Frequently Asked Questions:
How does a pawn loan work?
Pawn loans are a quick and easy way to borrow money without a credit check. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan have a term length of 30 days/one month, plus a 30-day/one month grace period. If you cannot pay back your loan in full, including any applicable grace period, we offer extensions/renewals to give you extra time. You may also choose to surrender your collateral as payment in full.
We loan on a variety of items, including gold and diamond jewelry, electronics, musical instruments, tools, and more. Simply bring us an item of value, along with a valid photo ID and we’ll get you money in minutes after your loan is approved.
What is an extension?
If you are unable to pay back your loan in full on its due date, you can get an extension on your loan. With an extension, you will be required to pay a portion or full interest owed and will be given a new due day.
What is a renewal?
If you are unable to pay back your loan in full on its due date, you may get a renewal, if permitted by state law. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
Will I loose my merchandise?
The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited.
Are we licensed by the State of Illinois?
Yes. All pawnbrokers are required to be licensed by the state of Illinois as well as, by the municipality they operate in.
Is there any flexibility with loan amounts, purchase amounts & finance charges?
Yes. We are a family owned and operated pawn shop and therefore are able to be more flexible with our loans, purchase amounts, finance charges and terms of your contract.
New to the pawning process? Here are some helpful tips:
- Have an idea of how much you need to borrow before you come in as it makes the process go a lot faster.
- All electronics must be of the same year and be a reputable brand; we do not take in older electronics.
- We do not accept partial payments for pawns. Your two options are to pick it up after you pay in full or to rollover/extend the pawn by making an interest payment.
- All pawn payments can be made via debit or credit, but cash is always king!
- Do not throw the pawn receipt away, any questions you may have regarding your pawn can usually be answered through the information on that page. The transaction number on that paper is also required if you call and want someone to look you up on the computer. If you do not have that transaction number you will have to come in with your ID so we can look it up. Hang on to the pawn receipt if you need to call us in regards to your pawn.
- It is the customer’s responsibility to provide their current contact information (Address, Phone Number, Etc.). Please keep your contact information current. If your number changes make sure you let us know, because in some cases a phone call can be the difference in whether or not you keep your pawned item.
- There are no refunds on purchases or layaways. Make informed and responsible purchases because ultimately, we are not responsible for your mistakes.
- You must have a valid Illinois Driver License or Government ID for all transactions. No If’s, And’s or But’s. Period!
- We do not give prices over the phone, come in and see us for any sale, purchase, or pawn pricing.