A pawn loan is also known as collateral loan, i.e when money is lent in exchange for any item of monetary value. Here the loan amount is based on a percentage that the item is expected to bring in a sale. The item is returned to the customer when the loan is paid in full, or can also be surrendered as a payment against the loan in which case the pawn shop takes possession of the item and sells it off.
Frequently Asked Questions
No, as pawn loans are backed by your items, not your credit history.
You can pawn or sell anything that has a resale value from – gold, silver & diamond jewelry, platinum, coins, bullion & bars, power tools, firearms, musical instruments, electronics, heavy equipment etc.
An item’s appraised based on a number of factors like condition, age & appearance, working condition, & it’s in store salability. The worth of precious metals like gold, silver, platinum etc. is determined based on the prevailing market prices.
Pawn loans in Indiana are of 30 days with an additional 60 day grace period.
You can always extend or renew the loan for another term by simply paying the interest. But in case at the end of the 90 day period you don’t wish to pay off the loan, the ownership of your merchandise will be forfeited to us in which case you are not required to do anything else.
A majority of our customers pay off their loans & redeem their items. The ownership of the merchandise remains with the customer until the loan defaults.
Yes, but only the original pledgee can pick up the merchandise.
Yes, we usually send a text reminder to all our customers when the loan has expired & you are in the grace period.
No, you can get a loan against as many items as you want.
Pawn shops have emerged as a shoppers’ paradise, since you can save upto 40% off retail prices, therefore pawn shops offer great deals.
- Just walk into either of our pawn shops with your item
- Our pawnbrokers perform an instant appraisal
- Produce a valid ID & sign the required documents
- You get swift cash
Pawning is the easiest way to borrow cash instantly & meet short term financial needs without having to go through credit checks & tedious bank loan procedures.
No as pawn shops are highly regulated & work very closely with the local & federal law enforcement officials. Our staff is specifically trained to identify stolen items & every pawn transaction is shared with the nationwide police departments.
Yes, you can either sell or get a loan on firearms since we are registered as a firearms dealer & comply with all federal regulations in this regard. We also furnish information regarding every transaction to the local lawn enforcement.