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Demystifying the pawn process.
Pawn shops offer loans, secured by something of value. Though the pawn store may have other business elements such as retail sales, pawnbrokers focus on lending money. When customers bring in a valuable item, the pawnbroker offers a loan based on a percentage of the item’s estimated value. The pawnbroker then keeps the item until the customer repays the loan with interest and any additional fees that may apply (e.g. late fees, lost ticket fees, etc.)
In order to secure a pawn loan, you simply need an item of value and proper identification. Pawn loans do not require a credit check, bank account, or co-signer. Because interest on loans is paid monthly, it can get expensive if you don’t pay back the loan in a timely manner. Terms vary by state, but we only charge 25 percent interest for items held on a 30-day contract (which has a 10-day grace period.)