FAQ
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What is a pawnshop?
A pawn shop is a state-licensed and regulated business offering collateralized pawns from $10 to $100,000 to its customers. In addition to pawns, a pawnshop will also purchase your item if you prefer. We purchase and sell items of value.
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How does a pawnshop work?
Pawnbrokers lend money on most items of value. The easiest items to pawn maintain a reasonable value over time and are easy to store, like jewelry. Pawned items provide collateral, eliminating the need to distinguish high risk from low risk borrowers and allowing us to lend you money when you need it most. Pawns can be as small as $10 and as high as $25,000 or more, depending on the value of the collateral. After the value is agreed upon, you will have a certain period of time to repay the loan plus a small finance charge and redeem your items.
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What is a pawn?
Pawnshops offer a quick, convenient and confidential way to borrow money when you need it most! Your short term cash needs can be met with no credit check or legal consequences if the pawn is not repaid. A pawn is a 30-day agreement using your collateral to receive money that can be renewed on a monthly basis by paying the monthly service charges.
Example:
Let's just say you borrow $100.00 on your jewelry. At the end of 30 days, you can come in and pay the service charges, which rebooks the pawn for another 30 days, or you may come in and repay what we advanced you plus any applicable service charge and get your item back (redemption). If you choose not to make the service payment or redeem your item by the end of 30 days, by law, the pawn is automatically extended by an additional 30 days. We do not charge any 'late fees'. However, the service charge does accumulate if not paid. If no payment has been made within 90 days and the item is not redeemed, then the pawn defaults and the collateral becomes the property of the pawnshop.
NOTE: The pawn can be rebooked as many times as needed. -
What type of items can I pawn/sell?
We accept a wide variety of items for pawn or sale. Some examples: Gold jewelry, Diamond jewelry, Platinum jewelry, Silver jewelry, Designer jewelry, Fine watches (Rolex, Patek, Cartier & more), Gold & silver coins, Vintage & modern watches, Smart TVs, Laptop computers, All in One desktop computers, Musical instruments, Guitars, Amplifiers, DJ equipment, iPads & tablets, Power tools, Video games, Studio equipment, Digital cameras, Antiques, Collectibles, Sports memorabilia and more.
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Can I sell my valuable item as oppose to pawn it?
Absolutely! United Loan Pawnshop pays the highest prices around for gold, jewelry, watches, musical instruments, computers, consumer electronics …almost any item of value!
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Why would someone go to a pawnbroker to get a pawn?
Most banks will not loan you small amounts of money. But, even if you only need a small amount, we can help you. Pawns do not affect your credit. We offer a quick, convenient, safe, and confidential way to borrow money. A short-term cash need can be met with no credit check and no obligation to repay.
Some advantages to pawning are:
• It is hassle-free.
• Immediate cash payments.
• No credit check or reporting.
• You retain ownership of your item while it is in pawn.
• If the loan defaults, nothing is reported to any credit agency or sent to your house. -
Do most pawn customers return to redeem and pick up their items?
Yes. On average, about 80 percent of all pawns are picked back up. Repeat customers make up a majority of the business, similar to any other retail establishment. We establish relationships with our customers because they often use the same item repeatedly to receive money. Pawnshops are the only service to offer non-recourse pawns, looking only to the item being pledged to recover our investment if the pawner chooses not to pick their pawn up.
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Do pawn customers enjoy the same protections under federal law that customers of other financial institutions enjoy?
Pawn transactions are unique in that they are the only type of transaction that requires reporting to local law enforcement agencies. In many states, this reporting is required daily and must include extremely sensitive personal information about the consumer (i.e., ethnicity, gender, address). Much of this information qualifies as "non-public personal information" under federal privacy law and is entitled to protection as such.
United Loan Pawnshop is licensed and regulated by the State of Illinois and the City of Chicago and are long time members of the National Pawnbrokers Association and Illinois Pawnbrokers Association. We have also been in business for over 100 years. -
What happens if I lose my pawn ticket?
If you lose or misplace your pawn ticket, please give us a call or stop in the store and let us know. That way, we can put a note on your account so that only you are able to redeem the pawn. In Illinois, the pawn ticket is a bearer document. That means that whoever has physical possession of the ticket can pick up or redeem your merchandise. So, if you want someone else to pick up or redeem your pawn, just give him or her the ticket, and we will give your merchandise to that person after paying the amount due on the transaction.
However, if you lost your ticket, you must inform us right away so we can notate your account. This way, you are assured that your items will not be given to the person in possession of your ticket. When you come in without your ticket, you will have to show us your photo ID and sign our copy of the pawn ticket. We also compare the signature of the person who originally signs it and the signature of the person picking up the merchandise. -
Can you give me a quote over the phone?
Unfortunately, it is very difficult to evaluate your items without seeing them. We do, however, guarantee that we will pawn you the most that we possibly can.
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Why shop at United Loan Pawnshop?
PRICE & SELECTION! We have a constantly changing inventory of the finest gold, diamond and platinum jewelry and watches, along with a huge selection of all in one computers, laptops, electronics, musical instruments and DJ equipment, video games, tools, digital cameras, iPads, housewares, collectibles and much, much more…all at a HUGE discount off the retail price!