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How Secure Loans are Better
than Pawn Shop Loans?


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In this episode of Money Creation Explained we are going to cover How Secure Loans are Better than Pawn Shop Loans.

Most people are familiar with Pawn Shops. One way that Pawn Shops make money is by offering cash loans for valuables. A typical situation is that someone needs money now and their next paycheck could be a week away or they have bills that are due now or will be past-due soon. They go into their local Pawn Shop with their valuable item or it might have sentimental value like a family heirloom. The appeal of the Pawn Shop loan is that is a fast and easy option to get money that same day, with no credit check and it does not matter if they have a low credit score because the loan is based on the item that they bring in. Also there are no credit consequences if the loan if not paid back. Their credit score will not suffer and no debt collectors will come after the person.

An example transaction is as follows: you bring in an item of value to the pawnshop and it is worth $1,000. The pawnbroker offers you a loan that is typically 25% of its resale value ($250) with a financing fee of usually between 10% - 25% each month (which translates to around 200% APR). You usually have 1- 3 months to pay back the loan depending on that particular Pawn Shop. If you do not repay loan on time, the pawn shop can sell the item for its full value and you will not get reimbursed if your item sold for more than the loan amount.

An alternative solution would be Secure Loans which is a service offered by IOU Notes. It allows users to leverage their own funds to obtain small loans for personal and business use as needed and never pay more than 5% interest per year on those funds. Using our service a user can have a dependable emergency loan option, help build or rebuild their credit, budget their money better, and stop paying high interest fees from other loans. This service was created because of the need for affordable small loans.

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