Pawn loans are gaining in popularity over the last several years in large part to the increased exposure of TV pawn reality shows. It has brought more attention and with it curiosity about pawn loans and collateral loans. A pawn loan is a non-recourse loan that is based entirely on collateral. Typically there are no credit checks, employment verifications, or review of past defaults. The transactions won’t affect a borrower’s credit and there is no chance of being sent to collections if the borrower chooses to default. The loans are regulated by federal, state, and local laws, and there is an option to extend if a borrower requires more time to pay the loan in full and redeem. If they choose not to re-pay the loan – the only loss is the pawned collateral. If your interested in a pawn loan give us a call at Folmar’s Gun & Pawn at 850-224-6836.