How Pawn Loans Work - Learn About Pawn Loans - Gold Pawnership



 

How Pawn Loans Work & The Future of Pawning Made Easy!

How Pawn Loans Work are simple and easy. You can Borrow using the Jewelry, Silver, Gold, Coins, Luxury Watches as Collateral. Pawn Loans use the value of the collateral to obtain short term money that you need.

GoldPawnerShip is a one of a kind pawn process first initiated in 2009.  The pawn industry has been around for hundreds of years and has evolved It is a Convenient & Secure way to get cash starting as little as $100.00 & up.  We want to serve all customers throughout the world, by allowing more convenient access to cash near you. Borrow or sell your items, you choose in less than 5-minutes. Simply locate a GoldPawnerShip location from your phone or computer. Stop into an affiliated and vetted physical GoldPawnerShip location near you. Deposit your items. Receive a Receipt and the Cash you need! Pawn Loans made Easy! See the Items we Pawn What We Pawn Borrow On.

Safe & Secure Storage

 Private & Confidential

High Cash or Check Payouts

How Safe & Secure Pawn Loans on your Jewelry or Valuables. Borrow $100+ in under 5 minutes.

✔ 4-month loan term
✔ Does not affect your credit score
✔ 3 options on your pawn loan

1. Redeem pledged items
2. Renew your Pawn Loan
3. Default & no damage to personal credit

The pawn business is an old business. “Older than dirt”, as they say. Almost. Pawn Loans have been around for centuries first started by the Medici family in Italy. Pawn loans are smaller dollar collateral loans by pledging your jewelry or valuables as collateral. Pawn loans are micro loans. Pawn Loans are Safe & Secure, we offer High Payouts.

how pawn loans work - example of an invoice template

Get cash for your valuables in 3 easy steps

Step 1. Gather your valuables

 

First, you gather the jewelry you’re interested in selling, pawning or getting a loan on. Gold jewelry, diamonds, sterling silverware, coins, old paper currency and luxury watches are popular items. Don’t bother cleaning them as we can do this for you. Leave them in a jewelry box, jewelry pouch, or throw it in a zip lock bag like most clients.

Sack full of gold jewelry - how pawn loans work

Magnifying glass examining gold jewelry - how pawn loans work

Step 2. We’ll evaluate the authenticity, condition, quality, & weight

 

Come in during business hours. Call Us. Text Us. Email Us. Send us a Picture of your items. 617-479-GOLD (4653). You will be in and out in 5-Minutes.

Step 3. We’ll make you a cash offer instantly on the spot

 

It’s that simple. You’ll then get an instant cash offer on your items in front of you and can have money in hand in under 5 minutes. If you have something in mind to sell, why not get a cash price to sell today?

Roll of cash with rings and jewelry - how pawn loans work

Frequently Asked Questions

Selling for Cash Vs. Pawning for Cash. What is the difference?

 

Selling your items are gone forever. Pawning will allow you the option to redeem your items based on a period of time, payment schedule, maturity and grace period deadlines.

What will the credit or money you borrow cost me on my pawn loan?

 

The cost is determined by the amount you borrow; which is based on what your collateral is worth. Each month has a redeemable amount and a payment schedule is provided so you can understand what it costs clearly each month.

How much time do I have?

 

The maturity date, or due date is 4 months from the original transaction date. There is a 30-day grace period allowed at no additional charge after the maturity date. This means we will hold your items for 150 days.

Is there a Limit to how many times I use the pawn loan service?

 

In most cases, no. The amount borrowed is based on a LTV (Loan to Value) on your jewelry, gold, diamonds, coins, luxury watches, old paper currency & more.

Will I be notified when my maturity date arises?

 

Yes, we will send you a certified mail letter to your current address that you provide to us on your pawn receipt. We will send the “Notice of Default” letter after the maturity date to remind you to come redeem your items, renew the loan, or worst case the items are sold and no damage to your personal credit.

