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OPEN 7 DAYS!

Monday through Friday
10a.m. - 6 p.m.

Saturdays
10 a.m. - 4 p.m.

Sundays 11 a.m. - 3 p.m

 

 

Frequently Asked Questions - Get Informed!

Collateral Loan - Pawn

 

Collateral Loan - Pawn

Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule.

How does a pawn loan work?

What is a renewal?

Will I lose my merchandise?

How do you determine an items worth?

How do you determine the value of jewelry?

How do you determine the price of gold?

Can you give a quote of an item over the phone?

Why does the loan amount differ from the selling price at local retailers?

Is my collateral safe while in pawn?

Are pawnshops regulated?

Are pawnshops stocked with stolen merchandise?

 

How does a pawn loan work?
Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule.

We loan on a variety of items, including gold and diamond jewelry. Simply bring us an item of value, along with a valid photo ID and we’ll get you money in minutes after your loan is approved.

What is a renewal?
If you are unable to pay back your loan in full on its due date, you may get a renewal. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.

Will I lose my merchandise?
The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited.

We will also purchase items of value if you do not want to get a pawn loan.

How do you determine an item’s worth?
We base pawn loan amounts on the value of your item—its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can.

How do you determine the value of jewelry?
We test the precious metals and diamonds to determine its worth.  The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each—you may know this as the 4 Cs.

In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.

How do you determine the price of gold?
The price of gold is based on market values, the price for which is routinely reviewed and updated by our internal pricing department. Prices can vary greatly as the loan amount for 24K gold is significantly higher than that of 14K gold.

Can you give a quote on an item over the phone?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item. We test to ensure diamonds and gold are genuine. This testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any diamonds, and noting the cut/color/clarity of each—you may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the karat of gold.

Why does the loan amount differ from the selling price at local retailers?
Our loan values are based on pre-owned retail prices, not what the item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price—and our ability to sell the item.

We offer you as much as we can while still allowing room to pay for the cost of storage, insurance and other costs of doing business.

Is my collateral safe while in pawn?
While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we keep your item securely locked.

Are pawnshops regulated?
Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. Oro Jewelry and Loan is subject to such laws as Truth In Lending Act,  Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer.  At the federal level, we are regulated by the Federal Trade Commission (FTC), and the Treasury Department.

Are pawnshops stocked with stolen merchandise?
No. Less than 1 percent of items are identified as stolen goods.

Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property.