The process of obtaining a loan from Empire could not be simpler: Bring in an item of value and a valid picture ID; once its value has been determined, receive cash in exchange for pledging the item for a period of time, typically 3 or 4 months. The entire process can take all of 12 minutes between the time you step in to one of our stores and when you are leaving, cash in hand. We call this
CASH IN A HURRY.
We guarantee that you will be impressed with the friendliness and expertise exhibited by our staff, which we truly believe is unique, and which you will not experience in any other local pawn shop, indeed anywhere else across the country! Also, diamond buyers and prospectors of pawn shop gold, be sure to acquaint yourselves with Empire’s patented and unique Value Insurance© that comes with each purchase of gold or diamonds from an Empire Store. You would be hard pressed to find this at your local pawnshop: Here you are purchasing guaranteed credit for as long as you own the item!
In exchange for pledging (pawning) your item, you will receive cash and a Note, which will provide you the details of the loan: The due date(s) of the loan, how much interest you will owe on the due date(s), and itemization of the loan fees (if any). Hold on to your claim check! You will need it to redeem your item.
For example, the interest charged on a loan made at our New England pawnshop at our Boston Store is 3% a month. The loan term is 3 months. Let’s say that you came in to your store on November 15 and, pledging a gold necklace, borrowed $250.00. You have until February 15 to pay the loan back, at which time you will owe the $250.00 plus $22.50 in interest. However, you can pay the loan back by or before January 15, and you will owe $15.00 in interest, or you can pay the loan back by or before December 15, and you will owe $7.50 in interest. But remember, additional fees may apply! If you go past the due date, you will be assessed a late fee. All the details are provided for you on the Note in plain, easy-to-read language, and our trained staff is ready and happy to answer any questions you might have.
Should you be unable or unwilling to pay back your loan, your pledge will be forfeited. There are no further or additional repercussions, no reporting to the credit bureaus, no effect on your credit “score”, and you will in no way be impeded from taking future collateral loans.