What is a Pawn Loan?
A pawn shop 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. For gold and diamond jewelry, we typically lend based on the scrap value of the gold, and a small percentage of the wholesale value of the diamonds. 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.
Frequently Asked Questions About Pawn Loans
What Items Does Empire Loan Accept for a Pawn Loan?
The majority of merchandise Empire Loan takes in as collateral is gold and diamond jewelry, but we also accept certain electronics like flat screen TV’s, digital cameras, selected game systems, musical instruments, tools, designer handbags, and just about anything with a resale value. All of these items are evaluated on the spot based on what we find them selling for online on websites like eBay and Amazon. We’ll gladly explain how we determine the value of your merchandise and what we can offer you.
Will My Items Be Sold When I Get a Pawn Loan?
All merchandise still belongs to you and will not be sold while the loan is still active. They sit safely and securely in one of our vaults until you come back to redeem it or renew the loan.
Do I Need Good Credit to Get a Pawn Loan?
You do not need a good credit score or any credit history to get a pawn loan from us. We base the loan amount solely on the value of the item you bring in as collateral. This means your credit report is never pulled and the loan does not affect your credit score in any way. If you choose not to repay the loan, we simply keep the item to satisfy the debt. There are no collections agencies involved and no negative marks on your credit history. This makes pawn loans a safe option for anyone who needs cash quickly but wants to avoid the strict requirements of traditional bank loans.
What Happens if I Cannot Repay My Pawn Loan on Time?
If you cannot repay your loan by the due date, you have a few options. We understand that financial situations can change unexpectedly! One option you can choose is to pay just the interest due, which will extend the loan for another term. This renews the loan and gives you more time to pay the principal amount. You can do this as many times as you need. Another option, if you decide you no longer want the item or cannot make any payments, is that we will simply take ownership of the item you used as collateral to settle the debt. There are no further obligations or penalties. You are always welcome to do business with us again in the future regardless of the outcome of a previous loan!
How Quickly Can I Get Cash from a Pawn Loan?
One of the main benefits of a pawn loan is the speed at which you can receive cash. After your collateral item is appraised by one of our pawnbrokers and you accept the offer, you can walk out of our stores with cash within minutes! There is no waiting for approval or lengthy paperwork, making pawn loans ideal for people who need to get cash as quickly as possible.
Can I Get My Item Back Before the Loan Term Ends?
Yes, you may retrieve your collateral anytime during the term of the pawn loan by simply paying the loan principal and any interest/fees owed. Once the loan has been paid back in full, your property is returned to you in the condition in which it was received. You are not required to wait until the full term is over to reclaim your valuables. This flexibility allows you to get your item back as soon as your financial situation improves or whenever you are ready.
What Should I Bring With Me When Getting a Pawn Loan?
When visiting an Empire Loan location for a pawn loan, it is important to bring the item you wish to use as collateral along with a valid (non-expired) form of government-issued identification, like a drivers license or passport. Providing proper documentation helps confirm your identity and ensures the process goes smoothly. If your item includes original packaging, accessories, certificates of authenticity, or receipts, those can also help demonstrate authenticity and value during the appraisal. Bringing these items not only speeds up the process but also helps secure the best possible terms for your pawn loan.
Can I Pawn the Same Item More Than Once?
Yes, it is possible to pawn the same item again after you have reclaimed it by fully repaying your previous loan. If you find that you need extra cash in the future, you can bring the same piece of jewelry or other collateral item back to us. We will evaluate it as we did before and let you know how much we can offer this time. Many customers appreciate the flexibility of being able to use their valuable items more than once to secure a loan.
Are There Any Types of Items You Will NOT Accept as Collateral for Pawn Loans?
While we accept a wide variety of valuables, there are some items we cannot accept as collateral for a pawn loan. Items that are counterfeit, have unclear ownership, or cannot be easily resold may not be eligible to use as collateral to secure a loan. We also follow all local laws and regulations regarding restricted goods, including firearms. If you have questions about whether we can accept a certain type of item, we are happy to advise you before you visit one of our locations.
Stop By An Empire Loan Store Today!
Click any of the links below to be redirected to the main page of our various locations throughout Massachusetts & Rhode Island.
Need Cash in a Hurry? We've Got You Covered.
Give us a call to see how Empire Loan can help you today!