If you have something to offer a pawn shop, you can get a quick loan based on its worth. Here’s how it works: You bring in an item of value, such as jewelry, electronics, or tools. The pawnbroker appraises the item and offers you cash. If you repay the loan within a set time (typically 30 days) plus interest, you get your item back. If you don’t, the pawnshop keeps the item and sells it. It’s a simple system that’s been around for ages.

The good news: secure pawn shop loans usually don’t do a credit check and won’t report a default to the credit bureaus. So a pawnshop loan may make sense in a pinch if you have poor credit and can’t qualify for a personal loan or bank account. But it’s important to weigh the pros and cons of this type of debt before making a decision.

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One risk is that you may pawn items of sentimental value that you might regret losing. To avoid this, make sure you pawn only what you need and can realistically afford to pay back within the loan’s term. Adding the repayment amount to your budget can help you stay on track when the due date approaches.