FAQs

In accordance with the regulations set by the Ohio Department of Commerce, Division of Financial Institutions, all rates and fees pertaining to loans are strictly regulated. For pawn loans, the interest rate is 6% per month or any portion thereof, in addition to a monthly storage fee of $6.00

We understand your interest in obtaining pricing information over the phone before making the trip. However, due to the numerous variations and conditions of items, specific prices can only be accurately determined in person. We encourage you to contact us, as we may be able to provide a general estimate or a "ballpark" price for your item. Our team is readily available to assist you and address any inquiries you may have.

Pawn loans operate as follows: You have the option to "pawn" a personal item, offering it as collateral in exchange for a specified amount of money for a predetermined period, typically 30 days. On the due date, you can either repay the loan in full and retrieve your item(s), or you can choose to extend the transaction by paying the accrued interest and fees. Opting to pay the interest and fees every 30 days allows you to keep your item(s) on loan until you decide to redeem them. We advise clients to consider paying the interest and fees due, along with a portion of the principal, if they are unable to repay the loan in full within 30 days. This approach helps reduce the interest charge for the subsequent 30-day cycle. Alternatively, you have the option to not repay the pawn transaction, resulting in the forfeiture of the items used as collateral. Choosing this route does not lead to any penalties, credit bureau reporting, or negative marks. The forfeited items become our possession, relieving you of any remaining obligations. Please note that this information is provided as a general overview of how pawn loans typically function. Specific terms and conditions may vary depending on the pawn shop or lending institution.

Pawnshops are retail establishments that provide financial services, such as lending money in exchange for personal property or selling items used as collateral. The valuation of the pawned or sold item is determined based on factors such as its condition, marketability, and current wholesale value. In the event that the borrower is unable to repay the loan, the pawnshop has the right to sell the collateral to recover the loan amount. It is important to note that we operate as a non-recourse loan establishment. Pawnshops are considered safe venues for selling unwanted items. They are subject to stringent regulations imposed by governmental agencies and adhere to strict safety standards for the protection of both their staff and customers. When you choose to sell at a pawnshop, you can have confidence that you are engaging with individuals from your local community who prioritize a smooth and secure transaction. The employees at pawnshops are committed to treating you with respect and dignity, and it is expected that you reciprocate the same level of courtesy. One of the notable advantages of obtaining a loan from a pawn shop is the simplified process it entails. To secure a pawn shop loan, you are only required to present a government-issued ID, such as a valid driver's license, along with a personal item that we assess to have value. Unlike traditional loans, there is no need to undergo a credit check, deal with extensive paperwork, or find a co-signer. Pawnshops determine the loan amount based on the wholesale value of the pawned item, treating all customers as valued clients regardless of their credit history. The transaction is typically swift, allowing you to leave the shop with a pawn ticket and cash in hand. The exact amount of cash disbursed depends on the perceived wholesale value of the collateral item and the demand for it at the store.

At our establishment, each item undergoes thorough research to determine its marketability and wholesale value, which differs from "new" retail value. Factors such as condition and potential avenues for resale also play a significant role in our pricing process. We prioritize transparency and strive to offer the highest possible price within our means. Our philosophy revolves around fostering a strong and lasting relationship with our customers, rather than focusing solely on short-term gains. However, it is important to note that not all cases have straightforward solutions. There may be instances where we are unable to meet the desired price that customers are aiming for. In such situations, we provide guidance based on our knowledge to help customers explore alternative avenues for personally marketing their item. Jewelry, in particular, poses unique challenges due to its high markup in the retail environment. Our pricing is based on the current wholesale value of precious metals and diamonds, which aligns with our approach to reselling estate jewelry. It is worth mentioning that there may be exceptions for high-end designer pieces and renowned brand names. We always offer a no-obligation quote, ensuring that customers have the freedom to make informed decisions.

It is important to note that the occurrence of stolen property in our transactions is extremely rare, accounting for less than 1/10 of 1% of all transactions. Most cases we see usually involve family members or friends. Nevertheless, we acknowledge that such incidents can occur, as with any institution involved in trading material goods. Our staff is extensively trained to identify high-risk situations and we have established protocols in place to prevent the acceptance of stolen property. Additionally, we strictly adhere to legal requirements by submitting a daily listing of all received items to the local police. These measures ensure that we maintain a secure and compliant environment for our customers and the community. It is not a smart idea to use a pawn shop to sell stolen property as we require identification, report daily, report red flags, work hand and hand with local law enforcement, and have constant surveillance.