Frequently Asked Questions
WHO USES PAWNSHOPS?
We are a store, and we make loans. Our customers are as varied as our community. At a pawnshop you'll find most anything you'd buy in a retail store, but at much lower prices. If it's a loan you need, we can help with emergency car or medical expenses, travel to visit family, moving, business expenses, any financial need that a bank won't serve. Our loans are confidential, require no credit, take just minutes, and are made in cash.
HOW DOES A PAWNSHOP WORK?
1. You bring something in as collateral that is worth more than the amount you want to borrow.
2. We give you a 4-month loan and safely store your item.
3. When you repay the loan plus interest, we return your item to you. If you prefer, pay the interest only, and we will rewrite your loan for another 4 months.
IF I CAN GET A PAYDAY LOAN; WHY GO TO A PAWNSHOP INSTEAD?
1. A pawn loan is much less expensive than a payday loan.
2. A pawn loan is for 4 months; a payday loan is until your next paycheck.
3. A pawn loan is "no recourse". That means if you don't repay or renew the loan, the pawnshop will not send you to collections and ruin your credit. You just forfeit your property.
4. You can have multiple pawn loans at the same time.
5. A pawn loan is fast and confidential.
WHAT KINDS OF THINGS DO WE TAKE?
Gold and silver jewelry, coins, musical instruments, electronics, cameras, guns, tools, sports equipment, collectibles, and lots more. For larger items there is a storage fee in addition to the interest.
HOW MUCH CAN I BORROW AND WHAT IS THE INTEREST?
Our minimum loan is $10. There is no maximum as long as there is sufficient collateral. The interest rates are set by California State Law, and vary with the loan amount. In general the larger the loan, the lower the interest. California's pawn rates are much lower than most other states.
COULD I LOSE MY ITEM IF I PAWN IT?
If your loan expires we will send you a notice, giving you a grace period to either redeem or renew your loan. The law requires a 10-day grace period; we give 21 days. If you don't act by then you may forfeit the item, which then becomes the property of the pawn shop. We don't want you to forfeit any items you pawn, and will go the extra mile to make sure you keep your property.
ARE MY PAWNED ITEMS SAFE?
Yes, probably safer than in your home. We have the highest quality UL-rated safes to store your valuables, and state-of-the-art surveillance and alarm systems. We are insured and bonded, and licensed by 5 government agencies. We value your trust and confidence and take the utmost care with your property. After your items are put away they are not handled again until you redeem them.
WHAT IS THE DIFFERENCE BETWEEN PAWNING AND SELLING?
A pawn loan means the item is your property and is held as collateral until the loan is repaid. We also buy many items outright, and will usually pay more to buy something than to lend on it. If you would rather sell it, let us know and we'll be glad to make you an offer.
HOW DO I KNOW SOMETHING I BUY AT A PAWN SHOP ISN'T STOLEN?
We get this question a lot, and it's based on an outdated public perception of how a pawn shop operates. In California and most other states, anyone who pawns or sells an item must have a current official photo ID, such as a drivers license or passport. Their ID information, address, signature and thumbprint goes on the loan contract or bill of sale, with a full description of the property, including model and serial numbers. We won't take anything that has missing, illegible or defaced information. We submit copies of all transactions daily to our police department, where items are cross-checked against local and national databases of stolen items. In addition, everything we buy goes into a "30-day police hold" period before going out for sale. Most thieves don't want to incriminate themselves by bringing stolen items to a pawn shop, and are much more likely to take them elsewhere. We actively partner with our local law enforcement agencies to help them solve property crimes.