Frequently Asked Questions

Q: How do Pawn Shops Work?
A: We provide customers with fast cash loans or buys and sells these quality goods back to the public at exceptionally low prices.

Q: What is a Pawn and how does it work?
A: Pawnbrokers extend loans based on the value of an item that is pledged for collateral. Since the customer’s loan is calculated from the pledged item, there is no credit check needed for the customer. A typical pawn at Bill’s Pawn and Jewelry works like this: You bring in an item to us as a pledge, to repay the loan. We determine the amount of money to lend based on the value the item pledged. The amount of the loan is about one-third to one-half of the price a pawnbroker could sell the item for during hard economic times. You are allowed three months to repay the loan. If, after three moths you fail to repay the loan or interest, within the three months, then the item is forfeit and belongs to the pawnbroker. There are no other consequences for not repaying the loan. The pawnbroker is then free to resell the item forfeited and this is how we acquire many of the goods we offer for sale.

Q: What is a Buy?
A: A buy is when the pawnbroker purchases an item from you the customer. Since we buy most thing of value, this provides a hassle free method of getting cash without worrying about time constraints or interest. A Buy at our store usually follows along these lines. You bring in an item to sell. We determine the amount of money to offer based on the value of the item After the amount of the buy is given, you are free to go and the pawnbroker is free to resell the item. There is no interest added to the amount of the buy and a great way to free some space in your life.

Q: How long do you have to take out a pawn?
A: At Bill’s pawn an Jewelry, we allow our customer 3 months to repay the loan before the item is forfeit. After the item is forfeit we are free to sell it.

Q: How do I get more time to pay my loan?
A: To get more time to redeem your loan, you can pay interest to hold your loan from forfeiture. You may pay interest in two methods: Paying a loan extension or paying a loan renewal.