How Pawn Works

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How Pawn Works

If you are new to pawn shops and are curious how pawn works, hereโ€™s a general overview of how we work. To keep it simple, there are two ways our pawn shops work: offering pawn loans and buying/selling of goods outright:

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(718) 395-7766
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The Pawn Loan Process:

  • The number "1" inside a circle. The circle and number one are in black text. Bring your item: You bring in an item of value, such as gold, jewelry, electronics, or instruments, to use as collateral for a cash loan.

  • The number "2" inside a circle. The circle and number two are in black text. Pawnbroker appraisal process: The pawnbroker examines the item, determines its resale value, and offers you a loan based on resale value of the item.

  • The number "3" inside a circle. The circle and number three are in black text. Loan and pawn ticket: If you accept the offered loan, you receive the agreed loan amount in cash and the pawnbroker holds your item as collateral. Youโ€™ll get a pawn ticket with details about the loan and the item(s).

  • The number "4" inside a circle. The circle and number four are in black text. Repayment: You have a set timeframe 120 Days to repay the loan plus interest. If you repay on time, you get your item back.

    - If you require additional time to fully repay the loan, you can also get an extension. This is the most common option. You pay the accrued interest and any additional fees associated with the extension, and your loan term is extended for another 120 days.

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Buying and Selling of Goods:

  • The number "1" inside a circle. The circle and number one are in black text. Bring or browse: You can bring in items to sell outright for cash or browse the pawn shop's selection of secondhand goods.

  • The number "2" inside a circle. The circle and number two are in black text. Negotiation: The pawnbroker negotiates a price based on the item's condition and current worth based on pricing from major online marketplaces.

  • The number "3" inside a circle. The circle and number three are in black text. Sale: If you come to agreement on a price, you receive cash for your item or purchase the desired item from the pawn shop.

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How Our Loan
Process Works

  • The minimum period for repayment of an AML loan is 60 days and the maximum period of repayment is 120 days or longer if you renew your AML loan.
  • You are not required to pay back the full loan amount for the first 120 days. If you pick up your loan the same day, you have to pay 1 month of interest (2.5%) for the purpose of securing and storing items in a vault.
  • Loans can be paid-off at any time during the loan term at no extra charge.
  • We will only charge for time in which the loan had a balance outstanding.
  • We do not charge interest on the interest amount added to the loan.
  • The Maximum Annual Percentage Rate (APR) for our AML Loans is 30%.
  • Here is an example of the total cost of an AML loan. If you borrow $100 for 120 days (4 months) at our monthly interest rate of 2.5% you would pay a total of $10 in interest for a total of $110.
  • All items will be returned to the borrower in the exact condition received after the loan balance has been paid in full. We hold the right to sell the collateral if the borrower fails to repay the loan as agreed.

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