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Are Pawn Loans possible online?
#1
I have totally forgotten about pawn loans. These are small-dollar loans where personal items have been provided as collateral. Usually, the loan is for 30 days and if you don't give back the money, the pawnbroker can then keep and sell your personal items.

Do you think this type of lending can be done online?
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#2
As I was reading this, I am really thinking if this will be possible. Most pawn shops are online but they still don't offer application all the way through approval done solely online. What they usually offer for now are appraisals and quotations. And then all requirements need to be submitted still in person. I don't think it wil be possible to do it all online. Just part of the process maybe.
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#3
I believe there will be technical issues in authenticating an item online, specially when you authenticate an item base by looking only on picture online. Even if your item is authentic you will still need to bring your item personally to the lender.
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#4
Pawnshops are very popular here in my country you will see them everywhere. As far as I remember there are two companies have been awarded for being the most top businesses here. They're just small time businesses before they just literally a pawnshop means just pawning pieces of jewelry but now they have lots of services offered like remittances. From being sole proprietorship they're now a top leading corporation.
About the question, if pawnshop can be done online I think yes, it's possible but only for processing their application. You still need to see the items personally to see if it's authentic or not especially in jewelry. There are lots of fake jewelry so you need to inspect it if it's pure gold, how much is the karat because that's how you're going to name the price.
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#5
Yes this is possible. But still you need to have your collateral ready for them to check and pick it up. It is not totally online but you can avoid most hassles and risk of going out and going home with your valuables in your hands for they provide pickup and delivery.
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#6
I found a few pawnshop web sites based in my country online, but they only sell the items that have already been pawned there. However I found an online pawnshop which lets you describe your item (you have to describe it in detail) and they will tell you how much it is worth. Uploading pictures of the item is also required. If you want to pawn though, you still need to visit their physical office.
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#7
I do think it can be done online ( almost anything can really ), but not in my country. I just learned that pawnshops are ILLEGAL here, so there isn't a single one in existence. Pretty stupid really, I'd far prefer that to a, say, payday loan because of lower interest rates.
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#8
I don't think so because it is very risky for pawnshop owners to do their transactions online. They are not sure whether they are transacting with a credible customer.
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#9
(01-20-2018, 04:44 PM)Michael Puttman Wrote: I have totally forgotten about pawn loans. These are small-dollar loans where personal items have been provided as collateral. Usually, the loan is for 30 days and if you don't give back the money, the pawnbroker can then keep and sell your personal items.

Do you think this type of lending can be done online
I am not sure how this could be done online, how would you provide the collateral to the lender? Would you mail it and they mail it back? I think that would not be in someones favor for sure cause more than likely one or other may not get the product. If they were to do this I think many may pawn but not actually obtain it back. How do you feel this could work?
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#10
(01-20-2018, 04:44 PM)Michael Puttman Wrote: I have totally forgotten about pawn loans. These are small-dollar loans where personal items have been provided as collateral. Usually, the loan is for 30 days and if you don't give back the money, the pawnbroker can then keep and sell your personal items.

Do you think this type of lending can be done online?

You've got me thinking. I think it's not possible to transact it online since pawning requires an item to be taken from debtor or the person who is applying for a loan. So technically, you must be physically present together with the item that you are trying to pawn. Just like in the popular show in the US titled "Pawn Stars."
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