Are you interested in getting cash for an item that you own? Reputable pawn shops like Albert’s specialize in small short-term loans.
Albert’s Pawn is highly regulated, and all the terms of business are clearly stated in Tennessee government regulations.
What to expect
Here is how the process works at Alberts Pawn:
- Bring your valuables into your nearest Albert’s Pawn.
- Decide how much you would like to borrow against your item.
- Albert’s lends you cash money and keeps your valuable safe for the loan period.
- When you pay back the loan with interest, your item is returned to you.
- If you don’t have the money to get the item back after 30 days, you can opt to pay the interest and fees which carries the loan over for another 30 days. You can do that as many times as you like but be aware that the interest and fees add up over the months. Pawns are best as SHORT TERM loans.
- If you choose to not pay back the loan, the pawn shop keeps the item and puts it out for sale.
Best items to pawn
The best items to use for a short-term pawn loan are:
- Gold jewelry
- Guitars and other musical instruments and equipment
- Firearms, including rifles, shotguns, and pistols
- Laptop computers
- Flat screen TVs
- The latest video games and systems
- Power Tools in good, clean condition
- Lawnmowers and weed eaters
- Blueray and DVD movies
- USA made knives
Talk with Albert’s Pawn trained staff to find out the loan value of your item.
Advantages of pawning
There are many advantages to pawning:
- Quick, convenient and confidential way to borrow money.
- No credit check
- No legal consequence if the loan is not repaid.
- Pawn loans do not cause people to overextend credit or go into bankruptcy.
How is the pawn loan value determined?
When you bring an item in to get a loan, we have to evaluate its current market value based on its condition and how many similar items we currently have in stock. We research what the value of the item is in the current market and offer loans based on a percentage of its resale value.
How does a pawn loan work?
When you pawn your item, you are taking out a small loan using the item for collateral. The loan is for 30 days and by law must be kept in pawn for at least 48 hours. After the initial 48 hours you can pick up your item any time between then and the 30 days.
If after 30 days, you are unable to redeem the item for the full amount plus the interest and fees, you can carry the loan over for another 30 days by simply paying the interest and fees. You can continue to do this for as long as you like, however be aware pawn loans are designed for short term loans and it is best to redeem it as soon as possible.
What if I lose my ticket?
When you are issued a pawn ticket for your item, the pawn ticket is a legal document entitling whoever bears the ticket the right to redeem the item once the loan and interest amount are repaid.
It is important to keep your ticket in a safe place. If you lose it, you are required to show proof of identity and sign a lost pawn ticket affidavit before you can pick it up. There is a $1 charge for lost tickets when redeemed.
If you are unable to personally come into the store to redeem the item, you may send a trusted representative with the ticket and payment to redeem the item. The exception is firearms – the original person who initiated the pawn must be the person who redeems the pawn.
Is my valuable safe while in pawn?
Once you have pawned your item and received your cash loan, our employees are carefully trained to attach all the proper pawn inventory control numbers to your item, store the item in a secure, climate-controlled area where no one is allowed to touch your item until you come back to pick it up.
Can you make payments over the phone?
Yes, you can call the store where your loan was issued during regular business hours and pay for your interest/storage fee with a credit card or debit card over the phone to renew your pawn loan.
Regulation and Compliance
Licensed pawn shops are tightly governed by federal laws that apply to other entities designated as financial institutions, including:
- USA Patriot Act
- Truth-in-Lending Act
- Equal Credit Opportunity Act
- Federal Trade Commission (FTC) Rules
- Bank Secrecy Act and IRS regulations requiring reporting of certain cash transactions
- Trading with the Enemy Act and related Executive Orders and regulations
- Privacy provisions of the Gramm-Leach-Bliley Financial Services Modernization Act
- Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)
- Military Lending Act
- Tennessee State Banking Laws
Stop by one of Albert’s four convenient locations to discuss a pawn loan with any of our highly trained staff members.
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!