What is pawning & how does it work?
Is a credit check required for pawning? Is any reporting done to credit rating agencies?
What all items can be pawned or sold at a pawn shop?
Do pawn shops take old & broken jewelry?
How do you appraise an item & determine its value?
What is the maximum period for a pawn loan?
What happens if I am unable to pay the pawn loan?
Is my item put for sale when I pawn it?
Can someone else make a payment for my pawn loan or pick up my item?
How can I pay for purchases & loans at a pawn shop?
Do you inform the customers about the expire of their loans?
How many items can I pawn & how much can I borrow?
Are loan transactions secure & confidential?
How is buying at a pawn shop better than buying from a retail store?
Why should I get a pawn loan?
What is the pawning procedure?
Are stolen goods sold in pawn shops?
What is pawning & how does it work?
Pawning is the quickest and the easiest way to borrow money without the hassles of credit checks and lengthy loan applications. Pawning is where you get a cash loan against an item, and the pawn broker stores the item with them unless you pay the total loan amount along with any applicable interest & fees or the pawn contract defaults.
Is a credit check required for pawning? Is any reporting done to credit rating agencies?
No, as pawn loans are based on the value of your collateral items & not your credit rating.
What all items can be pawned or sold at a pawn shop?
We typically accept anything that has a resale value like – gold, silver & diamonds, platinum, jewelry; coins, bullion; luxury watches; guitars & musical instruments; electronic items like TVs, cameras, music systems, phones, laptops, play stations; collectibles & paintings ; sports equipment; power tools etc.
Do pawn shops take old & broken jewelry?
Yes, no matter what condition your jewelry is in, precious metals still hold their worth which depends on the prevailing market rates.
How do you appraise an item & determine its value?
The value of the item is determined based on its age, current working condition, appearance, missing parts or documentation, and it’s in store demand & salability. The value of precious metals is deduced through the prevailing market prices.
What is the maximum period for a pawn loan?
Pawn loans in the State of Alabama are for 30 days with an additional 30-day grace period.
What happens if I am unable to pay the pawn loan?
Your loan can be renewed for another 30 days by just paying the convenience fee. It’s advisable to discuss with us in such cases so that we can work out any alternatives. In case you still don’t wish to pay and redeem your item, you can let the loan term expire and the pawn shop will take legal possession of the item and sell it off
Is my item put for sale when I pawn it?
No, the ownership remains with the customer until the pawn loan expires. Your item is placed for sale only in case you fail to renew the loan or pay it in full within the loan term and any applicable grace period.
Can someone else make a payment for my pawn loan or pick up my item?
Yes, anyone can make a payment for your loan. Only the original pledgee or a person with the original pawn receipt (and a Government issued Photo ID) is allowed to pick up the item.
How can I pay for purchases & loans at a pawn shop?
Pawn loans can be paid through debit cards & cash, however you can pay for purchases through cash & both debit & credit cards.
Do you inform the customers about the expire of their loans?
Yes, we inform our customers through text and phone calls when the loan has expired & you are in the grace period.
How many items can I pawn & how much can I borrow?
You can pawn as many items as you wish and borrow as much cash as you need.
Are loan transactions secure & confidential?
Yes, as pawn shops are highly regulated on a local, state and federal level.
How is buying at a pawn shop better than buying from a retail store?
At pawn shops, one gets merchandise at about one third or even half the prices as compared to the retail stores.
Why should I get a pawn loan?
Procuring a pawn loan is the easiest way to meet short terms financial needs without the hassle of credit checks and lengthy loan applications and bank procedures. A pawn loan can be acquired within minutes.
What is the pawning procedure?
- You bring your item to our pawn shop
- Our experts do an on the spot appraisal & inform you about the allowable loan amount
- You produce a valid ID.
- Sign the required documents
- You get instant cash
Are stolen goods sold in pawn shops?
No, pawn shops are highly regulated and work very closely with the local law enforcement officials. In fact, pawn shops are the most dangerous places for getting rid of stolen items. Pawn brokers are highly trained in order to identify stolen items & are always on the lookout for the same. Overall, less than 1/10 of 1% of the items are identified as stolen goods.