How Does a Pawn Work? – A pawn is another term for a collateral loan. Pawnbrokers lend money on items of value ranging from gold and diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, and more. Some pawn shops may specialize in certain items. Loans are based on the value of the collateral. When a customer pays back the loan, their merchandise is returned to them. A customer may also choose to surrender your collateral as payment in full. Pawn shops may offer extensions/renewals (where permitted by state law).

Why would someone go to a pawn broker for a loan? – Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. Pawnbroking imposes a discipline on the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.

How much should I expect for a loan on my item? – Loan amounts vary according to the value of the item. There is no minimum  or maximum dollar amount on a  pawn. Your loan amount will be determined according to other factors as well such as demand and condition of the item. Not all pawn stores are the same and price will vary.

How do you determine the item’s value? – Pawn shops base the value of the item on current appraised value, its current condition and the ability to sell the item. Pawnbrokers use research tools that they have at their disposal to determine an item’s value and get you the most money for the item. The appraisal process varies depending on the type of item—for example, jewelry is evaluated differently than a TV. All items that pawn shops buy or pawn are tested to ensure that it works properly.

How do I know items I purchase at a Pawn Shop aren’t stolen? – Less than one tenth of one percent of all pawned merchandise is identified as stolen goods. That’s because customers must provide positive identification and a complete description of the merchandise. This information is then regularly transmitted to law enforcement, which dramatically decreases the likelihood that a thief would bring stolen merchandise to a pawn store.

Are Pawn Shops Regulated? – Yes, Pawnbrokers are governed by all major federal laws that apply to entities designed as financial institutions. The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules. Pawn shops that deal in firearms are regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Pawn shops may also be Federal Firearms License holders. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well.

Down Payment:

• Minimum down payment: 10% of the total sale amount plus layaway fee (The Layaway fee is collected at the time of the down payment)

Fee:

• $5.00 for total sale amount up to $99.99
• $10.00 for total sale amount of $100.00 or more

Bi-Weekly Payments:

• ALL Lay-a-Way plan require a payment every two weeks

Available Terms

• Up to $249.99 = up to 90-days term
• $250.00-$499.99 = up to 120-days term
• $500.00-$1,499.99 = up to 150-day term
• $1500.00+ = up to 180-day term

Cancelation of Lay-A-Way

• Restocking fee of $10 or 10% of the purchase price (whichever is greater).
• Forfeit Lay-A-Way fee
• No cash refunds-store credit only which expires 6 months from date issued

MORE INFO >

How to test Gold at Home? – If there is no karat marking or you’re not sure whether an item is made from real gold or has been plated, there are a few simple at-home tests you can do to find out.

• Rub the item against a piece of unglazed porcelain. If it leaves a black streak, the item is most likely made from pyrite (“fool’s gold”) rather than real gold. If the streak is gold-colored, it is made from real gold.
• Hold a magnet above the gold item. Gold is not magnetic, so if your item is attracted to the magnet, there are significant impurities in the metal. The low purity also tells you it’s not likely to have a very high karat value or be gold at all.
• If the item passes these two tests, you may choose to purchase a home gold testing solution from a store. These can help you get a more accurate idea of how pure the gold material is.

Keep in mind that even commercial home testing solutions are only rough field tests and cannot tell you the exact composition of your gold items. The only way you can be certain of an item’s purity and value is to have it assessed by a professional with access to proper equipment. 

How do I know what my Gold is worth? – Determine your gold’s weight and karat value. The purity of gold is known as “karat,” and most items fall under the following karat value:

• 24k: 99% purity 
• 22k: 91.7% purity 
• 18k: 75% purity
• 14k: 58.33% pure gold
• 10k: 41.67% pure
• 8k: 33.37% pure

Our offers are based on the purity (karat) and weight of the precious metal and the spot price of the precious metal the day of the evaluation. 

We are a family-owned establishment with deep roots in the Greenwood community. Please stop by our store anytime!