Call now! (804)642-9999
Call now! (804)642-9999
Pawn loans are the quickest way to borrow money without a credit check. Loan amounts are based solely on the value of your item that is used as collateral. Subject to individual state laws, a typical pawn loan has a term length of 30 days/one month, plus a small grace period, and a pre-determined interest rate. If you cannot pay back your pawn loan in full, including any applicable interest and fees within the grace period, we offer extensions/renewals to give you extra time. To renew your loan for an additional month, you simply pay the interest that has accrued on the loan for the last month. You may also choose to surrender your collateral as payment in full. Simply bring in an item of value, along with a valid state issued ID and we’ll get you cash within minutes of your loan request.
The price of gold fluctuates much like the stock marketchanges every few seconds due to a variety of factors:
· Market speculation
· Currency valuation
· Worldwide demand
· Gold production
Our staff updates the current gold pricing each transaction using KITCO – a trusted resource for spot pricing precious metals.
We are not able to give loan quotes over the phone; however, if you are unsure about whether or not your item qualifies for a pawn you are encouraged to give us a call. We must see and test the item before giving out a quote.
Generally speaking, a pawn shop will offer between a third and a half of the amount the shop believes they can sell the item for in the current market. A pawnshop will likely pay more to purchase an item than it would offer to loan on the item (since the item can be sold quicker as the pawnbroker would have a shorter time to have to store the item) and this ensures a profit if the loan defaults. However, the pawn process varies based on the collateral presented. Collateral is researched through the internet, books, and experts, and evaluated for condition. Keep in mind any item purchased from the shop is considered is used, even if presented as new in the box. Jewelry is weighed and evaluated for its precious metal content and gemstones. The customer is then offered a loan amount based on the carat and weight of the jewelry at the current market value of gold, silver, or platinum.
Yes. Our pawnbrokers are licensed and bonded. All customer collateral is stored on site. Smaller items are placed inside large safes. Larger items are stored in designated, locked areas. We have an extensive security system in place with dozens of cameras. All of our customer's collateral is fully insured at replacement value under our insurance policy.
On average, 70 to 80% of our loans are redeemed, meaning the customer paid the loan and accrued interest and took their collateral home. Our business thrives on repeat customers.
Absolutely! Even if you have defaulted before, we will be happy to lend to you again. There is no limit to the number of loans a customer may make.
Any item of value. Some examples:
o Aerial Drones
o Bulk Gold and Silver
o Coin Collections
o Cameras
o Audio and Video Equipment
o Fine Art Pieces
o Firearms
o High-End TVs
o Jewelry (even broken)
o Laptop Computers
o Loose Diamonds
o Luxury Timepieces
o Machinery
o Musical Equipment
o Power Tools
o Rare Currency
o Sporting Goods
o Video Game Consoles
o Vintage Antiques
o Collectibles
Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well (including Gloucester). The Code of Virginia spells out the interest rates and fees we may charge. We are also subject to federal laws like 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. On a daily basis, we are required to submit a detailed listing of all items sold to the shop or brought in for a loan.
Less than one half of one percent of all loans are identified as stolen goods. Thieves and robbers are a pawnbrokers worst enemy. Pawnbrokers work closely with local law enforcement to catch and prosecute these perpetrators. A customer must provide positive identification to show evidence of the transaction and demonstrate they have the ownership of the item pledged. Pawnbrokers are trained to look for signs of stolen property to avoid these costly mistakes.
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