Frequently Asked Questions
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+ How does a pawn loan work?
Pawn loans are a quick and easy way to borrow money without a credit check. Loans are based on the value of your collateral, not your credit rating or payment schedule. A typical pawn loan has a term length of 30 days, plus a 30 day grace period. If you cannot pay back your pawn loan in full by the end of the provided grace period, we may be able to offer renewal to give you the extra time you need. You may also choose to forfeit your collateral as payment in full.
+ Is my bank information required to take out a pawn loan?
No, We do not require any information other than what is found on your driver's license.
+ Will defaulting on a pawn loan affect my credit?
No, We do not report to credit bureaus and do not even require your social security number. We loan cash based upon your collateral, not your credit.
+ What is the minimum age required to pawn merchandise?
Customers must be at least 18 years of age and possess legal identification.
+ What types of items can I use to get a pawn loan?
We will accept most all merchandise of value, however, we are sometimes limited due to excess inventory and/or size restrictions. The most popular items include guns, gold, jewelry, electronics, musical instruments, and tools.
+ Can I pawn a gun?
Yes, We accept firearms as collateral for pawn loans and also sell firearms. We are a registered firearms dealer and must comply with all federal regulations.
+ Can I sell my item instead of taking out a loan?
Yes, If you do not plan on picking up your merchandise, we would prefer you to sell it to us.
+ Which gets me more money, Pawning or Selling?
The value of your merchandise is the same for either transaction.
+ How much are the interest charges?
Interest varies depending on the amount you borrow. In most cases our monthly interest charge is less than a bank overdraft fees or returned check charges.
+ What is a renewal?
If you are unable to pay back your pawn loan in full on its due date, you may get a renewal. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn 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?
Most customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited.
+ How do you determine an item's value?
The value of your merchandise is based on its current appraised value, its current condition, and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money possible. We offer you as much as we can while still allowing room to pay for the cost of storage, insurance and other costs of doing business.
+ Can you give a quote on an item over the phone?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item.
+ Is my collateral safe while in pawn?
While your merchandise is in pawn, you still own it, and we will keep it safe and in good condition while in our care. Your items are safely stored here until you come back to pay your pawn loan in full and claim your merchandise.
+ 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 federal laws as the 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. At the federal level, we are regulated by the Federal Trade Commission, Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Treasury Department.