What is a Pawnbroker?
A pawnbroker is an individual or business that offers secured loans to people, with items of personal property used as collateral. The word pawn is derived from the Latin pignus, for pledge, and the items that are pawned to the broker are themselves called pledges or pawns, or simply the collateral.
How does it work?
If an item is pawned for a loan, within a certain contractual period of time (Here at Gates it is 4 months) the pawner may purchase it back for the amount of the loan plus some agreed-upon amount for interest (which varies depending on the original loan amount). The amount of time, and rate of interest, is governed by law or by the pawnbroker's policies. If the loan is not paid (or extended, by paying the interest) within the time period, the pawned item will be offered for sale by the pawnbroker. Unlike other lenders, though, the pawnbroker does not report the defaulted loan on the customer's credit report, since the pawnbroker has physical possession of the item and may recoup the loan value through outright sale of the item. The pawnbroker also sells items that have been sold outright by customers to the Pawnbroker.
What kind of items do we take?
The most common items we take for pawn (or, in some instances, sold outright) by customers include diamond jewelry (Please note we only accept diamond jewelry and non-man-made diamonds, and must have a main stone weight of approximately .25k or above), electronics such as flat panel televisions (LCD, LED, and Plasma), home stereo receivers, speakers, video game systems (Wii, PS3, XBOX 360), DVD and Blu-Ray movies, musical instruments (instruments such as electric guitars and basses and drumsets), and tools (both American-made hand tools and industrial style power tools). We also have our firearms license and accept shotguns and rifles from customers who meet state and federal acquisition criteria. We also accept a variety of military surplus items. If you have an item you are not sure about feel free to give us a call and one of our friendly sales associates will be glad to assist you; ask for Craig for the best customer service.
*Please Note We do CASH Loans and Require CASH in Return to Pickup or Renew a Loan*
