HOW PAWNING WORKS FAQ's
Sell Your Items
If you are wondering how do pawn shops work? or How jewelry pawn shops work? If you need to get a quick loan by pawning your items, you will find the information you need to know here. Cash Loans are based on the appraised loan value of your collateral. Prestige Pawn in Spring Hill FL, specializes in gold and diamond jewelry, fine watches and gold coins. Our location in Spring Hill accepts all types of items to pawn or sell. This list includes iPhones, televisions, game systems, computers, power tools, camera, musical instruments, DJ equipment… and the list goes on an on! Have a gift card you don’t want? Sell it to us.
HOW DOES A PAWN LOAN WORK?
Pawn loans are loans in which you “PAWN” a personal item in exchange for an amount of money for a specified period of time (usually 30 days but can vary by state). Your item(s) serve as guarantee for the money borrowed. On your due date you have the option to pay your loan in full and redeem your item(s); or you may choose to extend the loan (if applicable) by simply paying the interest/fees due.
Another option is to not pay the loan in which you will forfeit the items presented for pawn.
WHAT IS AN EXTENSION?
If you can’t pay back your loan on its due date, you may be eligible to extend the principal amount by paying the interest charge.
WILL I LOSE MY ITEM?
If you choose to not pay your loan in full or extend the loan, you will forfeit your item. At this time your item will become the property of Prestige Pawn.
HOW DO YOU DETERMINE THE VALUE OF AN ITEM?
We will assess and evaluate each item based on condition and the current market for the item.
HOW DO YOU DETERMINE THE CONDITION OF AN ITEM?
A physical assessment of the functionality and appearance of the item will be performed. Items will be tested to ensure that they work properly. If an item is damaged it is worth less than something that looks like new. It helps if accessories like game controllers, remote controls, manuals, the original box, etc. can be brought in but it is not required.
HOW DO YOU DETERMINE THE VALUE OF JEWELRY?
We will perform a test to determine the authenticity of each jewelry piece and weigh it to correctly determine its value. We will also evaluate diamonds for authenticity and determine the size and value of each stone to help get you the money you need.
CAN YOU GIVE ME A QUOTE OVER THE PHONE?
We can give you an approximate value over the phone. However, to give you the best idea of what we will be able to loan, we need to see the item. The physical condition of an item is an important part of determining the value. We also need to test the item to make sure it works properly.
WHY IS THE LOAN AMOUNT DIFFERENT FROM
THE SELLING PRICE AT A RETAIL STORE?
The value of your item is based on market value not of the price of the item when it is 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 ITEM SAFE WHILE IN PAWN?
Your item will be kept in a safe and secure area at all times. All of our stores are fully insured for the loan value of the items we keep.
ARE THERE ITEMS THAT PRESTIGE PAWN WILL NOT ACCEPT?
There are items that Prestige Pawn may not accept based on market. Please call the Store for more details.
ARE PAWNSHOPS STOCKED WITH STOLEN MERCHANDISE?
No. Less than 1 percent of items are identified as stolen goods. Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property.
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