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What is a pawn loan?

-Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan has a term length of 90 days. If you cannot pay your loan back in full, we offer extensions to give you extra time. You may also choose to surrender your collateral as payment in full.

What is an extension/ renewal?

-If you are unable to pay back your loan in full on its due date, you may get a renewal/ extension. That means that you pay the interest that has accrued on your loan in full and the new due date is set. The principal loan amount remains the same, as does the interest rate. You may extend the length of your loan as many times as you wish.

Will I lose my goods?

-Most of our customers repay their pawn loans and pick up their items. If a customer chooses not to repay the loan, the collateral items are forfeited and are accepted as payment in full. Some customers choose to sell their unwanted items rather than get a loan.

How do you determine how much an item is worth?

-Loan amount is based on the current value of your item. Item’s condition, market value and our ability to resell the item all play a role in determining the price. Our highly trained associates will use all research tools at hand to evaluate the item’s value and get you the cash you need.

-We test all items for their performance. General merchandise is visually inspected and then tested by plugging it in and turning it on. Accessories such as remote controls and original cables all add to the value of an item. Diamonds are tested using jewelry loupe and electronic testers noting the cut/color/clarity/carat (the 4 C’s). Items in good condition usually get appraised at a higher value.

How do you determine the price of gold, silver or platinum?

-The price of commodity is based on current market values. Prices can fluctuate greatly due to unstable economy and market conditions.

Can I have more than one loan at the same time?

-Yes. You can have an unlimited number of loans with Pawn Smart at the same time.

Can you give me a quote on my item over the telephone?

-Unfortunately we cannot provide quotes over the telephone. Pawn loans are greatly based on the condition of an item which is not possible to establish over the phone. The item has to be inspected by one of our associates.

Is the information about my loan secure and confidential?

-Yes. All aspects about any transaction are confidential and secure. Pawn Smart does not share any collected information with any private parties.

Why does the loan amount differ from the retail price?

-Pawn loan standards are based on current market value for pre-owned merchandise. The loan amount we are able to give you is based on our ability to resell the item in the future if it is forfeited. Pre-owned items sell for much less than new items, therefore they are worth less as collateral. At the same time, they are priced accordingly if they become available for sale in our store. Our customers enjoy the convenience of being able to trade unwanted items for something else they need.

Is my collateral safe while in pawn?

-It is our duty to keep all items safe and in a secure area while in pawn. Since you still own the items while in pawn, it is our responsibility to keep them in good condition. All accessories brought with the item are kept together in a secure area, and will be returned when the loan is paid in full. Our pawn inventory is linked with a state of the art computer system that allows us to track all items at any given time. All items while on pawn with Pawn Smart are insured up to 3 times the loan value.

Can someone else pick up my loan?

-No. You are the only person who can pick up the loan unless you give somebody a notarized letter authorizing them to pick up the loan on your behalf.

However, anyone may make a payment on your pawn loan on your behalf as many times as needed.

Are pawnshops regulated?

-Yes. Pawnbrokers are subject to many state, federal and local laws. State and local authorities strictly regulate all aspects associated with pawn transactions.

Are pawnshops stocked with stolen merchandise?

-All items obtained by Pawn Smart are processed through an Internet-based program, where information on all pawned and sold items is shared with police departments nationwide. All items are held for 30 days before being cleared by local authorities and only then are they available for sale. Regardless of what you see on TV and in the movies, pawn shops are the worst place to get rid of stolen merchandise, and criminals know that. 

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