Denver, Colorado-based Internet Pawn, which said it is creating the first dedicated online pawn shop nationwide, recently announced it raised $1.5 million in its first round of venture funding from Daylight Partners and Access Ventures, reports Reuters.

The company offers pawn loans – cash advances based on the collateral of customers’ assets – at no interest due for six months and loan costs 60 percent less than traditional brick-and-mortar pawn shops, according to Mountain, who said the online pawn shop will prove to be an alternative for the millions of U.S. residents who currently utilize pawn services to meet their short-term cash needs.

Photo by Internet Pawn.