How does a pawn work?
Pawn loans are a quick and easy and confidential way to borrow money without a credit check or hassle. Loans are based on the value of your item or items, not your credit rating or pay schedule. I Illinois, a typical pawn loan has a term length of 30 days, plus a 30-day grace period. If you cannot pay back your pawn loan in full within 30 days simply pay the fee and we will renew your loan. You may also choose to forfeit your collateral as payment in full.
What is a renewal / extension?
If you are unable to pay back your pawn loan in full on its due date, you may pay the finance fee on your loan and extend your loan for an additional 30 days from the date on your Pawn contract.
Will I lose my merchandise?
The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited and the loan is canceled. This will NOT have any effect on your Credit.
How are values determined?
We base pawn loan amounts on the value of your item—its current appraised value, its current condition and our ability to sell the item. We use several different tools to determine an item’s value and get you the most money we can.
The condition of an item is always taken into account during the appraisal process for a pawn loan. If one 55-inch television comes in that is in perfect condition and one 55-inch television comes in with a crack in the case, we will loan more on the TV that’s in better condition. If one comes in that is 6 months old it will have more value than one that is 2 years old.
When you bring in your item you wish to pawn, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories (such as remote controls) and manuals are included we also note any defects your item might have.
The better the condition of your item, the more money we can loan you. This is true for any collateral.
How do you determine the value of jewelry?
When jewelry is the collateral for a pawn loan, we test the precious metals and diamonds to determine its worth.
The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each.
In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.
How do you determine the price of gold?
The price of gold is based on world gold market. These values are changing Daily. While the gold market is a major factor we also consider if the item has resale value or if it simply going to be sent to our refiner.
Can you give a quote on an item over the phone?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item. It is impossible for us to give an accurate quote without the item being present. There are variables such as make, model, age condition and salability.
Are my items safe while in pawn?
While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we place it in a sealed container when possible and place it in a secure area. Those items that are too large for container are labeled and placed on shelves in our secured area. All firearms are either in our vault or secured cage. We have 24 hour security throughout our building. We are fully insured for the loan value of the collateral we keep.
Are Pawn Shops regulate?
Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. We are subject to such federal laws as the Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer, as well as Federal Firearms Licenses. At the federal level, we are regulated by the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.
Can I pawn a gun?
Yes. We accept firearms as collateral for pawn loans and sell firearms. We are registered as a Federal firearms dealer and must comply with all federal regulations.
Are pawnshops stocked with stolen merchandise?
Less than 1 percent of items are identified as stolen goods.
Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property. Every pawn transaction is shared with The McDonough County Sherriff’s Dept on a daily basis as required by State Law.