How do pawn loans work?
Pawn loans are the quickest way to borrow money without a credit check. Loan amounts are based solely on the value of your item that is used as collateral. Subject to individual state laws, a typical pawn loan has a term length of 30 days/one month, plus a 30-day/one month grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions/renewals (where permitted by state law) to give you extra time. You may also choose to surrender your collateral as payment in full.
We can provide pawn loans on a variety of items, including gold and diamond jewelry, electronics, collectibles, antiques, and more. (For a more thorough list of the items we pawn click here) Simply bring us an item of value, along with a valid state issued ID and we’ll get you cash within minutes of your loan approval.
What is an extension?
If you are unable to pay back your pawn loan in full on its due date, you may eligible for an extension on your pawn loan. Getting an extension on your pawn loan will require you to pay a portion of the interest owed on your pawn loan, and then you may extend the length of your pawn loan.
What is a renewal?
If you are unable to pay back your pawn loan in full on its due date, you are entitled to a renewal. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
Will I lose my pawned item?
The majority of customers repay their pawn loans and pick up their items. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited. 1st United Pawn & Loan also purchases items of value if you do not wish to pawn your item.
How do you determine an item’s worth?
1st United Pawn and Loan bases pawn loan amounts on the value of the item being pawned. We research the item’s current appraised value, the item’s current condition and our ability to sell the item. We also do extensive research by reaching out to niche appraisers in our large network of partners.
Our certified staff is specialized in coins, paper money, collectibles, precious gems and metals, antiques, trains and more. Our staff of appraisers will give you the highest market value for your items and are available for consultation in person or via phone anytime during our hours of operation.
How do you determine the condition of an item?
The condition of an item is always taken into account during the appraisal process for a pawn loan. If one 32-inch television comes in that is in perfect condition and one 32-inch television comes in with a crack in the case, we will loan more on the TV that’s in better condition. Most other merchandise is tested and checked to ensure it is in working condition. The better the condition of your pawned item, the more money we are able to loan you.
How do you determine the value of jewelry?
When jewelry is the collateral for a pawn loan, we test the precious metals and diamonds to determine its worth. Diamond testing includes a visual inspection with a jeweler’s loupe. We also weigh the item, determine the size, cut, color, and clarity of each stone.
Aside from our visual inspection, we also test jewelry using a Metal Analyzer; this machine takes an x-ray of your jewelry and lets us know the amount of precious metals contained within the item. Our Metal Analyzer machine is licensed and tested monthly by Federal Inspectors.
1st United Pawn is also a direct precious metal melter, which means we can give you the best payout for precious metals by cutting out the middleman.
How do you determine the price of gold?
The price of gold changes every few seconds due to a variety of factors. Some common factors include the following:
- Market speculation
- Currency valuation
- Worldwide demand
- Gold production
Our staff updates the gold pricing every 10 seconds using KITCO – a trusted resource for spot pricing precious metals.
Do you give quotes for items over the phone?
We are not able to give quotes over the phone; however, if you are unsure about whether or not your item qualifies for a pawn you are encouraged to give us a call at any of our locations. We must see the item in person and conduct full testing before giving out a quote.
Why does the loan amount differ from the selling price at retail stores?
Our pawn loan values are based on pre-owned retail prices, not what the item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price—and our ability to sell the item.
We offer you as much as we can while still allowing room to pay for the cost of storage, insurance and other costs of doing business.
Is my collateral safe while in pawn at 1st United Pawn & Loan?
While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in our secure pawn item room. Your item is safely stored here until you come back to pay your pawn loan in full and claim your merchandise. All 1st United Pawn & Loan locations are fully insured for the loan value of the items we keep.
Are pawnshops regulated?
Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. We are subject to such federal laws as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer.