Collateral Loan

Here’s the Rundown on How To Get a Pawn Loan From Us

If you are in need of a pawn loan to pay late bills, cover an unexpected expense, or just to make it to the next paycheck, come visit Suffolk Jewelers and Pawnbrokers. We have a long history providing loans to customers in the Boston area. Our loans are easy to get, come with fair terms, and never affect your credit score.

Here is the rundown on how to get a loan from us:
Determine ahead of time the exact amount of money that you need for the loan.

Pawn loans are traditionally small amounts designed to help people fill a financial gap. The average pawn loan is around $100, according to the National Pawnbrokers Association.

Know the value of the item you are pawning.
Before you bring in a gold watch, an iPad, a vintage guitar, or another item to pawn, know the value of your item. Examine it for unique characteristics and research its history. If it has associated paperwork, bring that to the appraisal.
Have our expert staff appraise your item.

Bring in your item to our store, along with a valid ID. Our store hours and location are listed here: http://suffolkpawn.com/contact/. Our staff has long experience in expertly appraising items. When you present your item, our trained personnel will value the item and provide you a loan amount. You can then decide whether to accept or reject the offer.

Fill out the paperwork.

Massachusetts law requires us to record customer information and keep a listing of items that are held for loans. Present your ID, such as a drivers’ license, fill out the paperwork and receive your loan ticket, which contains the loan amount, interest rate, and other information. Feel free to ask us any questions during this process. We are happy to respond to our customers’ questions and concerns.

Get funds, and then pay back loan over time.

The loan period in Massachusetts is 4 months. You can repay the loan in installments over that 4-month period. When the loan is repaid in full, including the principal and interest, we will return your item to you. If you are not able to repay the loan in full after 4 months, we will hold your item for a short grace period, and then we are able to sell your item to recoup costs. You can also renew the loan by paying only the interest on the loan. But even if you are not able to repay your loan, the loan will never affect your credit.
It’s that easy! Come visit Suffolk Jewelers and Pawnbrokers to obtain a loan today.

What is a Collateral Loan?

A collateral loan is a loan secured against something you own, and it never affects your credit.

Collateral loans are becoming more popular in an era of slow economic rebound and little available credit. One of the reasons collateral loans are popular is there is less risk in obtaining a collateral loan than other types of loans. Collateral loans do not affect your credit score. Also, securing a collateral loan is often faster and easier than obtaining other types of loans.

To get a collateral loan, you provide the loan organization with an item of value, which will be used as collateral. Then the organization provides you with the loan funds. The loan amount is based on the value of the collateral. Once the loan is repaid, your item is returned. According to the National Pawnbrokers Association, pawn loans, a type of collateral loan, are repaid 80 percent of the time, meaning that 80 percent of the items used to secure loans are returned.

Suffolk Jewelers & Pawnbrokers offers collateral loans. We have professional, experienced staff to assess the value of your collateral and provide you with fair loan terms. Suffolk Jewelers & Pawnbrokers also has long history in the community, and has strong relationships with many regular customers. Come in and ask us about collateral loaning.