How A pawn shop works

What is a Collateral-Based Loan?

The main thrust of all pawn shops begins with offering loans to customers based on collateral and ends with selling those items when the loan is not repaid. Pawnbrokers issue these short-term loans on items of value when you need fast cash. Items pawned must have at least a salable value equal to or larger than the loan the broker offers. The pawn shop sets an interest rate generally between 10 to 25 percent. If the customer doesn't pay back the loan plus the interest on the agreed-upon due date, the pawnbroker can legally sell the pawned item. If the customer pays back the loan and interest fees on or before the due date, the item is returned to the customer.

How does a Title Pawn work?
  1. Bring your car to one of our offices for an appraisal to find out the value of your vehicle.
  2. Fill out an application.
  3. We will determine the approved amount
  4. As soon as you are approved, we will have your money in 15 minutes or less
  5. You keep your car!
  6. You have 30 days in which to pay off your account or make an interest payment to extend the loan for another 30 days.
How Do We Determine Value?

For jewelry, we evaluate the condition of the item; for example, is it re-sellable or broken? In addition, we use the current international gold price based on the karat value and weight of the gold you bring in. Lastly, we assign a value to your diamonds and/or precious stones to come up with a maximum loan value to help you.

What Can I Bring Into Pawn?

Both of our locations loan exclusively on gold, silver, diamonds, jewelry, coins and car titles. At this time, only our Chamblee store loans on electronics, tools and musical instruments.

What Happens if I Can't Pay Back a Loan?

If you are unable to pay back the loan in 30 days, you can always come in and make an extension on the loan. This means that you only pay the interest payment on the due date. If you can’t afford either of these options, you forfeit your merchandise to us with no worries about it affecting your credit.

You may also use the option to make a principle payment at any time to lower your monthly interest payments and payback amount.