How Pawn Works

If you are new to pawn shops and are curious how pawn works, here’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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The Pawn Loan Process:

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.
Pawnbroker appraisal process: The pawnbroker examines the item, determines its resale value, and offers you a loan based on resale value of the item.
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. You’ll get a pawn ticket with details about the loan and the item(s).
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.

Buying and Selling of Goods:

Bring or browse: You can bring in items to sell outright for cash or browse the pawn shop's selection of secondhand goods.
Negotiation: The pawnbroker negotiates a price based on the item's condition and current worth based on pricing from major online marketplaces.
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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