Everyone runs into too much month at the end of their money.
Collateral loans provide the cash you need today!
Loan Questions and Answers
Q: “How does it work?”
A: Pawn King provides 30 day collateral loans with an additional 60 day grace period. This means that once we loan you money you have 90 days total to repay the loan and any finance charges.
Q: “What are finance charges?”
A: The finance charges are interest fees in exchange for the loan services we provide. 23% of the total on most loans, but they drop down to 15% on loans exceeding $1000.00.
Q: “How do the finance charges work? “
A: The first month of interest Is automatic, for example: If we loan you $100.00 the interest charges would amount to 23% or $23.00 in addition to the principle of the loan, so $123.00 to retrieve your item any time in the first 30 days. On the second month your item is with us another 23% interest charge is applied automatically. In the last month the interest charges are prorated daily, meaning that each day you loan will accumulate 1/30th of the finance charge each day it is with us.
Q: “When do I pay the finance charges?”
A: You can wait the whole 90 days before paying on the accumulated interest, although we do not recommend it. If you are unable to pick up your loan in the first 30 days you can always step into the store, or use our app to pay each month. Paying the monthly charges keeps your loan from accumulating too much, but it also extends the loan another month. In this way you can always buy more time to get your valuables back.
Q: “Can I use my credit or debit card to pay for the charges on my loan?”
A: Unfortunately we can only take cash to pay for the charges and retrieval of your loan. You can also download our app, and make payments and manage your account on the go.
Q: “Can I pay into the principal of my loan?”
A: Yes! Any time that you can pay all of the accumulated interest on your loan we can apply anything extra towards the principal. This is called a loan renewal, after all accumulated finance charges are paid we can rewrite your loan at a lesser amount, making it a new loan and restarting a new 90 loan period.
Q: “What happens to my property while it is in loan? Is it on the sales floor?”
A: Your valuable merchandise is securely stored in our climate controlled warehouse for the duration of your loan period, and is kept under 24 hour video surveillance.
Q: “What happens to my loan if I don’t pay it back within the 90 days?”
A: After 90 days without payments the loan is expired and is forfeit. As a courtesy we will always attempt to contact you prior to make arrangements, it is better for all parties that you retrieve your merchandise and we strive to make sure that this happens if we can.
Q: “What kind of things do you take in?”
A: We take a large selection of items. Gold and jewelry, tools, and music equipment. Newer and gently used electronics, firearms, toys and collectibles, many household items, and much much more! We are proudly a very imaginative pawn shop, anything that we think we could potentially sell we will provide a loan for.
Q: “Is there anything Pawn King does not take in for loan?”
A: We do not take cell phones, nor purses, bags, or apparel. We cannot take car audio, nor food items or kitchen devices that have been previously used. We can only take vacuum cleaners if they are brand new and factory sealed in the box.
Q: “How does Pawn King determine the value of my item?”
A: On gold and jewelry, and diamonds, we use a combination of testing by X-ray and the knowledge of our GIA trained staff to authenticate. We have the most sophisticated testing tools available to our industry at our disposal. Once we have authenticated we pay 85% of the current days melt price on gold. Diamonds are compared to the current market prices as per size, color and clarity. We pay out on the sum total of the material.
For items that are not gold or silver, we research what the item has recently sold for and offer a percent of the perceived used value. We strive to be fair, and transparent in all of our transactions. We’ll always take the time to explain our offers.
Q: “I am coming back for my item, why can’t I get more money for my item?”
A: As much as we try to work with our clients, unfortunately not everyone comes back for their property. We have to look at every loan as if you are not coming back
Q: Do I have to loan my item, or can I just sell it?
A: If you don’t want your item back you can absolutely sell it to us, we offer the same amount whether you need a loan or want to sell.
Q: “How am I paid for my loan?”
A: We offer you the cash you need today
Q: “I have a question that I don’t see here.”
A: You are very welcome to contact us with any questions you might have.
OPEN 7 DAYS A WEEK!
Monday through Friday from 9am to 7pm
Saturdays from 10am to 6pm
Sunday from 12pm until 5pm