Pawn shops have existed for thousands of years. For millions worldwide, they provide a much-needed financial safety net, helping working families, small business owners, entrepreneurs, and others through difficult financial times.
Whether you need a short-term loan to cover an unexpected bill or some quick extra spending money for a well-deserved vacation, your local pawn shop is the best place to go.
However, many people still don’t understand the value of pawning items or are confused about how it works. Let’s see if we can clear things up.
What does it mean to pawn something?
When you pawn something, you are essentially taking a short-term loan by using your personal property as collateral to secure the loan. Unlike a traditional loan from a bank or other financial institution, pawnbrokers don’t care about your credit score, and they’re not interested in having you fill out a bunch of paperwork or waiting days or weeks for approval before you can receive your money.
You walk into the pawn shop with the personal item you want to pawn. The pawnshop owner will evaluate it for free. They will make you an offer on the spot based on the estimated value of your item. You are under no obligation whatsoever. If you decide to accept the offer, you agree to exchange your personal item for the offered amount.
The pawnshop owner will give you your money and a pawn ticket with your name and contact information, as well as specific information about the item and the loan terms. They may also take photos or complete a full description of the item, including any accessories, cables, remotes, or unique features.
The pawnshop owner safely stores your item on your behalf during the loan term. Once the loan is paid back in full, plus interest and any fees, you can return to the shop and claim your item. If, however, you decide to default on your loan or fail to pay it back, the pawnshop owner has the right to keep and sell your item to recoup the cost of the loan.
How much can I borrow?
On average, most pawn loans across the United States are for $150 or less and are repaid in about 30 days, according to the National Pawnbrokers Association. In fact, of the approximately 11,000 pawn shops nationwide, pawnbrokers make thousands of pawn loans per day for less than $50.
At Gene’s Jewelry & Pawn, our mission is to serve you with the short-term loans and pawn services you need. We can loan up to $16,000 on various types of merchandise, including luxury watches, firearms, diamonds, and much more. If you’re looking for great deals on quality merchandise, Gene’s is just the place!
What happens to my item when I get a loan?
Once you’ve pawned an item, the pawn shop must keep it in a secure storage area for your loan period. At Gene’s, all our locations are equipped with full surveillance, including multi-layered security systems, so you can rest assured your items are safe in our care.
By state law, pawn shops must also have adequate insurance to cover any potential property losses. This includes loss from theft, fire, or other damage. We are fully insured and bonded at our three South Carolina locations. We ensure any items you pawn with us are completely secure while they are in our possession.
How long before I need to repay my loan?
At Gene’s Pawn, you have 30 days to repay your loan. All loans are 100% confidential and fully insured. We work with you during your transaction to make sure you fully understand the loan terms. We also offer easy payment features. For example, principal buy downs, partial payments, and easy renewals to make it easy to repay your loan. Just contact us if you need help – we are happy to work with you.
What if I can’t pay my loan off in time? Can I extend my loan?
Hey, we know life happens, and sometimes things come up. Whatever your situation, we understand and are here to help! You can pay the service charge, and we can extend the loan for another 30 days. We also allow partial payments to help until things get worked out.
What happens if I don’t pay off my loan?
If you are unable to or decide not to pay off your loan, your item becomes our property. Your credit is not damaged, and no reports are made. You can still get another loan with us on another item whenever you need one. No hassle or questions asked.
What if I want my item back after I’ve forfeited my loan?
What happens once your item has been forfeited? We will often make it available in one of our three Lowcountry store locations within 30 to 45 days.
However, it’s often cheaper and more convenient to follow the terms of the loan and pay it off in full, plus any interest and fees, within the loan period to ensure you can get your items back. We offer a variety of ways to repay your loan to make it as convenient and easy as possible to get the funds you need without any hassle.
If you are looking to pawn or sell your precious items, Gene’s Jewelry & Pawn is ready to help! For more than 30 years, we have provided our customers with the high level of service they deserve. Visit one of our locations in North Charleston, Moncks Corner or Goose Creek, SC, today and see how we can help you, or visit us online to get a free estimate for your items or shop our outstanding selection conveniently from your home or office.
