Open Mon - Sat 9:30am to 5:30PM Free parking in our lot!
Just Pawn Chicago 4509 N. Sheridan Rd Chicago, IL 60640 773-275-4677
How a Pawn Shop Works

how pawn shop works

How do pawn shops work? 

Many people are hesitant to come into the pawn shop because they are unsure how it works. Pawning your gold or other valuables is really a very easy process.

How pawn shops work

Simply bring in your gold or other valuables to any of our Chicago pawn shop locations or our Oak Park pawn shop location. 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 and you are on your way! If you decide to use the item as collateral for a loan, we will lend you the money and you will have a certain amount of time to come back into the store and pay the loan back plus interest. Loans can be anywhere from a month to three months or more, depending on what you need. If you run into a jam, we can usually work with you to extend the loan as long as you cover your interest. You are charged interest monthly until you pay your loan back in full and redeem your item.

 

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 by paying back the original loan amount plus interest, we will resell your item. Items get resold in our show rooms, to wholesalers and retailers and to refineries. If you ever think that you’re going to have trouble paying back your loan in the agreed upon time and don’t want to give up your collateral, please talk to us.

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