How does a pawn loan work?
A pawn loan is a traditional cash loan in which the customer (borrower) uses his or her property as collateral for a cash loan. All loans are based on 30 day increments and can be extended if needed by the borrower. The pawn loan is similar to a traditional bank loan in that the customer owes a debt (principle plus interest) to the store (lendor). However, unlike a traditional bank loan, failure to pay back the loan and interest (defaulting) does not affect the customer’s credit rating in anyway. Upon default, the property pledged becomes the property of the lendor (store).
What is an extension?
All loans are based on 30 day increments and begin on the day the loan is made. When a customer wants to extend their loan an additional 30 days they may choose to pay only the interest due on their loan. By extending (also know as “renewing”) their loan, their item is secured for an additional 30 days.
Will I lose my item?
When a loan is delinquent (not paid) for 30 days or more, the pledged item may become the property of the lender. It will be removed from pawn and placed for sale either on our sales floor or online. Please note, some states allow an additional grace period. Check with your store for more details.
How do you determine the value of an item?
Our employees use various assessment methods to determine what the item is selling for and offer up to 50% of the determined fair market value of the item (more or less depending on the demand of the item). The condition of the item also is considered.
How do you determine the value of jewelry?
The value of jewelry is based on authenticity, weight, karat, and grade of stones. When applicable, brand is taken into consideration as well (Rolex, Tiffany’s, Tag Heuer, etc.).
Do you give quotes over the phone?
We do not give price quotes over the phone. We can give a general idea of what we may offer on an item, but we cannot give a quote on any item which we have not physically seen. For your convenience, we offer online appraisals for larger items or high value items.