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General    Jewelry   Interest




What is a pawn loan?
A pawn is a short-term loan given by a pawn shop against an item left as collateral. When you repay the pawn loan with interest your item can be retrieved.
How much does a pawn loan cost?

Pawn loan interest ranges from about 3-25% per month depending on the state you are in. Some pawn shops offer interest promotions as low as 0%. Check pawn loan interest rates by state with our pawn loan interest calculator.

If I lose my item can I buy it back?

Yes. Most pawn shops will sell you back the item if you act fast. The pawn shop will likely try and sell your item as soon as the pawn loan is forfeited.

Do pawn shops trade jewelry?

Yes some pawn shops trade items. They may want you to sell it first to get store credit. Inform the pawnbroker that you intend to purchase an item to increase the offer for the item you bring.

Do pawn shops offer military discounts on loans?

Yes. Most pawn shops offer MLA loans, capped at a 36% annual interest rate.

What's more expensive.. a pawn loan or a payday loan?

A payday loan is more expensive than a pawn loan. Payday loans usually cost 40-$50 within two weeks when you borrow about $250. Pawn loan interest rates can be as low as 0% and usually range from 3-25% per month.

Do I need good credit to get a pawn loan?

No. You do not need good credit to get a pawn loan. The loan is backed by the collateral you leave behind. If you don’t pay back a pawn shop keeps your item for resale. No information about the transaction is submitted to credit bureaus.

Does my item need a serial number?

If your item comes with a serial number, yes. Pawning jewelry does not require a serial number. Most hard good items are manufactured with a serial number. Any evidence of tampering and the pawn shop cannot and should not take it in as collateral.

How much will a pawn shop give me?
Can you extend a pawn loan?

Yes. Pawn loans can be extended. You will have to pay renewal fees, usually the amount of the interest, to get more time.

What do I need to pawn something?

All you need is a valid I.D. and collateral. It’s that easy. No credit check required as the loan is backed by your collateral.

What forms of ID do pawn shops accept?

The best form of I.D. is an identification issued by your state. Federal I.D.’s like a U.S. Passport or Resident Alien card also work. Some pawn shops take foreign passports and other forms of I.D.. Find a local pawn shop and ask.

Is pawning a good idea?

Yes. If you understand the terms of the loan and how a pawn loan works. A better option may be to liquidate your items of value.

Can I pawn multiple items?

Yes. You can get multiple pawn loans the same day. A different contract will be written for each item you bring.

Can I make partial payment stowards my pawn loan?

In most cases you can’t. There are few states that allow partial payments towards your pawn loan. Check your state law and with your local pawn shop.

Can I sell an item currently pawned?

Not really. In most cases the pawn shop will need for you to redeem the item before they are able to buy it from you. But contact a local pawn shop and ask what they can do for you.

Can I transfer a pawn loan to someone else?

In most cases you can. Read the fine print on your pawn loan contract. There may be a place to endorse the contract to someone else.

How do I know I'm not getting low-balled?

Use pawnoffer.com’s pawn loan calculator to get a good idea instantly of what a pawn shop should lend you. Pawn shops generally lend 25-50% of your item’s used re-sale value, and 60-80% of jewelry’s wholesale value.

Is there a storage fee?

Yes. Depending on the size of your item, pawn shops can charge a storage fee due when you pay-off your loan. Small items like jewelry may not carry a storage fee depending on store policy.

What can I use as collateral at a pawn shop?

You can use almost anything of value. Popular items are jewelry, gold, diamonds, and electronics.

How to know what pawn shops you can trust?

Find pawn shops that are members of your state’s pawnbroker association and of the National Pawnbrokers Association (NPA).

Can you buy something at a good deal at a pawn shop?

Yes. If you don’t need to borrow money, you can make great purchases at a pawn shop for considerably less than other retailers. Some pawn shops will negotiate. Ask your local store for deals.

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