PAWN SHOP FAQ
1. What is Pawn Shop?
A pawn shop can be thought of as a type of “lending institution”. We offer short term loans based on a portion of the value of an item that you bring in as collateral. When you take out a loan at our pawn shop we will provide you with cash, along with a ticket for your collateral item, and you have up to 120 days to repay the loan. Our loan process is quick and easy- you do not have to go through a credit check, or wait for loan approval. If you are unable to repay the loan according to the loan terms, we will sell the collateral item to recoup our investment.
2. what types of items do we take for collateral at Easy Money Pawn?
The most popular items pledged include gold and platinum jewelry, diamonds, high grade watches such as Rolex, Baume & Mercier and Patek Philippe, quality tools (makes such as Snap-on, MAC, Makita, Craftsman, Milwaukee and other industrial grade tools – nothing from China, Pakistan or other ‘third world’ nations), coins, guitars, musical instruments, Flat Screen TV’s, computers, Laptops, metal detectors, camcorders, cameras, and the list goes on and on!
Part of the fun of this business is that it is different every day. I have over 2 decades of experience in the pawn business and I STILL get offered things that have never come in before! TV’s, CAMCORDERS – must have remote controls and be 2 years old or newer. CAMCORDERS and RECHARGEABLE TOOLS must have the charger. MICROWAVES, and other electronics must be 3 years old or newer, completely operational and CLEAN. GUITARS and other musical instruments are prefered with a case. CAMERAS must either be a professional grade format type camera or certain digital cameras. Check with us to see the current megapixel rating required. LAPTOP COMPUTERS must be 2 years or newer with the latest processor. DESKTOP COMPUTERS must be 2 years or newer with the latest processor. They must have a keyboard, mouse, and the cables. LAPTOPS must have a power cord, charger or adapter. TOOLS must be American made and/or of a quality make, such as Craftsman, Snap On, MAC, Milwaukee, Makita, Porter Cable, Bosch and other QUALITY makes; NOTHING from China, Pakistan, Korea, or other third world countries. VIDEO GAME UNITS must have controllers, power adaptors/cords, and a game cartridge or disc. IN ALL CASES, THE ITEM MUST BE FULLY FUNCTIONAL, WITH ALL KNOBS, DOORS, BUTTONS, CORDS, ANTENNAS ETC PRESENT AND WORKING!!!!!! IF YOU NEED TO TELL US ABOUT HOW SOMETHING EITHER DOESN’T WORK, OR SORTA WORKS, OR WORKS SOMETIMES, WE DO NOT WANT IT!!!!!! ALL ITEMS WILL BE TESTED FOR FUNCTION!!!!!! If your item is older than what we list, we may be able to buy it from you, if you wish. And of course, items we accept are subject to change as is the amount we will loan.
We do not accept ALL brands and/or models of the above items for collateral, so we of course reserve the right NOT to take something, even if it is on this list!
3. Do you buy as well as loan?
Yes, and you can get a slightly higher amount by selling. If you do sell, you DO NOT get the item back and we cannot hold it for you!
4. How much money can i get?
That depends. We really have no maximum amount that we can loan on an item, up to a portion of its resale value. We loan a portion of the amount that we can expect to receive if we have to sell the item if you do not come back to get it. It is based upon years of experience and how well and fast different types of items sell and does not relate to how much the item cost new. Yes, your item is worth more than we are loaning on it and we will take your past loan record into consideration, both the redeems AND the losses. We do need to see and examine the item before we can give an estimation, however. MOST people do of course pick up the items they put into pawn, but we have to look at all things by what we could sell them for if you didn’t come back.
5. What do i need to have to take out a loan?
You will need a state issued picture ID card or drivers license. This can be from any state. We CANNOT take anything from you without ID! PERIOD! We accept Prison ID’s, Consular Id’s and Passports with a utility bill in your name.
6. Will my items be safe?
Yes they will. We are licensed by the City and State and have undergone very extensive background investigations in order to be in business. Our operation is constantly monitored by the City and law enforcement. In addition, all employees are checked out by the Police Department prior to gaining employment. Our store is highly secured with multiple security systems, monitored camera systems and armed personnel. All of us have heard the horror stories concerning items left in pawn. This is NOT the case at Easy Money Pawnshop! Many people, in fact, are so comfortable with us that they pledge their jewelry, coins and electronics for a small loan in order to have it safely stored, retrieving it when they want to wear or use it.
7. How many tickets can i have at once? how often can i pawn something?
In short, as many as you want and as often as you want! We have many regular customers that pawn daily or even more often and others we see but once a year. You can bring in as many different items as you want, or you can bring in the same item many times. That is the beauty of the pawn shop – you can’t max out your credit, only to be charged with an ‘over credit’ charge and the only limit on how much you can borrow is in how much your items are worth on pawn to us!
8. I want to pawn more than one item. will they all be on one ticket?
The City of Oakland Police Department requires all serial serial numbered items to be on individual tickets. Jewelry can be up only 1 items per ticket. NO EXCEPTIONS!
9. What if I can get a higher amount for my item, but I elected to take less. can I get the additional amount later?
No! Once a loan is written, we CANNOT change the amount of the loan. You can ‘redeem’ your item and we can write a new loan for the higher amount, less the interest already accrued and the original amount given, at that time. And no, you do not need to pay us before we pay you back; we will just deduct the interest from the difference.
10. I want to get a loan on something that I bought from you, do I get a better price?
On jewelry that you buy from us, if the item is still in good condition we will loan you up to 1/2 of the original purchase price, AS LONG AS YOU BRING IN THE ORIGINAL SALES RECEIPT!! Other items, such as electronics, tools etc, are subject to our regular rules as to age and condition. If you have the receipt on these types of items, we MAY be able to give you a little more, depending on the type of item and its condition.
11. What if I can’t pay the loan off?
You may pay just the interest and handling charge. This will give you another 120 days. We do not accept part payments; however when you pay the interest and we re-write the loan for you, you may elect to pay off part of the loan at that time and we will re-write the new loan for the new amount. If you are out of town or cannot come in, you can have someone else pay the interest for you and we will give them a new pawn ticket for the new loan. It will be still made out in your name and you will either have to give someone written NOTARIZED authorization to pick up the loan or come in yourself.
12. Do I have a `GRACE` period on the loan?
Yes, Easy Money Pawn & Jewelry does offer a grace period on your loan. You will be contacted on the first day that your loan is past due, at which point you will have 10 days to fulfill the terms of your loan.
13. I live out of town. can you ship me my items?
At this time we are unable to ship items to our pawn customers. All pawned items must be picked up at our retail location.
14. Can I get information about my loan over the phone?
We take our customers’ privacy very seriously, so only some information can be given over the phone. We are able to tell you your due date and interest amounts (this information can also be found on your pawn ticket), but we cannot give you any other detailed information about a loan over the phone.
15. I just realized that my loan expired a few weeks ago. Can I still get my items?
You may be able to, but Easy Money Pawn and Jewelry does not make any guarantees in regard to the availability of an item after a loan expires. If you come in to retrieve an item after the expiration of your loan, your item may have already been sold in our store or in an online auction, or otherwise disposed of.