Today people have an option of receiving pawn loans on items of value to them for quick cash. This is a short-term collateral loan of 30 days with the ability to extend the terms. If you have never been to a pawn shop in the Tri-cities of Tennessee and Southwest Virginia (Kingsport, Johnson City, and Bristol), then you may have some questions about how a pawn shop and pawn loan operates. Learn more from this recent blog “Need Cash? Consider a Short-Term Loan at Your Local Pawn Shop”.
Here are some frequent questions that our customers ask about pawn loans:
A pawn loan is not involved with your credit score and FICO score so it will not affect your credit. On the flip side, it will not improve your credit score either. If you are not able to pay the pawn loan, it will not affect your credit score then either.
No, pawn shops are not required to report to the three major credit bureaus which are Equifax, Experian, and TransUnion.
You can bring in as many different pawn items as you want at the same time. You can also bring in the same item as many times as you want or need. The loan is determined by the collateral or worth of your item. It is not based on your credit history.
In Tennessee, a pawn loan has a term length of 30 days. If you want to extend the loan, you can opt to pay the interest and fees and carry over the loan for another 30-day term. You can repeat this process, but the interest could get costly. Pawn loans are best used for short-term loans. If you select not to pay the loan, the pawn shop keeps your item and puts it out for sale in their store or online.
When you pawn an item, you are getting a short-term loan using your item as collateral to borrow cash. You receive a loan term and are required to pay back the loan to receive your pawn back.
When you sell something at Albert’s Pawn Shop, you bring in your item of value, and we sell it.
Tennessee law requires that records should be kept when pawning or selling merchandise to a pawn shop. On average, records are kept between 3 to 5 years.
Yes, licensed pawn shops are tightly governed by federal laws that apply to other entities designated as financial institutions, including:
Stop by one of Albert’s four locations to talk about pawning or selling your items for quick cash.
Albert’s has been family owned and operated since 1927. No matter what part of the Tri-Cities you’re in we have a location to serve you. With two locations in Johnson City (Albert’s Loan Office and Uncle Sam’s Pawn Liquidation), Albert’s Loan Office in Bristol and our newest store, Albert’s Pawn in Kingsport – getting top dollar for your items for pawn loans and finding that item you’ve been looking for at an unbeatable price has never been easier.