What is a “Pawn Loan”?

A pawn loan is a fast and easy way to get the cash you need, based on the value of the merchandise you leave with us as collateral. Our staff of experts will determine the amount of money we can lend you based on the value of the item. Typically these loans are based on 25-35% of the wholesale value of the merchandise.  As long as you have a valid, non-expired, government issued ID, you can walk out with the cash you need in minutes. Your items remain yours and Empire stores them in our safe and secure vaults and storage facilities. At any time by or before the end of the loan term, you can redeem your items by paying back the amount you borrowed, plus interest and fees, all of which will be carefully explained to you up-front.

What kind of items can and cannot be pawned?

Boston gold, diamonds, certain makes of watches, cameras, laptops, artwork, genuine sports and musical memorabilia, and many other categories of items can be used as collateral for a pawn loan. Some items are more valuable than others, or carry certain restrictions. For example, laptops should not be more than 1 year old (the technology gets dated too fast!) and we require a copy of the original sales receipt. Electronics should always be brought in with the original accessories such as remote controls, chargers, cables, wires, etc. For musical instruments, you will be asked to play a few bars of music on it, to demonstrate that the item is indeed yours and is in working order. If you have a question about a particular item that you’d like to bring in for an appraisal and a possible loan, call us!

How do you determine the value of my item?

Depending on the item, we have a variety of tools and methods for appraising it to determine the value and how much we can lend on it. Gold is based strictly on the carat and the weight of the object. With diamond’s it is based on a small percentage of the wholesale market. We use the “4 C’s”: carat, cut, color, and clarity. An item’s resale value and the condition it is in will also be important factors. Regarding musical instruments, you will be asked to play a few bars of music on it, to demonstrate that the item is indeed yours and is in working order. Our staff will assess the condition of the instrument, search the internet for comparable pieces and contact our vintage guitar store, Empire Guitars to provide an honest and fair assessment of your music equipment.

Can I get a quote over the phone or by email?

We can let you know if an item is one we would take. Depending on the information you provide, we may be able to give you a range of what we would pay or lend, but without actually having the item to assess, we can’t guarantee anything.There is no accurate way of determining weight, condition, or any other factor that goes into the evaluation of an item without having it in hand.

What if I cannot or will not pay back my loan or the interest?

If you do not pay off your loan or interest by the due date, your item is then foreclosed on and we take ownership of it. The good news is, that’s the end of it. Your credit report, including your “credit score”, is in no way affected; nothing is reported to the Credit Bureaus or any other agencies. Also, your ability to take out additional pawn loans is unaffected. Once an item is foreclosed, you lose any and all claims to it and will not be able to buy it back.

How can I extend or renew my loan?

If you are unable to pay back the entire loan by the due date, you may be able to extend or renew your loan by simply paying any interest or fees that are due, (These rules and regulations are set by State and Local authorities). A new loan will then be drawn up for you with the new due date, etc.

Will I ever see my merchandise again?

Nearly 90% of our customers redeem their loans (About the industry average). Our goal is to see all of our customers reunited with their merchandise and we will work with you to help make that happen.

Can I pawn a firearm?

You cannot pawn your firearm with Empire Loan. The state of Massachusetts prohibits the simultaneous carrying of Pawnbroker and Firearms Dealer licenses.

Does the store take in stolen or “hot” merchandise?

Absolutely not. Empire Loan takes a long list of precautions to insure the ownership of an item. Every transaction we make requires a non-expired, Government issued ID and a picture of the person making the transaction. Every transaction is also reported to local police departments along with a description of the item and the person who brought it in. We work very closely with these authorities to make sure we do not take stolen merchandise and have an excellent relationship with law enforcement agencies.

What about buying gold and jewelry at Empire?

Empire’s inventory of jewelry is available at prices that are easily ½ to ¼ of the typical retailer. Empire Loan also stands behind every item we sell with a full 14 day refund policy. If you are not completely satisfied Empire will refund your money. Each Empire Loan location has a great selection of beautiful, one-of-a-kind jewelry to choose from. Shop us last and you won’t be disappointed.

What other services does Empire Loan offer?

Empire Loan offers top quality jewelry repair, polishing, and resizing on all gold and diamond jewelry. Empire Loan can also provide written insurance appraisals to protect the jewelry you have. Call for details

Where is Empire Loan located?

We have 8 different locations including Boston, New Bedford, Stoughton, Lowell, Lynn, Worcester and two locations in Providence.