What’s a PAWN SHOP?
Loans
Chicago Pawn Broker
We will loan or pay
you cash on:
you cash on:
Diamonds
Jewelry
Watches
Jewelry
Watches
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Shop
| Copyright 2008: Chicago Pawn Broker. All rights reserved. |
| Address : 67 East Madison St Suite 716 Chicago, IL, 60603 |
Phone : 1-866-977-PAWN
Phone : 1-866-977-7296
Phone : 312-332-0988
A PAWN SHOP is a lender of cash.
Sometimes, a Pawn Shop offers to buy second-
hand merchandise outright, too. But a Pawn Shop’s
main business is lending money.
Before a Pawn Shop provides cash to its customer
they discuss the details of the collateral (or Pawn),
the item(s) the customer leaves with the Pawn Shop
to secure the loan. (In the case of Chicago Pawn
Brokers, those include gemstones, fine jewelry and
timepieces, and precious metals). They agree on the
amount of the loan, the date the loan will come due,
and interest rate the customer will pay when retrieving
the merchandise.
They also discuss details of whether the loan’s due-date can be extended, how
extensions will change interest rates.
State law controls some of those details, including a requirement that customers
provide government-issued proof of identification (like a driver’s license or state ID
card). The Pawn Shop makes its own decisions on others.
If the loan is not repaid or extended on schedule, the Pawn Shop takes ownership of
the pawned merchandise, and is free to sell it to others. Unlike other loan sources,
Pawn Shops are not required to report defaults to credit bureaus, however.
Sometimes, a Pawn Shop offers to buy second-
hand merchandise outright, too. But a Pawn Shop’s
main business is lending money.
Before a Pawn Shop provides cash to its customer
they discuss the details of the collateral (or Pawn),
the item(s) the customer leaves with the Pawn Shop
to secure the loan. (In the case of Chicago Pawn
Brokers, those include gemstones, fine jewelry and
timepieces, and precious metals). They agree on the
amount of the loan, the date the loan will come due,
and interest rate the customer will pay when retrieving
the merchandise.
They also discuss details of whether the loan’s due-date can be extended, how
extensions will change interest rates.
State law controls some of those details, including a requirement that customers
provide government-issued proof of identification (like a driver’s license or state ID
card). The Pawn Shop makes its own decisions on others.
If the loan is not repaid or extended on schedule, the Pawn Shop takes ownership of
the pawned merchandise, and is free to sell it to others. Unlike other loan sources,
Pawn Shops are not required to report defaults to credit bureaus, however.
What determines the amount of the loan?
The loan offer is determined by the quality/value of the pawn merchandise, its
rarity and authenticity, and its potential market appeal to the resale market. The
Pawn Shop also assesses the likelihood that the customer will return to reclaim the
merchandise. The amount and details of the offer must offer a reasonable profit,
whether the loans/interest are paid on time or the customer defaults, to cover the
Pawn Shop’s overhead expenses.
Chicago Loan Broker limits its Pawn-Shop trade to fine jewelry (broken or intact),
with or without gemstones, high-end timepieces, loose gems, and precious metals.
That’s because we are high-end jewelry professionals, able accurately to assess
the value of your merchandise. Some customers – who had been disappointed by
other Pawn Shops – have been happily surprised by our loan offers. We are
intimately connected to our market and our trade.
We also know our customers. We value them and respect their dignity. We know
that bad things sometimes happen to good people. We’ve gone through times
when we didn’t know how we’d be able to pay our bills. Sometimes cash really is
king. We want to help. We want to be of service.
The loan offer is determined by the quality/value of the pawn merchandise, its
rarity and authenticity, and its potential market appeal to the resale market. The
Pawn Shop also assesses the likelihood that the customer will return to reclaim the
merchandise. The amount and details of the offer must offer a reasonable profit,
whether the loans/interest are paid on time or the customer defaults, to cover the
Pawn Shop’s overhead expenses.
Chicago Loan Broker limits its Pawn-Shop trade to fine jewelry (broken or intact),
with or without gemstones, high-end timepieces, loose gems, and precious metals.
That’s because we are high-end jewelry professionals, able accurately to assess
the value of your merchandise. Some customers – who had been disappointed by
other Pawn Shops – have been happily surprised by our loan offers. We are
intimately connected to our market and our trade.
We also know our customers. We value them and respect their dignity. We know
that bad things sometimes happen to good people. We’ve gone through times
when we didn’t know how we’d be able to pay our bills. Sometimes cash really is
king. We want to help. We want to be of service.
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