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Secured Cash Loan

Loans secured with collateral can be a great way for people with bad credit to borrow the money that they need.

A secured cash loan works like this: a person puts up collateral for the loan. If the loan is paid off they get to keep the collateral. If the loan isn’t paid the lender simply takes the collateral to cover their loss.

Since collateral is put up with a secured cash loan no credit check is needed. That means people with bad credit can easily get secured cash loans.


The most basic kind of secured cash loan is pawning, or hocking an item. That means you take something to the pawn shop and if it is valuable the pawnbroker will lend you money usually a percentage of the item’s value. In exchange, the pawnbroker keeps the item and takes possession of it if you don’t pay off the loan within a period of time usually ninety days.

Pawnshops can be found in almost any city and town and they will lend money on a wide variety of goods. Items pawned include tools, jewelry, musical instruments, electronics, cameras, knives, silverware, coins, china, firearms, antiques and collectibles to name just a few. One reason why pawnshops are popular is that they pay out cash immediately unlike some lenders.

One thing to remember is that the pawnbroker is in control. The pawnshop will determine if you get loan and how much you can borrow. The amount loaned is usually going to be considerably less than the items’ value. The pawnbroker does this so they can make a profit selling the item if you default on the loan.

Pawnshops will also buy certain items including gold and jewelry. The price they pay will be fairly low because the pawnbroker has to make money from them.

Auto Pawn

Another popular kind of secured cash loan is auto pawn; auto pawn works just like a pawnshop, except you’re pawning your vehicle.

To pawn a vehicle such as a car, motorcycle, RV or truck you’ll have to have to own the vehicle outright. If you’re making payments on a vehicle you won’t be able to pawn it. You have to own the vehicle and prove you have clear title to it. Most pawnbrokers will require to have a copy of the title for auto pawn.

You’ll probably have to have a running vehicle in good in good condition as well. So it’s doubtful that the pawnbroker will give you a loan on your broken down old clunker.

As with regular pawnbrokers auto pawn brokers decide how much of a loan you’ll get. So you’ll probably get a lot more for your Cadillac than for your Chevy.

Most auto pawnbrokers lend you money on the title to the vehicle. Some will let you keep the vehicle if you agree to bring it back and turn it over to them if you can’t pay off the loan. In such deals the pawnbroker keeps the title to the car. You get the title to the vehicle back when you pay off the loan.

Others will make you leave the vehicle at their facility. They’ll let you drive away when you pay off the loan.

Advantages and Disadvantages of Secured Cash Loans

Loans secured with collateral can be a great source of alternative financing for those with bad credit. However; the amount of money that you get from such loans will be limited and you will have to have something that the pawnbroker actually wants to lend money on.

You will also run the risk of losing your collateral when take out a secured cash loan. One advantage to secured cash loans is that you won’t be required to come up with cash to pay off the loan because it is secured by collateral.