How Do Pawn Shops Work?
Numerous people are reluctant to come into the pawn shop because they are unsure how it works. Pawning your jewelry or other valuables is really an easy process. One simply brings in their jewelry or other valuables to Americas Pawn shop.
In order for us to place a solid value on your item, we must see the item in order to examine it.
If it’s a precious metal like gold, silver or platinum, we will test it for purity. If the item happens to be a firearm, laptop, TV, or tool, we will take into consideration things such as age, condition and resale value.
Once we have examined your item, we will determine its value and price that we are authorized to pay you for such an item as a buy, or lend to you based upon the value of your item which we hold as collateral. You can almost always get a little more cash for your item if you sell it.
If selling it is what you desire, we will pay you cash on the spot, and you are on your way.
If you decide to use your item as collateral for a loan, we will lend you the money, and you will have 90 days to return to the store and pay the loan back plus interest. If you are not able to re-pay the loan in full at the end of 90 days not to worry. You can pay the interest only and renew the loan for another 90 days. Once the loan is repaid in full your collateral is returned to you.