What is a Pawn Loan?
Put simply a pawn loan is a loan that is secured by collateral held by the pawn broker. When you get a pawn loan you are giving an item, such as jewelry or tools, to the pawn broker in exchange for cash. However, unlike when you sell an item you will still retain ownership of your items for the duration of the loan. Also, since you are submitting an item as collateral to cover the loan and any interest that maybe incurred there are no credit checks to get a loan nor do we report to any credit agencies if you do not repay your loan. To get your item back simply repay the original amount of the loan plus any interest that has been incurred. That’s it.
The Pawn Process
All of our loans are for 30 days with another 60 days grace period in which interest is still incurred, but in which sole possession of the item will still rest with you the borrower. At any point before 90 days you may pay off some of the interest on your loan to extend it. If you have any questions regarding loan extension you can always contact us and we will be happy to explain it to you.
What if I can't repay?
Not a problem! If at the end of 90 days you do not wish to repay your loan, or extend it by paying off some of the interest, ownership of your item will be forfeited to us. You do not need to do anything else; essentially, your loan will be treated much like a sale in which you have traded your item for the cash you received when you originally received the loan.
Are my items secure?
All of our locations are licensed, bonded, and insured as required by Indiana law. While on loan all of our customers items are placed in one of our secure on-site storage areas or safes. We also have state-of-the-art security systems installed at each location including around-the-clock video surveillance. We have taken every precaution to make sure that you can rest easy knowing that your precious items are safe at any of our secure facilities.
In addition to providing security for your items we also take care to insure the safety of your personal information. Loans are always confidential and your information is secured as required by federal, state and local laws and ordances. While we do report appropriate information to law enforcement agencies to thwart theft you can rest assured that we will not release any of your information to anyone else.
Top Items to Pawn
Gold and Diamonds
Gold and Diamonds will always be some of our most wanted items to issue a loan on or purchase. We even take old broken jewelry! Not sure if your jewelry is real? We will test it for free!
Firearms hold their value much like precious metals. We are likely to offer more money on firearms than other items!
Video Game Systems
Game systems such as Playstation 4, Xbox ONE, Xbox 360 and Playstation 3 are in high demand at Gold N Pawn. We even loan on and buy vintage video game systems!
Tablets and Phones
Some of our hot items right now include Apple and Samsung tablets, phones and laptops.
Gold N Pawn
Bloomington, IN 47404
Gold N Pawn
590 Morton Ave
Martinsville, IN 46151