FREQUENTLY ASKED QUESTIONS
The most asked questions we receive answered right here.
Do you buy as well as loan?
Yes, and you can get a slightly higher amount by selling. If you do sell, you do NOT get the item back.
How does pawning work?
Pawn loans are for a period of four months with a 10-day grace period. You may redeem your item at any time during the four months. We send a notice to you at the beginning of the 10-day grace period so please make sure we have your correct address. At the end of the 10-day grace period, if you have not redeemed or re-pawned your loan, we will foreclose on your item and place it in the showroom.
How much can I get for my item?
We loan a portion of the amount that we can expect to receive if we have to sell the item. The amount given to you is determined from years of experience and the quality of the item. We examine every item thoroughly before we give an educated estimation.
What do I need to take out a loan?
You will need a state issued picture ID card or driver’s license. We cannot take anything from you without one of the above forms of identification.
Will my items be safe?
Yes they will. We are licensed by the city of Perris, Hemet and the state of California and have undergone very extensive background checks in order to be in business. Our operation is constantly monitored by the city and law enforcement. Our store is highly secured with vaults, security systems, bullet-proof glass, camera systems and armed personnel.
Do I have a "grace" period on the loan?
Yes. We provide a 10 day grace period at the end of the loan period and mail a courtesy notice to the address on the ticket.
What if I cannot pay the loan off?
You may pay just the interest and roll over the loan for another four months. We do not accept partial payments, however, when you pay the interest, we re-write the loan for you. You may elect to pay off part of the loan at that time and we will re-write the loan for the new amount. Otherwise, your pawned item will be placed in the showroom.
Can I have a friend/family member/spouse pick up my loan?
Yes, but only with a notarized authorization from the original customer.
Do you mail out reminder notices?
Yes, we will mail out a reminder at the end of the loan period to the address on the pawn ticket.
Can I get information about my loan over the phone?
Some information may be provided over the phone. We treat all transactions as confidential, so we are limited to what we can tell you over the phone. We cannot tell you what is in each ticket, determine which ring is in which loan or give you other similar information over phone.
I just realized that my loan expired a few weeks ago. Can I still get my items back?
Maybe. But it may have already been sold, listed on the internet for sale, sold for “scrap value” or otherwise not available. When material comes out of pawn, it is grouped together with other out of pawn items, sorted, cleaned, repaired, priced and placed in the showroom. If your item is placed in the showroom, you may buy it back.
I think I see something out for sale that was taken from me. What should I do?
The very first thing you need to do is file a police report. All items that we take in are checked out by the police and computerized to crosscheck with their reports. We hold all purchases for a month and loans are held for four months before we sell them.
Do you offer any guarantess on any items I buy from the showroom or eBay?
Yes we do. On electronics, tools, and cameras, we offer a three-day guarantee. This does not cover abuse or a change of mind though. We will fix, repair or replace at our option.
Do you do layaway on items I'd like to purchase from your showroom?
Yes! WE need a deposit of 25% and usually set it up for 90 days for most items. Other time arrangements can be worked out. We do not charge a service fee for layaway.
What is Pawn?
Put simply—customers pledge property as collateral, and in return, pawnbrokers lend them money. When customers pay back the loan, their merchandise is returned to them. Pawn loans are made on everything from jewelry to electronics. If the customer elects not to redeem his or her collateral, there is no credit consequence to the borrower and the items are sold at a value price to retail consumers.
Regulation and Compliance
Pawnbrokers are governed by all of the major federal laws that apply to other entities designated as financial institutions, including:
- California Department of Justice
- USA Patriot Act
- Truth-in-Lending Act
- Bank Secrecy Act and IRS regulations requiring reporting of certain cash transactions
- Trading with the Enemy Act and related Executive Orders and regulations
- Privacy provisions of the Gramm-Leach-Bliley Financial Services Modernization Act
What is "The Deal"?
Pawn stores offer collateral loans for surprisingly low interest rates. They specialize in short-term small loans.
Pawn stores can offer this type of deal because the customer offers personally owned property as collateral, which significantly reduces the risk for the lender. When the customer pays the loan back, the property is returned. In the U.S., over 80% of all collateral property is re-claimed.
Pawnbrokers also lend larger amounts of money for more flexible periods of time at lower cost. If you take a secured short-term loan from a pawnbroker, you will only pay interest on the actual period for which you use the loan.
Secured short-term loans from pawnbrokers are highly regulated, and all the terms of business are clearly stated in a government-regulated contract.
So, if you are looking for a secured short-term loan and don't qualify for a loan from your bank or credit union check out what the Pawn industry has to offer!