How Do Pawn Shops Work?

You can get a quick loan from a pawn shop by bringing in a form of collateral with equal value. There’s no credit check involved, and you usually have a timeframe of 30 days followed by a 30-day grace period to pay the loan back. If it’s paid back before the end of the grace period, you get your collateral back. If the loan isn’t paid back, you can work with the pawn shop to get extra time or forfeit your collateral.

It won’t affect your credit score at all. We give loans based only on the collateral you bring, not your credit score. There is also no payment plan for repaying the loan.

No. Generally, all the information pawn shops need can be found on your driver’s license.

You must be at least 18 years old and possess a form of legal identification.

Pawn shops are able to accept a wide variety of items as collateral, but items like guns, jewelry, instruments, electronics, gold, or tools are always popular for buyers and are likely to be accepted by pawn shops as collateral. There are, however, some restrictions based on size and what’s already in the inventory.

Yes, you can pawn a gun with us because we are a registered firearms dealer. We comply with all federal regulations.

Absolutely. You can always sell your merchandise to us to begin with if you don’t plan on picking up your collateral. The amount of money you receive for selling your item will be the same as the amount you’d receive if you’d pawned it.

We consider factors such as the item’s condition, its value, and how likely we are to sell it should you end up forfeiting it. You can be sure that we will try to get you the most money possible while being able to pay for the cost of doing business, which includes insurance, storage, and more.

Yes. We aren’t able to give quotes remotely, either over the phone or virtually, because the condition of the item will greatly affect the loan amount.

A renewal is a way to help you get back on track with payments if you don’t pay the loan back in full by the end of the grace period. If you’re unable to pay the loan back in full, a renewal allows you to pay off the interest that accrued before a new term begins. When the new term begins, the principal amount and the interest rate will remain the same. You will be given a new date to pay back the loan.

You will forfeit the merchandise you brought as collateral if you don’t pay back the loan. However, it’s more often the case that customers are able to make the payment and pick up their merchandise.

Our pawn shop will safely and securely store your merchandise during the loan term. When you come back to pay the loan in full and pick up your merchandise, we will have it in the same condition it was in when you dropped it off.

Pawn shops are regulated at the federal level and, in many cases, the state level. The federal regulations that apply to pawn shops and firearms dealers include:

● Truth In Lending Act
● Federal Firearms Licenses
● Fair Credit Reporting Act
● Patriot Act
● Federal Trade Commission Rules on Data Privacy and Security Transfer
● Equal Credit Opportunity Act

Pawn shops are also regulated at the federal level by the Treasury Department, the Federal Trade Commission, and the Bureau of Alcohol, Tobacco, Firearms and Explosives.