Frequently Asked Questions
How do pawn loans work – Pawn loans are based on the value of your collateral, not your credit rating. There is no credit check, or income verification on Pawn loans. Pawn loans are a quick and easy way to borrow money without a credit check or hassle. A typical pawn loan may have a term length of 120 days/four months, plus a 10-day grace period and are subject to State Laws. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions/renewals to give you extra time. Alternatively, you may also choose to surrender your collateral as payment in full on your outstanding loan.
Are you regulated – Yes, Pawnshield is licensed to conduct Pawn Loans, and is regulated by the State of California.
Lost Ticket Fee – If you lose your Pawn Ticket, we charge a lost ticket fee. We may forgo the lost ticket fee in lieu of a fully executed Affidavit of Lost Pawn Ticket
Can you lose your merchandise – Yes, however, the majority of customer’s repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited. There are no other consequences, no collection actions and no affect on your credit report.
Do you accept firearms as collateral for a loan? – No
What is an extension – If you are unable to pay back your pawn loan in full on its due date, you may be able to get an extension on your pawn loan, if permitted by state law. With an extension, you will be required to pay a portion of the interest owed, and then you may extend the length of your pawn loan for as many days as allowed by state law.
What is a renewal – If you are unable to pay back your pawn loan in full on its due date, you may get a renewal, if permitted by state law. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
What types of payments are acceptable – Payments are accepted using Cash or Debit Cards. Credit cards are not allowed for any payments regarding pawn loans. We accept checks for re-write payments; however, checks will not be accepted for final pick-up and pay off of the loan.
How do we determine an item’s worth – We base pawn loan amounts on the value of your item, its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value. The appraisal process varies depending on the type of item—for example, jewelry is evaluated differently than electronic merchandise. We review and research thousands of items to ensure that our pawn loan values are in line with the general marketplace for similar pre-owned merchandise. We look at an item’s retail value when it was new, its pre-owned market value, and its condition. The better the condition of your item, the more money we can loan you.
How do you determine the condition of an item – The condition of an item is always taken into account during the appraisal process for a pawn loan. We will loan more on items in better condition and items having the original retail packaging may in some cases yield more money. We test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories (such as remote controls) and manuals are included. Again, the better the condition of your item, the more money we can loan you.
How do you determine the value of jewelry – When jewelry is the collateral for a pawn loan, we test the precious metals and diamonds to determine authenticity. The diamond testing process includes a visual inspection using a jeweler’s 10X loupe, stereo microscope, weighing the item, taking measurements, and noting the color, cut and clarity as well. We test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.
How do we determine the price of gold – The price of gold is based on market values, the price for which is routinely reviewed and updated throughout the course of the day. Prices can vary greatly as the loan amount for 24K gold is significantly higher than that of 10K gold.
Can you give a quote on an item over the phone -No, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item. Each item must be tested and subject to a visual inspection.
Are you competitive with online Pawn Shops – Absolutely! There are numerous advantageous to dealing with Pawnshield as opposed to dealing with an unknown website or telephone operator. First, we are a community oriented, locally established business that has earned the trust of thousands of consumers. Second, we offer easy to understand terms that are flexible and make sense. Thirdly, you don’t have to ship your property, eliminating the possibility of loss. Finally, those that turn towards online shops usually do so only because they want to avoid some perceived embarrassment. Your confidentiality is important to us, call us, we will work with you.
I received a different estimate from another pawn store – Our pawn loan values are based on pre-owned prices, not what the item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly. The loan amount we give you is based on that concept and our ability to sell the item. We offer as much as we can while allowing room to pay for the cost of storage, insurance and other costs of doing business.
Is my collateral safe while in pawn -While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in a secure area. Your item is safely stored until you come back to pay your pawn loan in full and claim your merchandise.
Are pawnshops regulated -Yes. We are licensed, bonded, and regulated by state and local authorities. We are subject to such Federal laws as; “Truth In Lending Act”, “Equal Credit Opportunity Act”, “Fair Credit Reporting Act”, “Patriot Act”, and “Federal Trade Commission Rules on Data Privacy and Security Transfer”. At the federal level, we are regulated by the “Federal Trade Commission” (FTC), and the “Treasury Department”.
Are pawnshops stocked with stolen merchandise – Less than 1 percent of items are identified as stolen goods. Pawnshops are actually the worst place to try and get rid of stolen merchandise because they are highly regulated, work very closely with federal and local law enforcement officials, and train our staff to be on the lookout for, and identify stolen property. Additionally, Pawnshield utilizes online crime-fighting tools called the California Pawn and Second Hand Dealer System, (CAPSS) and leadsonline.com, in which every pawn or purchase transaction is shared with police departments nationwide on a daily basis. We have an excellent relationship with local law enforcement and employ a number of measures meant to reduce the chance that the property we receive does not belong to the party in possession of it at time of loan or purchase.