Pawn Loans

Unexpected expenses can blindside you and leave you empty handed between paychecks. Using your wearable gold or other personal items for a quick and easy loan means you can fill up your gas tank to get to work, have extra money on your vacation and keep things running smoothly so you can get on with your life.

The next time you need cash fast, look at your gold jewelry hard and long and decide “Do I want to part with this forever or use it to tide me over and still have ownership?” That’s the biggest difference between selling and pawning your gold.

Savvy pawnshop customers use their decorative gold to secure a 30-day loan. They walk away with a wad of cash but retain ownership of their bling with the plan to return soon and pay off the loan so they can get their jewelry back and enjoy wearing it again until the next time they need cash fast.

If you sell your items outright, you will be left with no beautiful jewelry to wear and pass down to their loved ones. Sure you can sell the gold, but once it’s gone, it’s gone forever. So make sure you are fully prepared to never see that ring, necklace or gold watch again. Smart investors buy up gold jewelry at the best prices (like bargains at pawnshops) and enjoy wearing it until the unexpected happens. Using your gold for a loan at a trusted pawnshop like Albert’s Pawn means you still get to keep your jewelry as long as you keep the loan current.

Advantages of a pawn loan

There are many advantages of a pawn loan:

  • 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.

Pawn Shops Today states that “a pawn is another term for a loan. Pawnbrokers lend money on items of value ranging from gold and diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, and more. Some pawn shops may specialize in certain items. When a customer pays back the loan, their merchandise is returned to them. Pawn shops may offer extensions/renewals (where permitted by state law)”.

  • Gold, jewelry and coins
  • Guitars and other musical instruments and equipment
  • Gun, including rifles, shotguns, and pistols
  • Laptop computers
  • Flat screen TVs
  • The latest video games and systems
    Power Tools

In the pawn loan business, customers could bring in their items of value and take out a short-term loan. Albert’s would hold the item and the customer would come back and pick the item of value up or extend the loan by renewing it for an additional loan period by paying the interest and fees. If the customer didn’t come back and pick the item of value up or extend the loan by renewing it for an additional loan period by paying the interest and fees, the loan would considered to be in default and the item of value would become the property of the pawnshop and be sold. Additionally, the pawnshop could buy an item of value directly from a customer and put it out for sale.

The Process *

Here are some details about our Pawn Loans:

  • Bring in your item to any one of our four stores.
  • We will determine whether your item is valid for a pawn.
  • If your item is valid for a pawn, we do our best to determine if you are the rightful owner of the item.
  • We value your item and make you an offer.
  • If we agree on a price, you give us your ID and we put your info into our system.
  • In an effort to reduce crime and to protect your property, we take information from a government issued ID (like a driver’s license), fingerprint and take photos of all pawnees and sellers. If there is ever an issue of your identity, we are able to provide positive identification. As with all other personal information we collect, you are fully protected by the National Privacy Act.
  • You fill out required paperwork.
  • Leave the item with us and walk out with cash.
  • Once you have pawned your item and received your cash pawn loan, our employees are carefully trained to attach all the proper pawn inventory control numbers to your item(s), store the item(s) in a secure, climate-controlled area where no one is allowed to touch your item(s) until you come back to pick it up.
  • If after 30 days, you are unable to redeem the item for the full amount plus the interest and storage fees, you can carry the loan over for another 30 days by simply paying the interest and storage 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.
  • When you pay back the loan back, your item will be returned to you. 
  • If you do not pay back the loan, the pawn shop gets to keep the item and sell it.
  • 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 also a $1 charge for lost tickets when redeemed.
  • *The process is slightly different and stricter for firearm transactions.