It’s about giving people choices. Real-time access to money is important and Bancless is a very low cost, quick and simple way to get collateral loans of almost any size.
Phoenix, AZ (PRWEB) October 11, 2013
Bancless Loans, with two branches already in North Phoenix, has announced its intention to open a third location in the first quarter of 2014. At a time when Banks are tighter about lending money and when people are concerned about the effect loans can have on their FICO score, the Phoenix-based enterprise provides a very viable alternative.
Company president Howard Taylor began his growing Valley business with a simple idea: Provide people with a way to use their valuable assets to get affordable quick loans. He also saw an opportunity for innovation in the pawn industry.
Currently, 85-90 percent of the people who use the company’s services are people who are already familiar with using pawnshops.
“Those people are coming to us because we’re cheaper than our competition,” Taylor says. “We’re the only ones who put our rates up where you can see them. And we offer discounts that others don’t.”
According to Taylor, a former restaurateur and high-volume stock trader, his experience outside the pawn industry allowed him to look at the business with fresh eyes. In his view, Bancless is an innovation—a pawnshop for people who have never considered using their assets for short term loans. He points out that many people are simply looking for a way to convert valued assets into cash easily, quickly and affordably and aren’t concerned about finding items for sale.
Unlike a bank, though, they can immediately valuate gold, silver, jewelry and other assets and offer a loan based on the value of the asset, not a customer’s past credit history. A customer who needs cash right away can deposit a valued item at a Bancless branch and walk out immediately with cash in hand at lower interest than a bank would charge and with no credit check.
“It’s about giving people choices.” Taylor says. “Real-time access to money is important and Bancless is a very low cost, quick and simple way to get collateral loans of almost any size.”