What do we pawn?
Need some quick cash? If you have an attic or basement full of stuff that has value but is only gathering dust, you might want to consider heading to our pawnshop. We pawn any valuable item that has a good condition. ( e.g. jewelry, electronics, household items, collectibles, etc. )
How does it work?
- Pawnshops offer collateral-based loans -- meaning the loan is secured by something of value. You take in something you own, and if the pawnbroker is interested, he will offer you a loan. The pawnbroker then keeps your item until you repay the loan. The loan amount will likely be a small fraction of the item's actual value.
- You can sell your item to the pawnshop outright if you choose to.
- You must receive a pawn ticket which you will have to keep as proof of the transaction in case you wish to take back your item. Apart from being the only receipt of the item, it summarizes the terms of your loan such as fees, description, expiration date, etc.
You have 2 choices for repayment:
- Return to pay the balance, including the loan amount plus all added fees, before the deadline, which is set by the pawnbroker in order to redeem your item.
- Don't return and the pawnshop keeps your item. Aside from losing your item, there are no other consequences.
After receiving a loan in exchange for your item, the pawn broker assumes fees for keeping your valuables meaning that the longer you wait before returning the loan, the more money you'll have to pay back over the initial loan in order to take your item back.