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How Does a Pawn Loan Work?
A pawn loan is a loan made on collateral, or an item of value. Ohio Loan Co., Inc. lends money on loose or mounted diamonds, TV's, stereos, DVD players, gold jewelry, watches, computers, cameras, musical instruments, camcorders, estate jewelry, tools, bikes, video games, firearms, guitars, motorcycles and a host of other items. Loans can be as small as $10 and as high as several thousand dollars. The national average loan is $150, according to the National Pawnbrokers Association. A pawn loan requires no credit, no employment or credit checks and can never affect a customer's credit, even if the loan is never repaid.
When a customer brings in collateral for a loan, our experts appraise the item, and the customer and our staff will agree on a loan amount. Customers borrow the money for a contracted loan period, receive a pawn ticket with the contract details and leave their item in our high security storage facility, which is under 24 hour video and alarm surveillance.
At the end of the loan period, customers return to repay the loan amount plus interest and fees. The pawnbroker returns the collateral to its owner.
How do you determine the loan amount?
We have skilled metallurgists and gemologists on staff to conduct the proper testing and inspection. We determine the value of your item based on its current condition, the appraisal value and the ability to sell the item, while utilizing every tool at our disposal. Remember that the value of your item is based on these factors, not the retail value of the item if new. Learn more about how much a pawnbroker will give for your item.
What do I need to bring to the pawn shop?
Always remember to bring a valid government issued ID, such as a valid drivers license, state issued photo ID, passport, military ID, or other valid ID. Also, remember to bring in any documentation, receipts, certificates of authenticity, etc. that might add to the value of your item. We use this information to make daily reports to law enforcement about all items taken into pawn.
What if I can't pay back the loan?
Some customers cannot pay back their loan on time. Customers may elect to extend the loan for a new loan period by simply paying the interest and fees on the current loan, but not the principal, and the loan period is extended. Others choose simply not to pay the loan back. In such cases, the customer's credit remains unaffected. The pawnbroker keeps the customer's item for a grace period and then attempts to sell the item to recover the money extended on the loan.
A Little Pawn Shop History
You see them in the various parts of town and you have been wondering just exactly what is a pawn shop, how do they work, and why are they becoming more common place? But you haven't asked.
Well to answer your question, lets look at the history of pawn shops. Pawn shops date back to ancient times and are one of the earliest recorded lending institutions. During the late middle ages the House of Lombard in Europe had a group of pawn shops. The sign of the House of Lombard was the three golden balls, and this sign was associated for years with the pawn industry.
The pawn industry came to America with the first settlers, and in the early parts of this century, pawnbroking was regarded as the main source of consumer credit. With the rise of large consumer credit institutions, such as finance corporations, savings and loan associations, and credit unions, the pawn shop is no longer the main source of consumer credit. But the pawn shop still plays a vital role in providing consumer credit.
The general public needs to borrow small sums of money that other sources are not willing to provide, and this resulted in the rise of popularity of pawn shops. What chance do you think you would have in securing a $300.00 or smaller loan from a financial institution for a 30 to 90 day period? The cost of the paper work alone prohibits them from making such loans on a regular basis.
Pawn Shops-Home for great bargains
Good value at a good price. Get the most for your dollar. Vast savings on outstanding merchandise. A good deal. Bargain basement and close-out prices everyday. Where can you find these things and much, much more? At your pawn shop.
If you are interested in saving money, and finding great values, the pawn shop is the place for you to go. Today's pawn shop has it all. Quality merchandise at outstanding prices is what the modern pawn shop is all about.
Previously owned merchandise of excellent quality can be found on the shelves of your pawn shop. Every time a pawn broker loans on an item, he knows that someday it could be on his shelf for sale. Therefore, he only will deal in good quality merchandise. Also, the pawn shop is an established business. The pawn broker is not here today and gone tomorrow like the flea market, auction sale, garage sale, or the guys selling out of a van on the side of the road. Today's pawnbroker knows his business is only as good as his reputation, and he wants to maintain a good reputation. It's as simple as that.
The variety in the pawn shop is amazing. Since the merchandise is previously owned, the number of makes and models of merchandise can almost be limitless. You just never know what you may find in today's pawn shop.
You may be asking, "Isn't a lot of the merchandise in a pawn shop stolen?" Today's pawn brokers are regulated and licensed by the state to insure they do not deal in stolen merchandise. All transactions are closely monitored by law enforcement agencies to see that pawn shop merchandise is not stolen. As earlier stated the pawn shop is an established business enterprise, not here today and gone tomorrow. Rest assured that the merchandise you find in the pawn shop is not stolen.
So what are you waiting for? There is a world of bargains to be found in your neighborhood pawn shop. Check it out. You'll be glad you did.
Pawn Shopping is Fun
Shopping in your pawn shop is fun. Nowhere else can you find the value, and the variety offered on the shelves of your pawn shop. There is no other business like the pawn business, and no two shops are run just alike. The vast majority of pawn shops are managed by individual owner operators, making each one a little different from the other.
What can you find in today's pawn shop?
Variety makes visiting a pawn shop an exciting and enjoyable experience. You never know what you will find. You would have to visit dozens of different retail stores to find all the different types of merchandise found in a single pawn shop. Jewelry, clocks, stereos, sporting goods, cameras, musical instruments, tools, guns, TV's, computers, bikes, appliances are just a few of the things to be found in the pawn shop.
The list goes on and on. The good thing is that the merchandise in the pawn shop is always changing. So, whenever you visit your favorite shop, there will always be something new for you to see.
The variety of brands of merchandise in the pawn shop is also very large. For example, you are looking for a DVD player? Most stores will carry three or four brand name DVD players, but the pawn shop may have a dozen or more brands. This makes comparison shopping a breeze. You don't have to drive to several different electronics stores to find just what brand and model fits your particular needs. You can comparison shop with all the different things a pawn shop sells.
Another advantage a pawn shop offers is different model years of merchandise, often at a vast savings. Some items that aren't the latest and the greatest model can be found in a pawn shop at a really good price. Everyone has heard the old saying, "They don't make them like they used to." Sometimes the only place you can find an item "made the way they used to", is in a pawn shop.
