How does a pawn loan work?
Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. Subject to individual state laws, a typical pawn loan may have a term length of 30 days/one month, plus a 30-day/one month grace period. If you cannot pay back your loan in full, including any applicable grace period, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full. We loan on a variety of items, including gold and diamond jewelry, firearms, electronics, musical instruments, tools, and more. Simply bring us an item of value, along with a valid photo ID and we’ll loan you cash for it.
What is an extension?
If you are unable to pay back your loan in full on its due date, you may get an extension. With an extension, you pay the interest that has accrued on your loan. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
Will I lose my merchandise?
The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited. We will also purchase your items of value if you do not want it back.
How do you determine an item’s worth?
We base pawn loan amounts on the market value, and condition of your item, and our ability to sell the item. We use the research tools we have to determine an item’s value and give you cash % of that item's value.
How do you determine the value of jewelry?
When jewelry is the collateral we test the precious metals and diamonds to determine its authenticity and worth. The diamond testing includes a visual inspection with a jeweler’s loupe, a diamond tester, weighing the item, sizing (determining the carat weight) any stones, and noting the cut/color/clarity of each – you may know this as the 4 Cs.
How do you determine the price of gold?
The price of gold is based on current market values, which is constantly changing, so we update our loan pricing regularly. Prices can vary greatly as the loan amount for 18k gold is significantly higher than that of the 10k gold.
Can you give a quote on an item over the phone?
No, we cannot give accurate quotes over the phone because we need to physically see the item and it's condition. Generally, we test each item to ensure it is in good working condition. This includes but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories and manuals are included. The better the condition of your item, the more money we can loan you.
Is my collateral safe while in pawn?
While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in a security area. Your item is safely stored here until you come back to pay your loan in full and claim your merchandise. All of our shops are fully insured for the loan value of the collateral we keep.
Are pawnshops regulated?
Yes, States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. We are subject to such laws as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer, as well as Federal Firearms Licenses for shops that deal with firearms. At the federal level, we are regulated by the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.