HOW DOES A PAWN LOAN WORK?
Pawn loans are loans in which you “PAWN” a personal item in exchange for an amount of money for a specified period of time (usually 30 days but can vary by state). Your item(s) serve as guarantee for the money borrowed. On your due date you have the option to pay your loan in full and redeem your item(s); or you may choose to extend the loan (if applicable) by simply paying the interest/fees due.
For example: You can bring an item of gold worth $500 but only need a $50 loan. We will hold your item and lend you the $50 which the interest per month will be $12.50. You can redeem your item for a total of 50.00 + 12.50 = $62.50 and your item will be returned to you, OR you can just pay the interest of $12.50 and we will hold your item and extend the loan another 30 days till you can pay the principal amount plus interest. During that time, your item will be kept in a secured vault. There’s no need to go to your local bank for an extensive credit check. Come visit us at Prestige Pawn & Jewelry for our easy and reliable services!
Frequently Asked Questions
WHAT IS AN EXTENSION?
WHAT IS AN EXTENSION?If you can’t pay back your loan on its due date, you may be eligible to extend the principal amount by paying the interest charge.
WILL I LOSE MY ITEM?
If you choose to not pay your loan in full or extend the loan, you will forfeit your item. At this time your item will become the property of Prestige Pawn.
HOW DO YOU DETERMINE THE VALUE OF AN ITEM?
We will assess and evaluate each item based on condition and the current market for the item.
HOW DO YOU DETERMINE THE CONDITION OF AN ITEM?
A physical assessment of the functionality and appearance of the item will be performed. Items will be tested to ensure that they work properly. If an item is damaged it is worth less than something that looks like new. It helps if accessories like game controllers, remote controls, manuals, the original box, etc. can be brought in but it is not required.
HOW DO YOU DETERMINE THE VALUE OF JEWELRY?
We will perform a test to determine the authenticity of each jewelry piece and weigh it to correctly determine its value. We will also evaluate diamonds for authenticity and determine the size and value of each stone to help get you the money you need.
CAN YOU GIVE ME A QUOTE OVER THE PHONE?
We can give you an approximate value over the phone. However, to give you the best idea of what we will be able to loan, we need to see the item. The physical condition of an item is an important part of determining the value. We also need to test the item to make sure it works properly.
WHY IS THE LOAN AMOUNT DIFFERENT FROM
THE SELLING PRICE AT A RETAIL STORE?
The value of your item is based on market value not of the price of the item when it is new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price—and our ability to sell the item.
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.
IS MY ITEM SAFE WHILE IN PAWN?
Your item will be kept in a safe and secure area at all times. All of our stores are fully insured for the loan value of the items we keep.
ARE THERE ITEMS THAT PRESTIGE PAWN WILL NOT ACCEPT?
There are items that Prestige Pawn may not accept based on used market price. Please call the store for more details.
