The Christmas season can be an expensive time of year, and you may find yourself in need of some quick cash before your next paycheck comes in. While there are multiple options for sourcing quick cash, they can often be untrustworthy or harm your credit score. With collateral loans from Watch & Wares, however, you can get cash instantly by loaning your valuable items. Collateral loans are a popular option because they offer several benefits and have flexible terms to suit your needs and schedule.
No affect on finances or credit history
Many Orange County residents prefer collateral loans because they have no effect on your credit score whatsoever. If you fail to pay back the loan on time, the only repercussion is the loss of the valuable item you pawned. Since we keep this item as repayment of the loan, there is no longstanding debt, continuing interest, or harmful credit effects to worry about after your loan term is up. You also don’t need good financial standing in order to qualify for the loan. Whereas your bank or another lending institution may turn you away due to a low credit score or other ineligibilities, all you need at Watch & Wares is a valuable item that we accept for loans. Whether it’s fine jewelry, a Rolex watch, or precious metals, we accept collateral loans for a wide range of luxury goods.
Lower interest rates
One of the worst parts about needing a loan is the high interest rate that inevitably accompanies it. However, collateral loans have significantly lower interest rates than unsecured loans, minimizing your repayment value. Since secured loans are less risky than unsecured loans, there is a lower APR than with other loan types. Here at Watch & Wares, all of our interest rates are state-regulated, so we’ll never charge you an unfair or inflated rate like other untrustworthy sources.
Generous loan terms
Here at Watch & Wares, we offer extremely generous loan terms that maximize your chances of repaying your loan successfully and redeeming your valuable item. All of our loans are four-month terms with a ten-day grace period. If you need more than the allotted four months, you can renew your loan by paying back the full owed interest rate. Our interest rates are based on the value of the loan, and they’re always state-regulated. If you fail to pay back your loan in full or renew it in the time given, we will keep your collateral as repayment. Our loan terms were created in order to help you repay the loan in a reasonable time frame and keep your valuable item. However, collateral loans are the ideal option even in the worst-case scenario of failing to repay.
If you need cash fast and have valuable items that you’re willing to temporarily part with, a collateral loan from Watch & Wares is an excellent solution that offers many practical benefits. From low interest rates to generous loan terms and no effect on your credit score, collateral loans are the option that many Orange County residents prefer for sourcing cash fast. To find out more about our loan process or receive an appraisal on your luxury item, visit our Tustin location or give us a call at (714) 731-9600. We would be happy to schedule an appointment for your earliest convenience. We have been serving residents for more than 25 years with 5-star customer service that leaves every patron happy and comfortable with their loan process.