Sterling & Knight
Frequently Asked Questions
How does it work?
Bring us an item of value.
We loan on almost anything, including gold and diamond jewelry, watches, and more. Simply present your item (collateral) to one of our friendly experts for a loan appraisal and you’ll have a loan appraisal in minutes.
Pawn loans are based on the value of your item—its current value and its current condition. We have an internal pricing department that researches thousands of items so we know what the item’s retail value was when it was new, what it sells for used, and how to determine its condition (good, better, best). At Sterling & Knight Jewelry & Pawn, you can feel confident that you are getting a fair price for your collateral.
Show us a valid picture ID.
We accept any valid state- or government-issued photo ID, including a driver’s license, passport and military ID. Just come by any Sterling & Knight Jewelry & Pawn today and see what we can do for you.
Get money in minutes.
The process typically takes about 10 minutes and all loans are funded in cash with no credit check and no hassles. And, paying us back is easy too.
We will also purchase items of value if you do not want to get a pawn loan.
How does a pawn loan work?
Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. Subject to individual state laws, a typical pawn loan may have a term length of 30 days/one month, plus a 30-day/one month 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. You may also choose to surrender your collateral as payment in full. We loan on a variety of items, including gold and diamond jewelry, and more. Simply bring us an item of value, along with a valid photo ID and we’ll get you money in minutes after your loan is approved. For a full description of all loan charges, please read the excerpt from the Illinois Pawnbroker Act below.* Or click here to read it in full.
What is an extension?
If you are unable to pay back your loan in full on its due date, you can get an extension on your loan, if permitted by state law. With an extension, you will be required to pay the interest owed, and then you may extend the length of your loan for as many days as allowed by state law.
Will I lose my merchandise?
The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited. We will also purchase items of value if you do not want to get a pawn loan.
How do you determine an item’s worth?
We base pawn loan amounts on the value of your item—its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can.
How do you determine the value of jewelry?
When jewelry is the collateral we test the precious metals and diamonds to determine its worth. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining 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.
How do you determine the price of gold?
The price of gold is based on market values, the price for which is routinely reviewed and updated by our internal pricing department. Prices can vary greatly as the loan amount for 24K gold is significantly higher than that of 14K gold.
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 here until you come back to pay your loan in full and claim your merchandise. Sterling & Knight Jewelry & Pawn is fully insured for 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 such laws as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer. At the federal level, we are regulated by the Federal Trade Commission (FTC), and the Treasury Department.
We have three locations to serve you! We are located in:
Hours: Monday 10 – 7:00 Tuesday – Friday 10 – 6:00 Saturday 10- 3:00
Hours: Monday 10 – 7:00 Tuesday – Friday 10 – 6:00 Saturday 10- 3:00
Hours: Monday – Friday 10 – 6:00 Saturday 10 – 3:00
Sunday by appointment.
If you refer a new customer to our store, you receive a 3% referral bonus, just like referring someone to host a Gold Party.
Please visit our website at
Thank you for your business and continued faith in our local, family owned business. We’ve had the privilege of working with wonderful customers and helping them in these troubled times.
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*(205 ILCS 510/2) (from Ch. 17, par. 4652)
Sec. 2. It shall be unlawful for any pawnbroker to charge or collect a greater benefit or percentage upon money advanced, and for the use and forbearance thereof, than the rate of 3% per month. Nothing in this Section shall be construed so as to conflict with the law pertaining to usury and the person receiving money so advanced may hold such moneys to pay any fees in addition to interest as herein provided.
Each pawnbroker, when making a loan under this Section, must disclose in printed form on the pawn contract the following information to the persons receiving the loan:
the amount of money advanced, which must be designated as the amount financed;
the maturity date of the pawn, which must be at least 30 days after the date of the pawn:
the total pawn interest and service charge payable on the maturity date, which must be designated as the finance charge;
the total of payments that must be paid to redeem the pledged goods on the maturity date, which must be designated as the total number of payments; and
the annual percentage rate, computed according to the regulations adopted by the Board of Governors of the Federal Reserve System under the Federal Truth in Lending Act.
Each pawnbroker may contract for and receive a monthly finance charge including interest and fees not to exceed one-fifth of the loan amount, as set forth herein, for appraising, investigating title, storing and insuring the collateral, closing the loan, making daily reports to local law enforcement officers including enhanced computerized reporting, complying with regulatory requirements, and for other expenses and losses of every nature whatsoever and for all other services. Such fees, when made and collected, shall not be deemed interest for any purpose of law.
(Source: P.A. 90-477, eff. 7-1-98.)