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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Collateral Loan Terms
Our AML Collateral Loans are provided at 2.5% per month for the first 120 Days the loan repayment is 4 months. Collateral Loans for up to 4 months are charged a rate of 2.5% per month.  Collateral will be charged a fee not to exceed 2.5% of total value 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.  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.  The minimum repayment term is 0 days and the maximum is 120 days. The maximum loan term is 120 day. It is not required to pay the entire loan in-full within 119 days.

Example 1
If you borrowed $100 for 30 days you will owe $102.50 on the 31st day.
Example 2
If you borrowed $100 and made a payment $50 during the month, than on the 31st day your balance will be $52.50
Example 3
If you borrowed $100 for 90 days and made no payments during such time than, you will owe $107.50
Example 4
If you borrowed $100 for 120 days and made no payments during such time then your balance will be $110.00

NOTE: Interest is computed based on the principal balance of the loan at the end of each period (120 days). We do not charge interest on the interest amount added to the loan. See example 3 and 4 above. Total APR 30%