Pawn shop loans: How they work and what to watch out for

When you’re short on cash, pawn loans can offer a quick solution. You can put an item you already own up as collateral with a pawn shop, and the shop will loan you cash based on the value of the item, without a waiting period or credit check. When you pay the shop back (with interest), you’ll get your item back. But, like many short-term lending options, a pawn loan comes with plenty of risks. Here’s what to know before you consider a pawn shop loan for extra cash, and alternatives that may better suit y ...