Frequently Asked Questions
Have a Question? Read our FAQs or Call Us!
We pride ourselves on honesty, integrity and respect for our customers.
What Is Pawn?
A pawn is a means to get the cash you need. You bring in an item, and leave it as collateral, we offer a dollar amount to loan, and a loan term with a 10-day grace period to repay your pawn (loan) amount. You can renew this loan as many times as you need and we will work with you during the process. We can do small-term arrangements and 35.99 APR on a $20,000 pawn or higher.
How Do You Determine The Value Of An Item?
We determine the value of the item(s) based on in-store, auctions, and prices online. The easier the item is to value, the easier it is to loan on. When dealing with precious metal (gold/silver) or diamonds we determine the value by current market dealer prices.
What Happens If I Don't Pay On A Loan/Pawn?
At Pawn King, we send a text and phone call notice when your pawn is due. We also have an app which allows you to pay and monitor your pawn loan(s) and balance. If we do not hear back from you within a few days of your late notice, we will take possession and sell your item after the grace period.
If I Don't Pay My Pawn, What Happens?
We will put your item up for sale, work with you on a layaway term or whole-sale to a dealer. This all depends on the item and your communication with us.
Do You Need Good Credit To Pawn or Sell With You?
No credit check is required.
What Items Can I Pawn?
We loan/pawn on any items with value, especially precious metals, diamonds, newer electronics, gaming system and tools, autos and large items.
What Are The Interest Charges?
We offer custom loan terms.
How Do You Determine The Loan Amount?
We will loan anywhere from $20 dollars to $100,000. Our professional staff bases 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. The amount of the loan offered is based on the wholesale, resale/secondhand value of the item, not the new price.
Do Most Customers Lose Their Merchandise?
On average, 80%+ percent of all loans are repaid. Repeat customers make up much of our business. Some customers borrow against the same items regularly. If the borrower chooses not to repay the loan and interest charges, we must try to recover our investment from the item left in pawn. We prefer that customers return for their property.
Are Pawn Shops Regulated?
Yes. States have regulated the pawn industry for decades. In addition, local authorities oversee licensing and regulation of most pawnbrokers. We are subject to laws such 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, regulatory authorities include the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.
GOLD & SILVER
We buy gold in Stratford and surrounding areas and offer lab quality results with our XRF and state of the art gold testing equipment and a Sigma Pro used for bullion. We offer the most % on spot price.
We buy quality diamonds in and offer free testing to authenticate your diamond using the 4 C's; Color, Cut, Clarity and Carat. Diamonds that are highly rated in every category will receive the most money.
Small pawn term arrangements and as low as 35% APR on a $20,000 pawn or higher. On a 20k pawn the monthly interest would be $593.33
A customer exchanges an item as collateral for a short-term cash loan.
We have plenty of storage space! If you can get it here, we can pawn it. Construction equipment and large items. Auto pawn, bring your vehicle down to us with the title and any other paperwork you have with it, & your drivers license or ID. We also have Military Supplies and more.