
|---|---|---|
Fast pay out | ✅ | ❌ |
Without credit check | ✅ | ❌ |
Without personal liability | ✅ | ❌ |
With online instant confirmation | ✅ | ✅ |
Without KSV entry | ✅ | ❌ |
Without incoming salaries | ✅ | ❌ |
The fees for a pawn loan are higher than for a consumer loan, but you can access a pawn loan even if you have a poor credit rating.
HOW TO TAKE OUT A PAWN LOAN
If you want to pawn an item at CASHY, you can either visit the store or check online to see how much money you can get for it. Enter the name of your item and you will immediately be shown the possible payout amount with fees. Individual inquiries via the form or WhatsApp are answered within a few minutes on weekdays.
You can bring your collateral to the store or send it by post. Your money will be paid out to you immediately in the store in cash or to your PayPal or bank account, for shipping you can choose between PayPal and a bank transfer.
WHAT IS NOTED ON THE PAWN TICKET? WHAT HAPPENS IF I LOSE IT?
Your deposit receipt cannot be lost at CASHY as it is issued online. You can call up all the data in your account at any time. The following are noted:
Name
Address
Description of the collateral
Interest and fees
Runtime
Loan amount
AGBs
ALTERNATIVES TO THE PAWN LOAN
If you don't have any collateral that you can pawn or decide against a pawn loan for another reason, you can also ask friends or family members for support. Other alternatives are:
An overdraft facility
Credit from private individuals
WOULD YOU LIKE TO PAWN YOUR CAR OR MOTORCYCLE?
This option is also available to you at CASHY at any time. You can enter the vehicle data of your car in the calculator and immediately request a maximum payout amount including fees. You can fill out the practical form for your motorcycle - and receive an individual offer just a few minutes later on weekdays.