How Old Do You Have to Be to Get a Loan from a Los Angeles Pawnbroker?

Los Angeles Pawnbroker

Pawn shops in Los Angeles can be hugely beneficial to people for a number of different reasons. They give you an opportunity to find a bargain item that might be much more expensive in other first-hand stores, they provide a red tape and hassle-free way to sell unwanted possessions in order to make some quick cash, and, perhaps most importantly, they can also offer loans that can boost your finances without having to undergo all of the extensive conditions and requirements of a bank. With this in mind, here is some information about a key question, how old do you have to be to get a loan from a Los Angeles pawnbroker?

Los Angeles Pawnbroker

You Need To Be 18 Years Old

In keeping with pretty much all adult age restrictions across the country, you need to be at least 18 years of age in order to be able to qualify for a loan from a pawn shop. Here are some of the factors that make this a strict rule that cannot be bent for anybody in any situation:

  • In the United States, a person classed as a minor is not allowed to sign any kind of document that can be used as a legally binding contract, and in order for pawn shop loan deals to be above board and certified, a legally binding contract needs to be put into place. Obviously, this eliminates minors from being able to participate in such a transaction.
  • If a minor were to sign any such contract that needed to be legally binding, upon the discovery of true age that contract would automatically become null and void. Though this might seem like an unfair restriction to somebody who is only a few months or weeks away from turning 18, the laws are in place in order to prevent younger teens and children from being taken advantage of.
  • Should a pawnbroker be discovered to be offering such loan services to customers who are underage, they will run the risk of losing their operating license.
  • There are, of course, loopholes that people often try in order to circumvent this age restriction. For example, a teen may get an older friend or family member to try to secure their finances under their name instead, and these can be tricky situations for pawnbrokers if they suspect that that is what is happening. A pawnbroker has the right to refuse to do business with any young person who cannot provide proof of age, or any person who they suspect is covering for an underage associate.

If you are interested in taking up a loan with a Los Angeles pawnbroker and you meet the required age, then don’t hesitate to browse the LA Loan Company website for more information on the topic.  You will find all of the answers to any questions that you might have relating to pawn shops and their loan systems. We look forward to being able to help you out when you are in a financial pinch!