Short Term Collateral Loans
Short on cash?
Unexpected expenses happen. Even expected expenses can turn out to be more than you bargained for. Bottom line: you need money, and you need it now. Bonded Loan Office is here to help you tackle those expenses through short-term collateral loans.
What exactly is a short term collateral loan?
These are also known as “pawn loans.” To obtain a loan, you first bring in an item of value, called collateral. We appraise the item to determine it’s current market value, which is the dollar amount the item can actually be sold for in the current market. The value of the loan we’re able to offer you is a percentage of the market value we appraise the item to be worth. The percent depends on the item and the marketability of the item.
So, what exactly is the loan process?
If you choose to take out a short term collateral loan, we’ll loan you the amount agreed upon for a period of 30 days plus the interest charged on the initial loan (the principal). You’re welcome to come in at any time within that 30 day period to pay back the loan principal plus accrued interest and pick up your property.
Need more than 30 days to pay back your loan? Not a problem. Just come in and pay down the interest accrued in the last 30 days, and we’ll extend your loan an additional 30 days at the same interest rate.
Will my property be safe?
Absolutely! At Bonded Loan Office your property is secure and insured while in our care. We return it to you in the same condition it was when you brought it in.