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The Water Cooler
General Discussion
You have to buyback your stolen items from pawn shops
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<blockquote data-quote="SoonerStatePawn" data-source="post: 1826108" data-attributes="member: 11104"><p>What percent of the value does the pawn store loan him?</p><p>This is going to vary store by store. On gold and silver, we give 70-90% of current spot price. If we buy it, we'll give more. If we loan on it, it will be less, who knows where gold or silver will be in 60 days. As a rule of thumb on most general merchandise, we will sell a used item in good condition for approx 2/3 of new retail, we will loan 1/3-1/2 of new retail depending on how quick we think it will sell. On guns I run a pretty low profit margin, I loan 50-90% of the value of the item, depending on how quick I think I can move it. </p><p></p><p>How long is the loan for?</p><p>Loans are for 30 days in Oklahoma, we give an addtional 30 day grace period before item is pulled to sale.</p><p></p><p>Is there a grace period if the person is late getting to the store pay the money owed to un-pawn their item? </p><p>We give a 30 day grace after the initial due date, there is an option to pay the finance charge to extend your loan.</p><p></p><p>What percent does the pawn store charge for interest?</p><p>The monthly interest is 20%, $50 loan will cost $60 to pick up within 30 days. After $150 the interest rate drops. A $1000 loan has a $90 finance charge. </p><p></p><p>Does the pawn store charge any other fees on top of the interest?</p><p>There are no additional fees charged other than interest.</p><p></p><p>Are most customers that pawn items ones that are just down on their luck or ones that find this is a better way than any other to get cash fast.</p><p>Most people that live paycheck to paycheck just need a small loan to get by until payday. Banks won't loan somebody $50 for groceries, and alot of people out there don't have credit cards. We also have alot of self-employed individuals that need to make payroll until they get paid on a job. Most people would be surprised, but at our shop 80% of items pawned are paid on or picked up. Very little of the merchandise we take in on loan will default and end up for sale. There just isn't too many options for people who need quick cash. Pawn loans have much lower interest rates than payday or signature loans. If you can't make the payment you have the option of not picking up your merchandise. </p><p></p><p>I noticed on Pawn Stars, that it looked like not very many people would pawn items, they are just looking for someone to buy it. Is this true, or do most people that go into a pawn shop, pawn things and they are just not showing that on Pawn Stars? </p><p>You would be surprised by the people that come in pawnshops. We get people from all walks of life.</p></blockquote><p></p>
[QUOTE="SoonerStatePawn, post: 1826108, member: 11104"] What percent of the value does the pawn store loan him? This is going to vary store by store. On gold and silver, we give 70-90% of current spot price. If we buy it, we'll give more. If we loan on it, it will be less, who knows where gold or silver will be in 60 days. As a rule of thumb on most general merchandise, we will sell a used item in good condition for approx 2/3 of new retail, we will loan 1/3-1/2 of new retail depending on how quick we think it will sell. On guns I run a pretty low profit margin, I loan 50-90% of the value of the item, depending on how quick I think I can move it. How long is the loan for? Loans are for 30 days in Oklahoma, we give an addtional 30 day grace period before item is pulled to sale. Is there a grace period if the person is late getting to the store pay the money owed to un-pawn their item? We give a 30 day grace after the initial due date, there is an option to pay the finance charge to extend your loan. What percent does the pawn store charge for interest? The monthly interest is 20%, $50 loan will cost $60 to pick up within 30 days. After $150 the interest rate drops. A $1000 loan has a $90 finance charge. Does the pawn store charge any other fees on top of the interest? There are no additional fees charged other than interest. Are most customers that pawn items ones that are just down on their luck or ones that find this is a better way than any other to get cash fast. Most people that live paycheck to paycheck just need a small loan to get by until payday. Banks won't loan somebody $50 for groceries, and alot of people out there don't have credit cards. We also have alot of self-employed individuals that need to make payroll until they get paid on a job. Most people would be surprised, but at our shop 80% of items pawned are paid on or picked up. Very little of the merchandise we take in on loan will default and end up for sale. There just isn't too many options for people who need quick cash. Pawn loans have much lower interest rates than payday or signature loans. If you can't make the payment you have the option of not picking up your merchandise. I noticed on Pawn Stars, that it looked like not very many people would pawn items, they are just looking for someone to buy it. Is this true, or do most people that go into a pawn shop, pawn things and they are just not showing that on Pawn Stars? You would be surprised by the people that come in pawnshops. We get people from all walks of life. [/QUOTE]
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