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There are a lot of questions surrounding the pawn industry. At United Loan, we aim to serve our local community by providing complete transparency and knowledge so that each customer that walks through our doors can make a well-informed decision regarding their valuables. As one of the best, most reliable pawnbrokers in Chicago, we want to answer some of our most frequently asked questions!
What is a pawn shop?
A pawn shop offers the opportunity to sell goods or get short term cash with used merchandise as collateral. Many of today’s pawnshops are privately owned small businesses, and pawnbrokers are men and women who live and work in communities just like yours!
Why should I choose United Loan Co Pawnshop Chicago instead of other shops in the area?
Our storefront serves all of Chicagoland, including areas nearby like Bronzeville, Washington Park, Hyde Park, Kenwood, South Shore, Chatham, West Side, Grand Boulevard, Back of the Yards, Woodlawn, Englewood. We are the leading pawn shop in the area for a reason! United Loan Pawnshop is dedicated to raising the standards in the pawn industry by offering every customer a pristine showroom, expertly trained staff, and people-centered customer service. We want every person that visits our store to leave having made the best decision for themselves and to have an overall positive, memorable experience.
When can I visit your store?
United is open from 9 a.m. – 5:15 p.m., Monday through Saturday. We are closed on Sundays so that our staff can spend the day with their families.
Where are you located?
United Loan Pawnshop is located at 224 E. 51st, Chicago, Illinois 60615. We are located in Washington Park/Bronzeville area however we serve customers from all neighborhoods.
What types of items do you buy/sell?
United Loan Pawnshop buys a variety of items, but our most common purchases include gold and diamond jewelry, firearms, Apple products, designer brand watches, high-end electronics such as televisions, laptops, tablets, PCs, game consoles, cameras, drones, etc., gold & silver Bullion, and coins. Stop in today to see everything we have to offer!
How do pawn loans work?
Pawn loans are a quick way to borrow money, and pawn amounts are based on the value of your item you chose to use as collateral. Our pawn transactions are for 1 month with a 2 month grace period. There is no minimum pawn period and you can redeem your items as quickly as two business days in accordance with the Chicago of Chicago Municipal code. If you cannot pay back your pawn in full, including any applicable grace period, an extension/renewal can be offered, or you may also choose to surrender your collateral as payment in full. All pawn loans are non-recourse, so they do not affect your credit.
Do you require a credit check?
No, all you need for a pawn is a valid state ID! A pawn is a great way to get the money you need without a hard inquiry on your credit report.
What is a loan renewal?
If you are unable to pay back your pawn in full on its due date, you are entitled to a renewal. With a renewal, you pay the charges that has accrued on your pawn in full, and a new pawn loan is written.
Will I lose my pawned item?
Most of our customers repay their pawns and pick up their items. If a customer chooses not to repay the pawn, the collateral used for the loan is forfeited.
Is my collateral safe?
The short answer is yes! The long answer is, while your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we keep all accessories with your item and place it in a secured room. Your item is safely stored here until you come back to reclaim by paying your loan in full.
How do you determine an item’s worth?
United Loan Pawnshop determines the value of an item by researching the current appraised value, the item’s condition, and the ability to sell the item. If an item is in good working condition, free of cracks or blemishes, you will receive the highest market value. Jewelry is appraised based on weight, size, cut, color, clarity, and overall visual inspection. The price of gold is determined by a number of factors, since the price changes every few seconds, which include market speculation, currency valuation, worldwide demand, and gold production.
Do you give quotes for items over the phone?
We are not able to give accurate quotes over the phone because the value of the item will vary based on its condition. If you are unsure about whether or not your item qualifies, you are encouraged to give us a call, or shoot us a text, email, or Facebook message. We must see the item in person and conduct a full evaluation before giving out a quote.
Do you accept walk-ins?
Yes, anyone can come in at any time during our regular business hours and one of our highly trained team members will be happy to assist you.
Why does the loan amount differ from the selling price at retail stores?
Our pawn loan values are based on pre-owned retail prices, not what the item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price—and our ability to sell the item. We offer you as much as we can while still allowing room to pay for the cost of storage, insurance, and other costs of doing business.
Are pawn shops stocked with stolen merchandise?
All Pawnshops are highly regulated. Our Team is trained to be on the lookout for and identify stolen property, and we work closely with local and federal law enforcement officials. Less than 1% of items are identified as stolen goods.
Are pawn shops regulated?
All pawnbrokers must be licensed and insured to operate, and all must have a local and state pawnbrokers license. The financial charges all shops are allowed to charge on loan transactions are federally and locally regulated. At United Loan Pawnshop, we are subject to such federal laws such as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer, as well as the Military Lending Act.