Pawn is basically a collateral loan against any item of value.
First you must determine the amount of loan you really need, sounds strange? Well, unfortunately
Some pawn brokers will try to loan you more then what you need, REMEMBER, these loans
Carry a higher than usual interest rate so PLEASE do not loan more then you need, it will only make it harder to repay!
SHOP AROUND, there is no such thing as “regular” interest rate, it is negotiable as any other thing in life!
Obviously the higher the loan, the better are your chances of negotiating a lower rate.
Another thing to pay attention to is the fees charged on the loan.
Here at the King Of Pawns we do not charge any fees at all (re: lost ticket fee, storage fee etc.)
Once your item is appraised and you agreed on the amount of loan, the interest rate, fees if any
ask the pawn broker if you will get any notifications before your loan is due.
Life gets hectic and bills are sometimes being forgotten, in a pawn shop this could mean loosing
your item. At the King Of Pawns we will mail you notifications (with your permission) email you
notifications (with your permission) and call you to remind you of your due date.
In Florida the pawn contract is for 30 days, if no payment is made the loan is in default and 30 days after
Your item could be forfeited. You have an option of redeeming your item or paying the interest and extending the loan for another 30 days.
In short, pawning could be an easy way to get by for short term loans as long as you don’t over extend the amount or your ability to repay.
Here at the King Of Pawns in West Palm Beach we loan and we also buy gold, diamonds, jewelry, coins,
Electronics, designer bags, computers and any items of value so stop by, get a cup of coffee and the best advice in the industry.