What is Pawning?
Have you ever wondered what it means to pawn something?
Today is your lucky day. A pawn loan is another term for a collateral loan , and it’s a quick and easy way to borrow money on the spot without a credit check. By bringing in an item of value such as jewelry, electronics, or tools you can receive a loan based on the value of your collateral.
What Happens When You Pawn Something?
When you pawn an item, you’re essentially getting a loan against it. At Pawn America, we make the pawning process as simple as possible. If you choose to pawn your item, you’ll be given a term length usually 30 days plus a 30-day grace period, depending on state laws to return and repay your pawn loan.
When your term ends, you can decide whether you want your original item back. To reclaim it, you must return with your payment, which includes both the loan amount and the interest owed.
If you don’t come back to reclaim your item, our only recourse is to sell the item in our retail store. Defaulting on your pawn loan will not result in any other penalties.
What Do You Need to Know Before Pawning an Item?
There are a few important things to keep in mind before pawning an item:
Item Condition Matters: The quality and condition of the item you bring in directly affect the amount of your pawn loan. We evaluate wear and tear, product demand, and overall condition.
Legal Ownership Required: You must be the legal owner of the property you pawn. With some items, like cell phones, you’ll be asked to provide proof of ownership.
Valid ID Needed: You must present valid, state-issued identification or a driver’s license when pawning an item.
Why Should You Pawn?
When you need money quickly, traditional lenders like banks may not be able to help in a timeframe that fits your needs. Pawning is fast, requires no credit check, and gets you cash quickly. We focus on offering a simple and seamless experience.
Thinking of pawning an item or want to learn more about the pawning process? Stop by one of our 18 Pawn America locations today!