Pawn 101 Information - for Secured Cash Loans in Colorado Springs
Pawn shops are one of the oldest businesses around. Pawn shops were around in Ancient Greece and the Chinese have had pawn brokers for at least 3,000 years! Queen Isabella of Spain pawned her jewels so that Christopher Columbus could sail in search of a new route to the west Indies. In turn, he stumbled upon America. Throughout history, people from all walks of life have used pawn shops from Kings and the rich to your average Joe. We have customers from all walks of life. You can buy and sell things at a pawn shop and use your valuables as collateral for a loan.
Pawn Shop Facts
* Pawn shops will buy your valuables or offer you a loan using them as collateral.
* Pawn shops are licensed by state and local government to offer customers loans. Resale shops, cash for gold places and buy / sell stores are not.
* The interest rates that pawn shops can charge are regulated by law.
* Many of our customers are middle or upper class. We are here to help all people get access to cash when they need it! When the banks aren't lending, you can always get cash at Acme Pawn Shops.
* Pawn Shops are a great place to buy engagement rings or jewelry. We don't charge the mark-up that retail jewelry stores charge. In fact, many jewelers are regular customers. They buy from us and then mark up their prices to retail. When you come to Acme Pawn Shops, you may find jewelry prices at up to 80% off of retail prices. This includes name brand products and luxury watches!
* You must be at least 18 years old to pawn or sell an item, and you must show a valid state or national photo ID.
How do pawn shops work?
Don’t be hesitant to come into the pawn shop because you are unsure how it works. Pawning your gold or other valuables is really a very easy process. Don’t be intimidated.
Just bring in your gold or other valuables to any of our Colorado Springs pawn shop locations. We need to be able to examine the item in person. If it's gold, we will test it for purity. If it's an item such as a flat screen TV or laptop computer, we will take into consideration things like age, condition and resale value.
After we examine your item, we will determine a value and price that we are authorized to pay you for your item as a buy, or lend to you using the item for collateral. You can generally get a little more cash for your item if you sell it. If you decide to sell, we will pay you cash! If you decide to use the item as collateral for a loan, we will lend you the money and you will typically have 30 days to come back into the store and pay the loan back plus a service charge. There is a 10-day grace period on all loans. You may renew the loan monthly for a nominal service fee as long as you need.
What happens to items in pawn that aren't redeemed?
Most items in pawn get redeemed by their owners. However, sometimes they aren't redeemed. When you fail to redeem your item