A pawn is a collateralized loan. There are no credit checks or income verification. For a pawn loan all you need to do is pledge something of value.
At Gables Pawn & Jewelry we offer pawn loans exclusively on high-end watches, fine jewelry, diamonds and gold. We will on occasion consider other luxury or rare items.
Here are the steps to getting a pawn loan:
Bring your Valuable Item for an Inspection
One of our representatives will inspect and assess the condition of your merchandise . Value is based on several criteria, such as age, condition, desirability and potential resale value.
Present a Valid Identification
A valid identification could be Driver License, passport or any government issued ID. They must be current or non-expired. You must be 18 years or older.
Agree to the Pawn Terms
Loan agreement will specify interest rate, loan amount and interest due date. Signature only takes a few minutes. There is no impact on your credit score.
You will receive immediate payment in the forms of cash, wire transfer or company check.
Implications of Non-Payment
If no payment is received within 60 days the loan simply defaults.
Communication practices include phone calls, text messages and/or email reminders that interest payment is due.
There is no impact on a clients’ credit score for late or non-payment.
Loans are extended for a 30-day period when an interest payment is made.
30-Day APR does not exceed 10%.
There are no additional fees or penalties on renewing a loan, only interests are due.
No loans can be defaulted until 30 days after the due date.
Loans can be redeemed the same day or anytime in the future as long as interest payments are made current.
An example of a loan is; borrower takes a loan for $500, repays $550 in 30 days. As long as interest payments are made on time every 30 days a loan can never be lost, regardless of how long it is in pawn.