Online pawn shops are a means of getting cash into a company’s hands efficiently and quickly– loans typically close within 24 hours and do not require a credit check or submission of financial documents – which many small businesses find attractive.
Here’s how an online pawn transaction typically looks: First, the customer provides the pawn broker with preliminary information about their item and receives an estimate. The customer then ships their item to the pawnbroker for inspection – typically at the pawnbroker’s expense. Once the customer’s item is inspected, the pawnbroker gives a final offer. If the customer accepts the offer and signs the contract, the pawn broker sends the customer funds via bank transfer. The entire process typically takes less than 24 hours. Once the customer pays back the loan, the pawnbroker ships the item back.