Security Concerns & Package Handling

 

At the Jewelers & Loan Company, Quincy Massachusetts we understand sending your valuables are a concern that generally does not work well through the mail. We have a physical location in Quincy that is conveniently located you can stop by or email, text, or call 617-479-4653 (GOLD). We have been pawnbrokers & jewelers since 2009, operating with a physical location in Historic Quincy, Massachusetts. We provide 24/7 video surveillance, your items are stored in a vault with owner access only, along with alarm monitoring. Items are photographed digitally, logged into our inventory system, and sealed in plastic bags for storage in our vault only accessible by the owner and management.  The GoldPawnerShip vision we want to have affiliate jewelers, pawnbrokers, and eventually banks where customers can simply use our application and website to streamline and really make the pawning process easy, professional, & ultimately more universally acceptable socially.

Secure lock icon image - how pawn loans work

What is the payment schedule like?

 

The payment schedule on a gold or diamond pawn loan is broken down into four redemption prices every month, over a four-month period.  You can clearly see what it costs each month to redeem your pawn loan. If you are waiting on a check for bi-weekly or commission, or your boss did not put in for overtime two weeks and a month costs the same. Use this to your advantage! See example below.  You can come in each month and make payments, come in before the four month maturity date is due, or choose to do nothing. There is also a free thirty day grace period.

Do I get more if I Pawn Loan or Sell?

 

Most times you get more if you sell outright. Example; if you have a gold chain that is worth $100.00; you can borrow/pawn/loan for $50.00 to $80.00. You can expect to get cash buyer prices for gold and diamonds from $60.00 to $85.00. You get more money if you sell outright. If you use the items try to borrow or pawn loan. If you do not use the gold jewelry and diamonds sell for cash. If you want the option to redeem your jewelry or diamonds go with the loan/pawn/borrow option.  To make it simple; if you want the option to redeem your pledged jewelry than use the pawn loan option. If you do not use your items, simply sell.

Our Pawn vision “GoldPawnerShip” for the World:

 

We want to partner with local jewelers, pawnbrokers, and jewelry stores (hopefully one day banks will offer the service) all across the country and the world via our website and mobile application that would allow any users with a smart phone to locate a “GoldPawnerShip” affiliate location and obtain $100.00 & up right away in their immediate phycial location. Simply locate your closest GoldPawnerShip location and stop in by bringing your items. The Jeweler or GoldPawnerShip affiliate will pay you on the spot, give you a receipt and the user can redeem their items upon successful repayment terms. In Europe and India banks are providing the gold loan service and is not yet part of American culture. The pawn industry has a bad reputation, but can be re-envisioned with this approach for the following reasons.

We understand the pawn business and mailing your jewelry into your will not work as well. No one wants to send their valuables via mail to an unknown location or person. Most customers want to see, touch, and feel an actual store and person they are transacting with. The pawn business has not changed in 350 years. The same old, tired, and stereotype exists in the pawn business, when in reality; the fact is that using your credit card is no different than a pawn loan and yet, the negative aspect of the business exists. Life events happen, people and family run into situations where property taxes get expensive, fixed income is not enough, loss of job, marriage separation, emergency repairs, self-employed it is not easy to run your own business, college expenses, credit score maybe not strong enough, the bank might not finance you for their underwriting reasons. We want to help people gain access to the money they need in a convenient and secure way.  This is going to be the way of the future.

The goal is to make the GoldpawnerShip an easy, secure, and respectful way of obtaining funds across the country. In 2007 when I started learning the business of jewelry I found that building out more brick and more locations would be difficult with the advent of Amazon and the cost of retail storefronts coupled with Signet Jewelers being an almost monopoly on the jewelry retail industry. The average age of jewelers is relatively high compared to other professions and the local business’ need to stick together.  GoldPawnerShip provides a better customer experience and will increase the profit of the local GoldPawnerShip affiliates without harming their local business. The mailing in your gold jewelry was always feasible, but eliminated a large part of the retail pawn market. Having kiosks where you would deposit the valuables would be difficult to implement and security concerns would arise. Our vision for the future of the pawn business benefits the users, partners, and owners. Facebook, Google, Amazon, Uber, Microsoft were all industry changers. The pawn business has not changed since inception. A common trait around the amazing stories of these large companies is they actually provide value and increased the productivity overall in their industry along with obvious disruption. This is the best vision for the pawn business.

How much will it cost me if I only need the money for one or two weeks?

