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What all items can be pawned?

You can pawn anything that has a resale value, like gold, silver, and diamond jewelry;  electronic items like TVs, music systems, mobile phones, play stations, cameras, laptops etc, watches; handbags; firearms; paintings & artworks; sports equipment, power tools, etc.

What is a Pawn (collateral) loan & how does it work?

If you need quick money & don’t want to lose your item either, you have the option to pawn it rather than selling. Pawn loans are collateral loans where you exchange an item of value for cash. The item is stored with the pawn shop (in a secured vault) until the customer redeems it according to the terms agreed upon or the pawn contract defaults.

A typical pawn loan may have a term length of 30 days plus a 30-day 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, in which case you also have the option of just paying the service fee & extending the loan to another 30 days. If the loan is not repaid on time, including the interest, the pawnbroker can take possession of the item & can legally sell it.

Please note that the item is not up for sale during the loan period. Therefore, only items that are not redeemed become bargains for the other customers.

Can old, used & broken jewelry be pawned?
Yes, as precious metals still hold some value depending upon the prevailing market rates.
How do you determine an item’s worth?

The appraisal of items is done based on their current condition, their average online sale price, and in-store saleability.

How do you determine the value of jewelry items?

We test precious metals and diamonds to determine their worth. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining the carat weight) any stones, and noting the cut/color/clarity of each (you may know this as the 4 Cs).

In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you. Also, the final value of gold & silver is deduced through the current precious metal or diamond wholesale market prices.

What is the tenure of the pawn loan?

We offer pawn loans of 30-day terms, and they all come with a 30-day grace period.

What happens in case I am unable to pay & redeem my item?
You always have the option of just paying the applicable interest charges & renewing your loan for another term. Kindly visit us for more information about renewals.
What happens if I don’t repay my loan in time, will my credit score be affected?
No your credit is never affected by a loan with us. If you are unable to or do not wish to repay your loan, the item it will be forfeited after the loan term & we will simply place your item for sale and nothing is ever reported to a credit agency. In fact you may continue bringing in new merchandise for additional loans at any point of time.
Will I lose my merchandise if I pawn it?
No, the ownership of the item remains with you until the loan defaults. Items are placed for sale only after you fail to redeem them or renew the loan at the end of the contract period.
Is it required to have a good credit history to get a pawn loan?
No, as pawn loans are secured by your collateral items & not your credit history.
Can someone else pay for my loan & collect the item?
Someone else can pay for your loan, but only the original pledgee can collect the item.
Can I use a debit or credit card to pay for my loan?

Payments for interest on loans can be done only through debit cards, however, both credit/debit cards can be used for purchases at our stores. When loans are redeemed payment must be in cash.

Will I be informed when my loan is about to expire?
Yes, we usually send a text or call when the contract has lapsed & you are in your grace period.
Is there a limit on the maximum loan amount one can borrow?
No, as loans are based on a percentage of the collateral items you bring. However some restrictions may apply, please contact us for further details.
Are pawn transactions confidential?

Yes, every transaction is absolutely safe and confidential, & moreover, pawn shops are regulated on a local, state, and federal level.

Is my collateral safe while in pawn?
While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. Your item is safely stored until you come back to pay your loan in full and claim your merchandise. Sterling & Knight Jewelry & Pawn is fully insured for twice the loan value of the collateral we keep.
Are pawn shops regulated?

Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. We are subject to laws such as the Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade.

What in the applicable interest that needs to be paid?

The interest rates for pawn loans are based on the loan amount & the tenure you choose & are usually lower than personal loans, payday loans, bank overdraft fees, & late credit card fees. We endeavor to keep the interest rates competitive and as low as possible, kindly visit us for further details.

Is buying at a pawnshop better than buying at a retail store?

Yes, indeed, at pawnshops, you get merchandise at about 1/3 or even 1/2 of retail prices.

Why should one get a loan at a pawn shop?

Getting a pawn loan is the easiest way to meet short-term cash requirements, & has no legal proceedings involved. The customer is given a pawn ticket that carries complete information regarding the pawn contract, including the customer’s personal information, date of contract, description of the item, total amount of the loan & applicable rate of interest.

What are the steps involved in pawning?
  • Bring us your item and tell us how much you want to borrow
  • Our expert pawn broker will do an on the spot appraisal & will tell you about the allowable loan amount (which is usually a percentage of the value that the item is expected to bring in a sale).
  • Present a valid government issued photo ID.
  • Sign the required documents & collect your cash.
Is stolen merchandise sold in pawn shops?
No, pawn shops are the worst places to get rid of stolen merchandise as they are highly regulated & work very closely with the local and federal enforcement officials. Every item pawned or sold to us is described in detail along with the required information from the customer’s identification, in mandatory daily reports to the police. Moreover, our video surveillance equipment also verifies customers’ identities & the staff employed at pawn shops is specifically trained to identify stolen goods & are always on the lookout for the same. Therefore in all, less than 1% of the items are identified as stolen goods.

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