Managing a budget is one among many firsts young adults experience when leaving the security of home. If and when unexpected emergencies arise, many college students are likely to feel like they’ve been thrown into the deep end of the financial pool. They must become first class problem solvers and find a way to make some cash, and fast! Banks don’t offer small loans, and parents are already tapped out providing financial support for post-secondary education. So, what are the options?
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To make a quick buck, undergrads can pick up an odd job, or sell items like used textbooks, old video game accounts or even blood plasma. Other options are to take on a roommate, or rent out spare camping gear or sports equipment. However, if you’re short on cash and hours, pawning items you already own, like a camera, guitar or laptop, will save you tons of hassle and time.
Suffolk Pawn has been a mainstay in Boston’s historic south end since 1910, and has been helping friends and neighbors out with small, short-term pawn loans for generations.
Getting a pawn loan is quick and easy—perfect for students because there is no credit check or verification of employment status. The amount of the loan is based on the value of the item pawned, and within minutes, you’ll have cash in hand. We then safely store your item in a secure vault until you come back for it, and repay the original loan plus interest. The typical loan amount is around $150, and is written for four months. If you can’t repay the loan by the maturation date, current interest can be paid and the loan can be rewritten. Should the loan end in default, the item then becomes the property of Suffolk Pawn and can be sold to the public after a small grace period. Defaulting on a pawn loan never affects a credit score, so it’s definitely a win-win! Need more info? Click here to read How The Pawn Process Works from A to Z.
So, when things get tight, don’t panic! Come on down and talk to the friendly crew at Suffolk Pawn. We’ll help keep you afloat.