 

The payment redemption schedule on a gold or diamond pawn loan is broken down into four redemption periods & prices for each month to redeem your pledged property, over a four-month period. If you are waiting on a check for bi-weekly or commission, or your boss did not put in for overtime two weeks; the cost to use $100.00 is the same for 1 day as it is for 28 days, so we recommend you use it to your advantage?

Do I get more if I Pawn Loan or Sell?

 

Most times you get more if you sell outright. Example; if you have a gold chain that is worth $100.00; you can borrow/pawn/loan for $50.00 to $80.00. You can expect to get cash buyer prices for gold and diamonds from $60.00 to $85.00. You get more money if you sell outright. If you use the items try to borrow or pawn loan. If you do not use the gold jewelry and diamonds sell for cash. If you want the option to redeem your jewelry or diamonds go with the loan/pawn/borrow option.

Responsible Pawning

 

Borrow what you personal budget allows. The good aspect of pawn is it is a collateral loan and the worst case is it does not damage your credit if you can not renew or redeem your pledged items. Set aside some funds separately in a different area so you will not spend all the money at once.

Our Pawn vision “GoldPawnerShip” for the World:

 

Our vision for the pawn industry has been the first of its kind in the industry. Other pawn business have attempted to scale via the internet mail in, marketing experts, or open up more brick & mortar. We want to partner with local jewelers, and jewelry stores all across the country and the world via our website and mobile application that would allow any customers with a smart phone to locate a “GoldPawnerShip” affiliate location and obtain $100.00 & up right away in their immediate location. Simply locate your closest GoldPawnerShip location and stop in by bringing your items to get the fast 5-minute micro cash you need.

We want to change the way the pawn transaction occurs. To make it a better experience and convenience for the customer.

Why GoldPawnerShip Vision?

 

We understand that mailing your jewelry into your online store will not work as well. No one wants to send their valuables via mail to an unknown location or person. Most customers want to see, touch, and feel an actual store. The pawn business has not changed in 150 years. The same old, tired, and stereotype exists in the pawn business, when in reality the fact is that using your credit card is very little difference than a pawn loan and yet, the negative aspect of the business exists. The cost of living rises every year and wages have not kept up with inflation of every day living and pawning is more relevant today than it ever was. Life events happen, people and family run into situations where property taxes get expensive, fixed income is not enough, loss of job, marriage separation, emergency repairs, self-employed it is not easy to run your own business, college expenses, credit score maybe not strong enough, the bank might not finance you for their underwriting reasons. We want to help people gain access to the money they need in a convenient way.

The goal is to make the GoldpawnerShip an easy, secure, and respectful way of obtaining funds across the country. In 2007 when I started learning the business of jewelry I found that building out more brick and more locations would be difficult with the advent of Amazon and the cost of retail storefronts. The mailing in your gold jewelry was always feasible, but eliminated a large part of the market. Having kiosks where you would deposit the valuables would be difficult to implement and security concerns would arise. Our vision for the future of the pawn business benefits the customers and partners. Facebook, Google, Amazon, Airbnb, Uber, Microsoft were all industry changers. The pawn business has not changed since inception like these genius creators of these aforementioned names. This is the best vision for the future by allowing collateral micro financing readily available across the globe.

We have to give credit to the famous pawn star celebrities for being in the business for a long time and making the pawn industry more well known. There are very well to do people that will not have discussions about the business, but growing up in a middle class family and experiencing living the way most Americans live, I don’t see why offering another service in the marketplace while implementing technology is a bad thing.

What does the word Pawn mean?

 

The word pawn has both Latin & French origins. In Latin, “Pawn” stems from “pannus”; meaning cloth or clothing. In French “Pawn” stems from pan meaning skirt or blouse.

How much can I get for my diamond?

 

Diamond prices are determined by the carat weight, color, cut, shape, the demand on the retail market place for the diamond. Better quality, higher price.

My engagement ring has two carats of total carat weight c.t.w & I paid $7,500.00 for it. I want to get at least half of what I paid…

 

We always tell our customers do not buy diamonds based on carat total weight. Most customers do not think about the resale value upon making a purchase and there is a low re sale value when you try to sell a c.t.w ring generally. These are higher profit items that large chains will sell to customers.

I lost my receipt can I pick up my items?

