How does a pawn loan work?
Pawn is another word for collateral loan. Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are strictly based on the value of the collateral, not your credit rating or pay schedule. In Pennsylvania the loan term is 4 months, plus a grace period. If you cannot pay back your loan in full, including the applicable grace period, we offer renewals to provide you with extra time. You may choose to surrender your collateral as payment. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principle loan amount remains the same as does the interest, and the due date is reset for the full loan term.
Why would someone go to a pawnbroker to get a loan?
Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check. There are no legal actions or consequences if the loan is not repaid. There is no threat of legal action when a customer defaults on a loan. Pawn broking imposes a discipline on the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.
Should I pawn or sell?
The decision whether to pawn or sell is entirely up to you. Your decision should be based upon whether or not you want to retain the item. When items have emotional value, using the item as collateral for a loan makes sense. The option of a collateral loan on your property is an option that isn’t provided by gold buyers and jewelry stores.
Will I lose my merchandise?
More than 90% of our customers repay their loans and retain their collateral. When the customer chooses not to repay the loan, their loan collateral is forfeited. Safe and secure. While your item is in pawn, you still retain ownership of it. Your item is fully insured and safely stored until you pay off your loan in full and claim your collateral.
How do you determine an item’s value?
We base the loan amounts on the value of the item, its current condition, and our ability to resell the item. We use a variety of resource tools to determine value and strive to get you the most money we can. We test precious metals and diamonds to determine purity and authenticity.
Are pawnshops regulated?
Yes, pawnshops are highly regulated. The Commonwealth of Pennsylvania’s Department of Banking licenses and regulates pawnshops.
Are pawnshops stocked with stolen merchandise?
Pawnshops are actually the worst place to try and turn stolen items into cash. Pawnshops are highly regulated and work closely with local and federal law enforcement officials.
What happens to the jewelry people don’t redeem?
Contrary to popular belief, more than 94% of our customers come back and redeem their items. The 6% who don’t come back supplies us with one of the best selections of jewelry for sale in Western Pennsylvania. More importantly, because our costs are so much lower than our competitors, you can find bargains on diamond rings, watches, bracelets, earrings, gold chains and more at less than half the prices charged by conventional retail jewelry stores.