Pawnshops have been around for centuries and the ability to trade valuable goods for cash is pleasing in most emergency situations. PawnGo, an internet pawnshop, has streamlined the process to invite a new customer into the loaning business - our upper class with highly valuable collectibles. Customers are presented with a unique trading experience that eliminates entering an actual pawnshop to complete an exchange. For recent customers, it has improved their sense of discretion, sensitivity of their goods, and availability of low interest loans ranging from 3% to 6%.
Potential Funding Opportunity Small business owners in need of backup funding may find this a valuable source of income by trading equipment or personal goods to acquire capital. It’s not surprise that PawnGo has loaned approximately $1.3 million before its official launch. Newcomers and startups will be able to receive loans as small as $250 to $100,000 up to six months. Natural understanding of this is very enticing if you are able to repay the loan within the given grace period. Calculate the Interest Rate How much will a short-term, low interest rate loan actually cost? Understanding the breakdown of a loan’s true value is calculated by principal (loan amount), time (months of loan), and interest rate (costs of taking out the loan). If you get a loan for $10,500 to start an online business, you will only repay $472.50 over a six month period time.
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