 

Yes. With identification & additional paperwork.  There is no fee for a lost receipt. Be sure to have identification.

Can I send someone to just pick up my pledged items for me?

Obviously, No. Only the person who is the pledgor. There are rare exceptions.

Can I choose to sell my items once they are in pawn loan?

Only, if you buy back or redeem your items is this allowable. You can also just let the items pledged go. Sometimes it does not make sense to do this if the payout amount is already high.

Do I need to Pay Monthly, Weekly, or Just before the Maturity Date?

Please follow the maturity date guidelines. This is important. As long as you come in before the maturity date and grace period your items are safe. We sent out a letter as a reminder if you miss your Maturity.

Security Concerns & Package Handling

 

At the Jewelers & Loan Company we understand sending your valuables to us are a concern & a trusting relationship that we want to earn. We have been pawnbrokers & jewelers since 2009, operating with a physical location in Historic Quincy, Massachusetts. We provide 24/7 video surveillance, your items are stored in a vault with owner access only, along with alarm monitoring. Items are photographed digitally, logged into our inventory system with unique inventory identification number, and sealed in tamper resistant bags for storage in our vault only accessible by the owner and management.

Secure lock icon image - how pawn loans work

About Us

 

Started out in 2009 as a Jeweler, bench jeweler, pawnbroker, custom jewelry design, jewelry and watch repairs. Started in a college dorm room always interested in the markets and experienced the “Great Recession” and the job market that ensued.  Opened a small store front in Quincy, Massachusetts. Our main focus now is buying and pawning on Gold Jewelry, Diamonds, Coins, Luxury Watches, Sterling Silverware, Old-Paper Currency, and more. We offer next day delivery on all online jewelry orders. GoldPawnerShip Vision for the future of the pawn industry is the first and one of a kind in the world. The about us section is kind of boring; however, as life progresses we should continue to grow and we are excited for the future of the pawn industry. Thank you to the past, previous, and future business!

Why our Vision?

 

The Lower & Middle-Class is Eroding!  The Pawn Business has not Evolved since Inception- Families are experiencing the cost of living increase every year. Rent, car payments, mortgages, food, gas, milk, the only items that seem to have gone down in price is technology items; which when you think about it increases the cost of living because it creates a more productive process eliminating the need for human labor. Pawning is thought of in a negative manner, but used wisely it can provide a cash flow boost to a lot of families and individuals need weather its publicly discussed or not. I always use the taxi and Uber analogy what Uber did to the taxi business. The pawn with the combination of technology innovation and our vision for the future of the industry of what we call micro collateral lending that large banks want nothing to do with because he fractional reserve system is no scalable in the pawn industry. It is however with the structure that we have come up with for the pawn industry through, artificial intelligence, machine learning, partner with local jewelers, pawnbrokers, banks, and maybe even Signet, who would provide value to their customers through an additional revenue source. There are local resources for credit score assistance, job recruiters, and local seminars for training for more relevant jobs. With the GoldPawnerShip app you have your license and passport information stored on account. You simply request a pawn or sell through the app at the closest Gold PawnerShip location anywhere in the United States. The local jeweler, pawnbroker, or bank has your information and they will evaluate your items in person and give you the funds you need on the spot. All in a seamless, fast, digital way. The jeweler, pawnbroker, or bank will send you a digital copy of the receipt and picture of your items directly to you. All in the palm of your hand. No more dealing with old miserable traditional pawn shops that are stuck in the 1920’s of paper receipts and lost receipt fees and storage fees.

If you really think about the value and the propensity to spend that comes from a pawn transaction; that this brings to the real economy it is powerful in the sense of the pledgor bringing in their gold to borrow against. The jeweler, pawnbroker, and bank will receive interest payments from the pledgor. The pledgor then uses the money to buy services or items and hence creates a velocity of money around the one simple transaction. It is a economic fact, that the middle class and lower class are more inclined to spend than the upper tier of the income brackets. By structuring the pawn business like this it eliminates the cost of building out brick and mortar. Pawn and the pawn transaction is a local business and mail in will never truly work due to generational technology differences, human nature, security and trust of dealing with Jeweler & Pawnbroker, bank face to face. Untimely lower the cost of borrowing money for customers around the Untied States and provided.

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