What is a pawn?
A pawn is a 30-day collateral loan. You can bring in property such as gold jewelry or a Dewalt tool set, and leave the items with us in exchange for cash. You’ll then have 30 days to retrieve your items by paying back the principle plus a small interest fee, OR pay the interest alone and have your items stored for an additional 30 days.
Example: Say you bring in a guitar, and we negotiate a loan amount of $50. Within 30 days, you can come back and pay $6.00 to receive an additional 30 days on your loan, OR pay $58.50 to retrieve your item. The breakdown is as follows:
$50.00 is your principle.
$6.00 is the interest and storage fee.
The additional $2.50 is an electronic filing fee.
So your total comes to $58.50.