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BUY ~ SELL ~ TRADE ~ PAWN

FAQ


How does a pawnshop work?
 
Pawnbrokers lend money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, household items, etc. These items maintain their value over a reasonable period of time and are easy to store, especially jewelry. All customers provide collateral, eliminating the need to distinguish high-risk from low-risk borrowers.
 
Typically, loans are small averaging between $70 and $100, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral. Contracts vary from state to state, but the average loan period is 90 days. Generally, interest rates will vary with the amount of the loan. The process is much the same as any other lending institution, with the primary difference being the size of the loan, the collateral and the holding of the merchandise until the interest or the loan has been repaid.
 
Why would someone go to a pawnshop to get a loan?

Pawnshops offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. A customer receives a percentage of the value the broker believes the collateral would bring in a sale.
 
When a customer pawns an item, terms of the loan are printed on a pawn ticket that is given to the customer. The ticket states the customers name, address, type of identification provided to the pawnbroker, a description of the item, amount lent, maturity date, interest rate and amount that must be paid to redeem the item. Most states regulate pawnshop interest rates and other charges, such as storage or insurance fees.
 
Do most pawning customers lose their merchandise?
 
On average, 70 to 80 percent of all loans are repaid. Repeat customers make up most of our business, similar to any other lending or retail establishment, recourse loans, looking only to the item being pledged to recover their investment if the borrower chooses not to repay the loan. It is solely the choice of the customer whether he or she elects to repay the loan.
 
How can I be sure the merchandise I purchase at a pawnshop isn't stolen?
 
Less than one-half of 1 percent of all loans are identified as stolen goods. Thieves and robbers are a pawnbroker's worst enemy. Pawnbrokers work closely with local law enforcement to catch and prosecute these perpetrators. A customer must provide positive identification to show evidence of the transaction. This information is then presented to the police department, therefore decreasing the likelihood that a thief would bring stolen merchandise to a pawnshop. Pawnbrokers are trained to look for signs of stolen property to avoid these costly mistakes.
 
What is the difference between buying at a pawnshop and buying at a retail store?
Mainly price. Pawnshops can offer you merchandise ranging from one-third or one-fifth off retail prices.

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Gold Exchange
1211 W Battlefield St
Springfield, MO 65802
Phone: 417-886-8440
Email: goldexchangeglenstone@gmail.com
815 SOUTH GLENSTONE 
Springfield, MO 65802 
Phone: 417-866-8440‚Äč

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In Business Since 1988

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