Value Pawn is a family owned chain of pawn shops with five locations in the Chicagoland area. We provide customers with collateralized renewable loans on valuable items such as jewelry, watches, diamonds, electronics, musical instruments, and any other items of value. Here are a few commonly asked questions about our services:
AA pawn is another term for a collateral loan. Value Pawn lends money on items of value ranging from gold and diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, and more. Loans are based on a percentage of the value of the collateral. When a customer pays back the loan, their merchandise is returned. A customer may also choose to surrender his or her collateral as payment in full. When this happens the loan is considered paid in full. No negative reporting is done to hurt your credit. Value Pawn offers extensions/renewals thus allowing you to delay the repayment of your loan indefinitely.
A Value Pawn offers the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. Pawnbroking imposes a discipline on the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.
A Loan amounts vary according to the value of the item. There is no minimum dollar amount allowed on a pawn transaction and there is no maximum amount. Value Pawn has made loans as high as $575,000. Your loan amount will be determined according to other factors as well such as demand and condition of the item. Value Pawn is known for lending more than other pawnshops in the Chicagoland area.
A Value Pawn bases the value of the item on current appraised value, its current condition and the ability to resell the item. Value pawn uses research tools that they have at their disposal to determine an item’s value and get you the most money for the item. The appraisal process varies depending on the type of item. For example, jewelry is evaluated differently than a DVD player. All items that Value Pawn buys or pawns are tested to ensure that they work properly.
A Yes, Value pawn is regulated by the State of Illinois Department of Professional Regulations. Value Pawn is also licensed by the State of Illinois, and the municipality the store is located. The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules.
A On average, about 80 percent of all pawn loans are repaid at Value Pawn. Repeat customers make up a majority of the business, similar to any other lending or retail establishment. Value Pawn establishes relationships with their customers because they often borrow against the same items repeatedly. Value Pawn offers non-recourse loans, looking only to the item being pledged to recover their investment if the borrower chooses not to repay the loan.