Cash loans from a pawn shop offer a fast way to borrow money. But they’re also a risky way to lose something you love or need. In a pawnshop, you’re offering an item as collateral, such as jewelry, electronics or a musical instrument. The pawnbroker will appraise your items and then offer a loan amount based on their resale value, often much lower than the original price tag.

The item remains at the pawnshop until you either repay the full amount or the shop sells it. Unlike many no credit check lenders, pawnshops don’t run your credit and they won’t report unpaid loans to the credit bureaus. If you default, however, the pawnshop will sell your items and you’ll likely lose the item you pledged as collateral.

How to Get Cash Loans from a Pawn Shop

In most cases, a pawnshop will hold your item for 30 days before it is sold to pay off the loan. The store will then charge you interest on a monthly basis. Some pawnshops may let you extend the loan for an additional month or two, but it will cost you more in interest.

The best option is to find an item that you don’t mind losing, such as a collectible or an old watch. Then, simply ask a friend or family member to lend you the money. This won’t harm your credit, and it will allow you to keep your item and avoid a pawnshop loan altogether. Logan Allec is a CPA and personal finance expert who founded the website Money Done Right in 2017. His mission is to help everyone make, save and invest more money.