THE MOST FAQS ABOUT OUR SERVICES:
Q. WHAT EXACTLY IS A PAWN LOAN?
Pawn loans are a quick and easy way to borrow money without any type of credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A pawn loan from Pawn Express has a term/length of 30 days, plus a 30 day grace period. If you pay your loan back within the allotted time we will give you your collateral back in the same condition as you left it. If you cannot pay your loan back in full, we offer extensions/renewals to give you extra time. If for some reason you decide not to pay your loan, your collateral will be forfeited and it will become the property of Pawn Express.
Q. WHAT IS COLLATERAL?
Collateral is what the loan is secured with. You must bring in some sort of collateral to get a pawn loan at Pawn Express. We accept a wide variety of merchandise as collateral. Items such as Gold & Silver Jewelry, Firearms, Musical Instruments, Electronics, Power Tools and more can be pawned at Pawn Express. If you are unsure whether your item can be pawned or not, please give us a call! We will be more than happy to talk with you, and help you get the loan you need! Our number is 1(334) 808-1000.
Q. DO I NEED TO BRING MY ITEM TO THE PAWN SHOP TO FIND OUT HOW MUCH YOU WILL BUY IT FOR?
Answer: Yes. All items must be in our store before we can quote you a price. There are many different factors that we consider when pawning and purchasing items from customers and this makes it extremely difficult to do over the phone. However, if you're item is too large to easily bring to the store, you can call the store and we will try our best to give you an estimate first.
Q. WILL I LOSE MY MERCHANDISE?
The majority of our customers repay their loans and pick up their merchandise. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited. We will also purchase items of value if you are not interested in a pawn loan.
Q. WHAT IS A RENEWAL?
If you are unable to pay your pawn loan back in full on its due date, you may renew your loan. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset. This is a good option for someone who does not have the entire redemption amount to pay their pawn loan off, but still wishes to keep their collateral. This will insure that your loan will stay current, and your merchandise will not be forfeited.
Q. WHAT IS A REDEMPTION?
You "redeem" your loan when you pay your loan amount in full plus any accrued interest. Your merchandise that you pawned will be returned to you, and the loan is finished. As of right now, redemptions at Pawn Express must be paid in cash or debit card.
Q. WILL MY CREDIT BE CHECKED OR WILL I HAVE TO COMPLETE AN APPLICATION?
Absolutely not. A loan from Pawn Express is entirely based on the collateral you bring. The more merchandise you bring, the more you are allowed to borrow. There are no applications either. Pawn loan customers are able to borrow the cash they need in less than 5 minutes at Pawn Express. Bad credit score? No worries. We'll never check your credit score. You're credit is always good with Pawn Express!
Q. WILL MY CREDIT SCORE BE AFFECTED IF I DEFAULT ON A LOAN?
Never! We never run your credit and defaulting on a loan will not affect your score. If you are unable to redeem your loan, it will become the possession of Pawn Express and will be sold in the store to pay for the loan.
Q. IF I HAVE DEFAULTED ON A LOAN BEFORE, CAN I PAWN ANOTHER ITEM?
Absolutely! We will never hold a defaulted loan against you. No matter how many times you default, you are always welcome back to pawn again! We will always treat you fairly, and help you when you need it the most.
Q. 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 of the research tools we have at our disposal to determine an item's value and get you the most money we can. The appraisal process varies depending on the type of item - for example, jewelry is evaluated differently than a BluRay player. We research and review items to insure that our pawn loan values are in line with the general marketplace for pre-owned merchandise. We obtain the item's retail value when it was new, its pre-owned market value, and determine its condition.
Q. HOW DO YOU DETERMINE THE CONDITION OF AN ITEM?
The condition of an item is always taken into account during the appraisal process for a pawn loan. If one iPad comes in that is in perfect condition and one iPad comes in with scratches on the screen, we will loan more on the iPad in better condition. When you are pawning general merchandise, keep in mind that we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories are included. The better the condition of the item, the more money we can loan you.
Q. HOW DO YOU DETERMINE THE VALUE OF JEWELRY?
When using jewelry for collateral in a pawn loan, 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 any diamonds, and noting the cut/color/clarity of each. In addition, we test the metal using a special acid that determines the karat of the gold.
Q. HOW DO YOU DETERMINE THE PRICE OF GOLD?
The price of gold is based on market values, the price for which is daily reviewed and updated. Prices can vary greatly as the loan amount for 24K gold is significantly higher than that of 14K gold.
Q. CAN YOU GIVE A QUOTE ON AN ITEM OVER THE PHONE?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item. We will need to review the merchandise in person to give a loan value.
Q. DO I NEED IDENTIFICATION TO CASH CHECK?
Each time you visit Pawn Express to cash a check, you will need to present valid identification, as well as provide us with a valid phone number and address.
Q. WHAT IS THE HIGHEST CHECK AMOUNT THAT YOU WILL CASH?
We will cash checks up to the amount of $10,000.
Q. WILL YOU CASH ANY CHECK?
We are able to cash most checks for our customers. However, we do require that we are able to verify each check before cashing. To verify, we must be able to call the party who the check is written on. We must be able to call them on a landline number, and verify that the phone number is accurate. Common checks that we cash include, but are not limited to: tax refunds, payroll, insurance, social security, and retirement.
Q. DO YOU CASH MONEY ORDERS?
Unfortunately we do not cash money orders at this time.