Attention, all diamond buyers, seekers of pawnshop gold, and frequenters of (or those simply curious about) local pawnshops: In the What-if Spirit © encouraged by owner Michael Goldstein, and which is a guiding principle animating the Empire Loan’s staff in its attention and dedication to customer service, we at Empire Loan believe that an informed customer is a happy customer. What follows are commonly asked questions about the pawning process, including how a pawn loan works, the store’s and the customer’s respective responsibilities, how we determine the value of your collateral (jewelry, musical instrument, etc.), and many other facts that you may be asking yourself, whether you are a returning customer or contemplating for the first time a visit to one of our stores And of course, if your question does not appear on FAQ’s page, or if your question needs further elucidation, please do not hesitate to call! A friendly Store Associate will always be on hand to assist you!
What is a “Pawn Loan?” Receiving cash for a pledged item of value is an ancient practice, and pwnbrokering is sometime called the "second oldest profession in the world!" It is by far the fastest, easiest, and most discreetway of obtaining CASH IN A HURRY. Bring your item of value, be it a gold ring, a diamond broach, or your dad’s 1959 Gibson Les Paul, along with a valid photo ID, and your item will be evaluated by our expert staff. You will then be informed as to how much of a loan you will be able to obtain on your item. If you accept the terms, you receive cash on the spot, and your item will be stored secure and safe in one of our impregnable vaults or storage areas. At any time by or before the end of the loan term, you can redeem your pledged item by paying back the amount you borrowed, plus interest and fees, all of which is carefully explained to you up-front. Said loan term, by the way, is extendable - more on the below.
What kind of items can and cannot be pawned? Gold, diamonds, certain makes of watches, cameras, laptops, objets d’art, power tools, golf clubs, genuine sports and musical memorabilia, and many other categories of items can be collateralized. However, some items are more equal than others, or carry certain restrictions. For example, laptops should not be more than 6 months old (the technology gets dated too fast!). Also, electronics should always be brought in with the original receipt, and with complete peripherals such as battery packs, power extensions, etc. If you bring in a musical instrument, you will be asked to play a few bars of music on it, to demonstrate that the item is indeed yours. If you have a question about a particular item that you’d like to bring for an appraisal and a possible loan, call us!
How do you determine the value of my item? Depending on the specific nature of your item, we have a variety of tools and methods for appraising it and then determining how much we can lend on it. If it is gold, its value is based strictly on the carat ( which is verified by a special acid testing method) and the weight of the object. If it is a diamond, please know that our General Manager Steve is a graduate of the Gemological Institute of America, and has carefully trained the staff in the scientific and accepted methods of precious-stone appraisal and evaluation. 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 in the mix. As to musical instruments, we take pride in our Guitar Bazaar staff, all seasoned musical and gear professionals who can not only provide you with a free, honest, and fair assessment of your axe, but who also will provide a wealth of technical and historical background on it.
Can I get a quote over the phone or by email? No, you must bring the item in. There is no way of determining weight, condition, or just about any other factor that goes into the evaluation of an item, without having the object in hand. What we can do is let you know if an item is worth bringing in the first place, and depending on the item and the specific information that you can provide on it, we can give you a range, but with all disclaimers applying!
How does a pawn loan work? Once we determine the value of your item, we will make a loan offer. If the offer is acceptable to you, we will enter the transaction into our computer, with a detailed description of the item, and store the item securely. In return, you will receive cash and a “Note” detailing the amount of interest and fees due at redemption, and the due date. It’s that simple! No credit checks, no income or asset documentation required. All you need is a valid (not expired!), government-issue photo ID (your Social Security card won’t do!). You may redeem your item at any time by or before the due date. Typical loan terms are 3 or 4 months (they are set by the State), but they can generally be extended at least once, upon payment of the interest due to date.
What if I cannot or will not pay back my loan or the interest? Your item is then forfeited, and we take ownership of it. The good news is, that’s the end of it! Your credit standing including your “credit score” is in no way affected; nothing is reported to the Credit Bureaus or any other profiling agencies. Also, your ability to take out additional pawn loans is completely intact and unaffected. Bear in mind, however, that once an item is indeed forfeited, you lose any and all claims to it. If it is a gold, you will not even be able to buy it back.
What is the true cost of borrowing money from Empire Loan? The interest that we charge is set by the City and/or State maximum. For example, our Boston store charges 3% a month, for a maximum loan term of 3 months (renewable). This is no more than the interest charges of many credit cards, minus all the potential repercussions of dealing with those sharks! For 1st-time customers there is a $7.00 set-up fee, and there are late fees and penalties in the event that you make a late payment. Please know that we provide a free early-warning service to all of our customers, to assist you as best we can in avoiding unnecessary late charges. All costs and charges are fully disclosed up-front, and we take great pains to ensure that you fully and completely understand the terms and costs of the loan before you sign on the dotted line.
How can I extend or renew my loan? If an when you are unable to pay back the loan in full by the due date, you may be able (if permitted by State law) to extend your due date by paying a portion of your interest (the minimum is set by State law) by a certain number of days (again, the maximum is set by State law). If you are able to pay the full interest due by the due date, but not the full principal amount, you may obtain a renewal of a whole new loan term, for the same principal loan amount and at the same interest. A new Note will be drawn up for you, with the new due date, etc.
Straight up, will I ever see my merchandise again? Straight up, fully 92%of our customers pay back their loans and redeem their pledges. Of you have your own reasons to thinkthat you will not be able to or want to pay back your loan, you do have the option of selling your item up-front. Typically, we will buy an item for 10% more than what we will lend on it.
At the dawn of the Obama Age of Enlightenment, Harmony, and Lowered Sea Levels, can I pawn the firearm I have bitterly clung to for all these years? You cannot pawn your firearm with Empire Loan. Management has no desire and indeed is opposed to taking, or in any way enabling, the circulation of firearms. Even were this not the case, 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, if we can help it! As mentioned previously, we have a whole system of checks to determine (within reason) the owndership of an item: If you bring in a laptop or other type of electronic gear, you must present the original receipt. All gold and jewelry pledges are reported to the police on a daily basis. If you bring in a musical instrument, you will be asked ot play a tune (or portion thereof) (preferable nothing by the Eagles or Billy Joel, thank you), to certify ownership. The Guitar Bazaar crew receives periodic stolen instrument alerts, and many a grateful bluesman, rocer, or jazz wonk, who could ill afford the theft of their means of making a living, have been reunited with their pride and joy.
What about buying gold and jewelry at Empire? Attention, diamond buyers, and all diggers for pawnshop gold! Empire’s inventory of jewelry is available at prices easily 20% or 30% lower than other jewelry outlets, including especially the large chain stores. Think about it: Our inventory is acquired at a frankly built-in and significant discount. We are happy to pass those savings along to you!
But that is hardly the half of it. Empire Loan backs all of its gold and jewelry sales with a truly revolutionary concept: Value Insurance© Any gold or jewelry purchased at Empire will be worth, at minimum, 1/2 its original purchase price in collateral value, in perpetuity. In other words, along with the purchase of your item, you are also buying a guaranteed source of credit, at your disposal whenever you need it or however many times you need it! ALSO, the diamond you purchase at Empire retains 100% trade-up value, in perpetuity and for unlimited trade-ups. This, too, is unique to the industry, locally, regionally, or nationally. Not bad for a little ol’ local pawnshop.