A: A pawn is Secured Loan. We loan you cash in exchange for holding your merchandise for period of time, and when you pay it off you get your merchandise back.
Q: Can I sell my item instead of taking out a loan?
A: YES! If you do not plan on picking up your merchandise; we would rather you sell it to us.
Q: How much are the interest charges?
A: Interest varies depending on the amount you borrow.
For example:
A $10 loan would earn $2 of interest every 30 days.
A $100 loan would earn $20 of interest every 30 days.
A $300 loan would earn $45 every 30 days.
A $700 loan would earn $105 every 30 days.
A $1300 loan would earn $195 every 30 days.
Q: How long is my loan good for?
A: A loan is good for 60 days.
Q: If I cant pick it up on my last day of grace, do I lose my item?
A: NO! We do not want you to lose your merchandise. you have several options.
EXTENSION
An extension buys you 30 more days. For example if you had a $100 loan and you came in on your 60th day you would pay $140 to redeem it, or you would have the option to buy 30 more days for $20. Giving you 30 more days to pay your balance of $140.
RENEWAL
A renewal pays off all of your interest and starts the loan over. For example if you had a $100 loan and you came in on your 60th day you would pay $140 to redeem it, or you would have the option to pay $40 taking your balance back to $100, and giving you a new 60 days.
Q: Which gets me more money, Pawning or Selling?
A: The value of your merchandise is the same for either transaction. What you don't want to do is pawn your merchandise saying you will be back to pick it up, and not pick it up. Picking up your pawned merchandise regularly builds a relationship with your pawn shop. The better the relationship, the easier it is for the pawn shop to loan you more on your merchandise.
Q: What kind of merchandise do you take?
A: We take all merchandise of value. Being a pawn shop in North Dallas; jewelry, guns ,and electronics will bring you the most money.
