Do pawn loans affect your credit score?
The short answer is no!
A pawn loan will not improve your credit score, however, it also won’t negatively affect it. Pawn loans utilize collateral in exchange for a monetary loan. You can take your item/items to your local pawn shop where the pawnbroker will offer you an amount to pawn your item for. Once a dollar amount is set, they give you a ticket and you give them your item. Make sure to leave with a contract that establishes loan terms and interest rates. In Michigan we charge 3% per month + a $1 storage fee.
Pawn loans work differently than bank loans. Pawn loans do not check your credit history, nor do they impact your credit score. If you default on the bank, you are left owing them money. If you default on a pawn loan, they can keep your collateral and sell it to make back their money. In that way, they are not losing money.
What interest rate can I expect to pay on a pawn loan?
We’ve all been there. A bill is coming up, but the rent has eaten up your paycheck. It’s a loved one’s birthday, but money is tight. You need a loan, but banks check credit and take time. Pawn shops offer loans without the need of a credit check and you can leave with the money the same day. Pawn loans can cost more than a bank loan once fees and interest rate is calculated, but you get the money faster. Because pawn loans are based on collateral, if you don’t pay it off, debt collectors don’t come after you. You won’t impact your credit, but you do forfeit your item.
Interest rates vary from state to state. According to Michigan legislature, pawn loan interest rates in the state cannot exceed 3% per month . At Garden City Pawn, the interest rate is 3% per month & If you are a first time customer you can get a 0% interest rate for the first month!
Once you pawn your item, keep the ticket. You need it to retrieve your item. Pawn loans require you to be 18 years of age or older & you must present a government-issued ID, you will also be required to leave a thumb print and signature. According to the National Pawnbrokers Association, an estimated amount of 80% of pawn loans are paid back.
As Always Garden City Pawn will make the Highest and Best Cash offer we possibly can on each and every item that comes into our store. Don’t Hesitate to call or Text us anytime if you have something to sell or Pawn! -Tom
Garden City Pawn
We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience, regardless of circumstance and ability.
To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level. These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.
This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific disabilities to adjust the website’s UI (user interface) and design it to their personal needs.
Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML, adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.
If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email
Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements, alongside console screenshots of code examples:
Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website. In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels; descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups), and others. Additionally, the background process scans all of the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology. To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on as soon as they enter the website.
These adjustments are compatible with all popular screen readers, including JAWS and NVDA.
Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers), both for Windows and for MAC users.
Despite our very best efforts to allow anybody to adjust the website to their needs, there may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to