Collateral Loan

Nervous About Obtaining a Pawn Loan? Read this First.

Nervous About Obtaining a Pawn Loan? Read this First.
Comments Off on Nervous About Obtaining a Pawn Loan? Read this First.

While the recent success of TV shows like Pawn Stars and Hardcore Pawn have brought the pawnbroking world into the mainstream, many people still associate pawnshops with stolen goods or greedy shoppers. This couldn’t be further from the truth. In fact, pawnshops are licensed by federal, state, and local law; these highly regulated businesses offer a great option for customers that may not have the best credit or require privacy that a bank is unable to provide.

Pawn loans are non-recourse, which means that no pawnbroker can demand repayment of funds advanced to the borrower. If for some reason a borrower is not able to pay back the loan, the only thing that she would lose is the collateral.  There is also no reporting to consumer credit agencies.

According to the FDIC, about 7.4% of all U.S. households, or around 23 million Americans, have utilized pawnshop services. Many pawnshop consumers may not want to admit they’ve visited a pawnshop, but it’s obvious there are many Americans who have taken advantage of the opportunity to obtain a quick collateral loan.

So what sets Beverly Loan Company, and its sister store New York Loan Company, apart from the 8,600 other pawnbrokers in the Country? Beverly Loan Company does not make loans on electronics or appliances, and instead focuses on jewelry, diamonds, watches, contemporary art, and one-of-a-kind sports and entertainment memorabilia. As a luxury pawnshop their average pawn loan is significantly higher than the national average of $150.

Beverly Loan stores loans in bank vault security to secure clients collateral, guarantees strict confidentiality, conducts business in private offices, employs GIA certified Graduate Gemologists, and always has personal service to help guide clients through the loan process.

The private offices at Beverly Loan are located in the Bank of America building in the heart of Beverly Hills. Beverly Loan was the very first pawnshop in the famous zip code, and it’s where they’ve resided for over 75 years. BLC is a family business that is now run by Jordan Tabach-Bank, the grandson of founder Louis Zimmelman. Jordan also sits on the Board of Directors of the National Pawnbrokers Association and is active member of CLANY – Collateral Lenders Association of New York.

If you’re hesitant about walking into a pawnshop for the first time, consider walking into Beverly Loan Company. Loan officers are always available by phone (310-275-2555) or email (info@beverlyloan.com) or visit the office at 9440 Santa Monica Blvd #301 Beverly Hills, CA 90210.

 

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