How It Works

From A to Z, here's how the pawn process works.

Pawn loans are based on collateral. This means that pawn shops loan money on an item of value like gold, jewelry, musical instruments, electronics, etc. While pawn shops offer other services such as buying and selling items, loaning money on an item of value constitutes the majority of our business. The main reason customers turn to pawn shops is that banks and other lenders simply don't provide small dollar loans that help Americans meet unexpected financial needs. According to the National Pawnbrokers Association, the national average loan amount is $150, which demonstrates that now more than ever, Americans are in need of quick cash solutions. Unlike other forms of borrowing, pawn loans can never affect your credit.

If you're thinking of getting a loan from us, here's what you can expect:

  • You should determine ahead of time the amount of money that you need to borrow. Pawn customers only borrow what they need.
  • Bring in an item of value such as gold, jewelry, electronics, musical instruments, etc.
  • Our expertly trained staff will appraise your item quickly and efficiently.
  • The value of your item is determined by the appraised value, as well as the current condition and our ability to sell the item in case you default on the loan. The amount offered is based on the wholesale or resale/secondhand value and not the new price.
  • Based on your needs and the value of your item, we will make a loan offer.
  • If you are comfortable with the amount and would like to borrow the money, you will need to present a government issued ID. State law requires us to gather customer information and report all items taken in to law enforcement.
  • You will receive a loan ticket listing the terms of your loan. The ticket will include: maturity date, brief description of the item, amount of loan, interest rate, etc. The details will be explained to you by a member of our team. We encourage our customers to ask as many questions as possible to ensure that they fully understand the details of their pawn loan.
  • The loan period in Massachusetts is 4 months. This means that you have this amount of time to return to our shop, pay the principal and interest on the loan, and collect your item.
  • If the maturity date for the loan is approaching and you cannot pay the loan, you may renew the loan simply by paying the interest. A new loan is then written for another 4 month period. The principal remains the same.
  • When you are ready to pick up your item, just stop in with your pawn ticket, pay the principal and interest on the loan.
  • If you cannot pay the loan, do not worry. Defaulting on a pawn loan can never affect your credit. After the 4 month period, we hold your item for a short grace period. After the grace period we are able to sell your item to recover our costs.

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