If you’re in a financial pinch, you may be considering pawning an item at Fast Loan Pawn Store to raise cash. It’s a quick solution for people who don’t have access to credit cards or loans and need money immediately. However, it’s important to understand all the fees and risks involved before deciding on a pawn shop loan. Read more ezpawn.com

Pawnshop loans differ from payday loans in that pawnbrokers typically don’t run credit checks. This makes them more accessible to borrowers who have poor or no credit, but aren’t interested in taking out a payday loan with costly APRs. Pawnshops also don’t report borrowers’ payments to credit bureaus, so a failure to pay back the loan will not impact a borrower’s credit score.

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To get a pawn shop loan, you must bring in an item that the pawnbroker deems valuable and in good condition. Its resale value determines the amount of cash you’ll receive, and pawnbrokers often offer up to 60% of its actual value. Some common pawned items include jewelry, musical instruments, tools, guns and electronics. You’ll need to be at least 18 years old and provide identification, as well as prove that you own the item you’re pawning.

Once you’ve pawned an item, the pawnbroker will hold onto it until the loan is paid back in full. If you don’t repay the loan within the payment period—usually 30 to 60 days—the pawnshop will sell your item to offset the cost of interest and fees.