New England pawn loans are a safe and secure way to get a fast cash loan for a short period of time to take care of unexpected expenses. Pawn loans have also been around for thousands of years, dating to the ancient Chinese, 3,000 years ago. Queen Isabella even pawned the crown jewels to fund Christopher Columbus’ journey to America. While these loans are regulated by state and local authorities, there are some pawnbrokers who are willing to implement medieval terms on their pawn loans that customers should be aware of before accepting the loan.
Generally, a pawnbroker will appraise the merchandise you bring in to determine how much they can lend. If it’s gold or diamond jewelry, electronics, musical instruments, or just about anything else, a good pawnbroker will be happy to explain how they came up with that value. This doesn’t mean you have to agree with them, just as long as you understand how they came up with the amount. It doesn’t matter what you paid for the item, what the history behind it is, or even if you recently saw it for sale for a larger value, it’s simply based on their parameters.
The part consumers need to pay careful attention to are the terms of the pawn loan. Again, most pawn loans are regulated by state and local authorities so things like fees, interest rates or the length of the loan are set for the pawnbroker. In Massachusetts and Rhode Island where Empire Loan operates, loans are for 4 months and 3 months respectively. Certain unscrupulous pawnbrokers in these areas may tell customers they need to come in to pay their interest monthly or that the loan is only good for 30 days, but that is wrong, and illegal. It is up to the customer to say something or simply walk out.
The interest and fees are set in Massachusetts by local cities and towns where Empire Loan operates and varies accordingly. In Empire Loan’s Providence Rhode Island Pawn Shop locations the interest was set by the legislature. The staff at either Empire Loan location in Providence will explain the 3 month term and 5% monthly interest to you. Any pawnbroker in Rhode Island should tell you the same, but if they don’t, run, don’t walk, out the door and find the nearest Empire Loan location.
Other fees that pawnbrokers sometimes charge include photo fees, origination and closing costs, lost ticket fees and late fees. While many of these fees are legal, pay attention to how much they are. We recently discovered one competitor in Rhode Island offering 1 month loans and charging a $35.00 late fee on top of a $7.00 origination fee and a $7.00 closing fee on a $100.00 loan. This means if you are 1 day late (don’t forget that’s 1 month and 1 day) in redeeming the $100.00 loan, it would cost you $154! At a legitimate pawn shop like one of Empire Loan’s 2 Providence locations, that same $100.00 loan for the same 31 days would only cost you $113.00. Since by law a pawn loan in Providence is for 3 months, if you waited the entire 3 months to redeem your $100.00 loan it would actually only cost you $118.00.
The bottom line is: Buyer Beware. Don’t be ripped off by other dishonest New England pawnbrokers. Ask questions and read the fine print. Since 1985, Empire Loan has been helping people get the cash they need, fair and square. It’s that easy.
Earth Day is Wednesday April 22nd and you can do your part by recycling your old gold and silver jewelry! Most people think Earth Day is all about recycling cans, bottles and old newspapers but it’s also a great opportunity to recycle your old jewelry. Simply bring in your broken, out of date or unwanted jewelry and the experts at Empire Loan will give you cash for gold in Boston, or any of our 8 locations. Get cash for your gold. Get cash for your platinum. Get cash for your silver, including that old teapot that you have never used. The staff at Empire Loan will test and weigh your items and pay you cash.
Gold is a rare commodity, because there are very few large deposits left in the world. According to Goldman Sachs, the world only has about a 20 year supply left to be mined.“The combination of very low concentrations of metals in the Earth’s crust, and very few high-quality deposits, means some things are truly scarce,” Eugene King, European metals and mining analyst at Goldman Sachs, wrote in a recent research note.
“Gold has been used as a measure of wealth for more than 4,000 years, as the ancient Egyptians soon worked out that gold was not only shiny and heavy, but rare,” King said.
Recycling the precious metals in jewelry has been going on for centuries. Gold silver and platinum are melted down and formed into new pieces of jewelry. In all likelihood, the ring or bracelet you’re wearing now could have been somebody else’s earrings or chain in another life.
The cost of mining for precious metals like gold and silver in terms of damage to the environment makes the prospect of recycling your old, broken jewelry even more appealing. Did I mention the added bonus that you get cash for your gold?
Help the environment and make made some cash at the same time this Earth Day. What could be better!