How Does A Loan Work? A pawn loan works in a similar way that a home mortgage works. The borrower has something of value that they can borrow against. A homeowner borrows against their house. A pawn customer borrows against something of value like a piece of jewelry, a guitar, or a computer. This is called the COLLATERAL. The borrower and the pawnshop enter into an agreement where the borrower gets $$$ for the collateral and promises to pay back the loan plus any interest within (4) months. If the borrower cannot pay off the entire loan after (4) months, they may pay the interest portion only and renew the loan for another (4) months. There is no limit to how many times the borrower renews the loan. Interest rates vary depending on the amount of the loan and the length of the loan period before it is paid. The amount of interest a California pawn shop may charge is set by the State of California.
What Items Can I Pawn? You can borrow against almost anything of value. Please send us an email if you are wondering if we will accept your item!
How Much Money Can I Receive For My Items? You can normally borrow about 50% of the liquidation value of your item. However, there are exceptions where we can loan you even more! Liquidation value is the amount that the pawnbroker could easily resale the item for.
How Do I Know When My Loan is Due? The due date will be clearly printed on your contract. Your loan is due 120 days (4 months) after the loan date. There is then an additional 10 day period during which you can still pick-up or pay interest on your loan
How Much Will It Cost to Pick Up My Loan? All amounts due will be clearly printed on your contract. We will be happy to explain all charges in person at any time.
Can Someone Else Pick Up a Loan For Me? Yes, BUT only with written authorization. You would need to sign your pawn receipt and give the person who you are authorizing a photocopy of your ID along with a note authorizing that person to pick up the loan. You can send anyone in to pay the interest on your loan.
Can I Pick Up a Loan With a Credit Card? Unfortunately at this time we do not accept credit card payments. You will need to bring cash.
How Are My Items Stored? All items are stored in locked locations or in security safes which are secured by an alarm system.