They are both the same type of loan and work like this: You use the residual value of an item that you own as collateral to secure a loan. We appraise the item and arrive at a suitable dollar amount that allows you the money that you need while insuring us that you will be able to repay the pawn loan with interest.
If you choice not to return to claim your item, no worries. Unlike payday loans we don't call your boss and won't effect your credit score. We have agreed that we are satisfied with the value of the item you pledged on pawn to be able to resell. You start over with a clean slate and we can do business together again and stay friends.
Pawn loans are 1 month terms. A loan written on January 1 will be due on February 1.
We understand that being a short term loan, situations arise and you may not be able to make it in to pay off your loan on time. That's why we offer a 1 month grace period on all loans. You don't need to come in or even call, it's applied to every loan. There is no penalty, just the same interest that was applied to the first month will be owed on the grace period month.
If you still need more time, just come in and make a 1 months interest payment and your loan will be extended for an additional month.
If no payment is made after the 1 month grace period, items will be offered for sale. If you have a pawn that was defaulted and we still have it for sale in our store, we will still allow you to get it back.
If you need someone else to redeem your loan, they will need to bring in your ticket.
Pawn tickets are bearer receipts, similar to money, if you loose it someone else can claim it. If you loose your ticket, come in with your ID and we will make note on your file so that no other person can pickup your item.
We do not discuss pawns over the phone. This will have to be done in store only for privacy concerns.
Pawns are not split up. You will have to redeem all items on the ticket. You can always re loan the items that you didn't want to pickup.
In certain cases we will increase the loan amount of a pawn if: 1- There is sufficient value in the collateral to warrant such an increase and 2- If the loan has not gone over it's first month.
We do not show pawned items to potential buyers.
You need to be 19 years old and have valid government picture ID. Drivers licence, passport, provincial ID, firearms licence or citizenship card.
You will also need an item of value. We accept items in many categories like: Gold and Jewellery, Silver and Coins (Gold and Silver Coins only), Electronics (TV's, Computers, Tablets, Home Audio, GPS, iPods, Blue Ray players)
Tools, Musical Instruments (Guitars, Amps, PA Equipment, Mixers, Pedals, Mics) Video Games and Systems, Digital Cameras and Camcorders, DVD and Blue Ray Movies and more.
Serial number must be legible and not tampered with.
Items in which you do not have clear ownership (Rent to Own) cannot be pawned. Attempting to is a violation of your contract and grounds for immediate repossession by the rental company.
All Apple products (Ipad, Ipod, Macbooks) need to be logged into your icloud account and signed out.
Payments need to be made by cash or debit only.