Frequently Asked Questions
1. What is a pawn loan?
Obtaining cash for the value of an item is the fastest and easiest way to get money in a hurry. All you need to do is bring in your item, whether it is gold, diamond or any other item and we will evaluate its second-hand value. You will then be informed how much we will loan you for your item and how much more you would get for us to buy it. If our offer is acceptable to you, all you will need is a valid government-issued photo ID and we will enter the transaction into our computer with a complete description of your item. You will receive a detailed pawn ticket explaining everything about your loan and you may pay the interest to hold the loan longer than the four month loan period or you may bring the pawn ticket in at any time to repay or redeem your loan and have your item safely returned to you.
2. What kind of items do you take?
Gold, diamonds, fine jewelry, sterling silver flatware and sterling silver trays and tea sets, gold and silver coins are the most popular items that are brought in as collateral for cash loans. We also specialize in making loans on modern firearms, musical instruments, flat panel televisions, ipods, ipads, modern electronics, and laptop computers. Many people bring in Lladros, Hummels, and other antiques and rare objects d'art. If you have any questions about whether or not we will take your item for a loan, please call us and one of our friendly staff will be happy to assist you.
3. How do you determine the value of my item?
We have the most up-to-date methods for appraising and determining how much we can loan you based on the used value of your item. If it is gold we will test the item to determine its karat and it will be weighed while you watch. All diamonds will be evaluated by our trained staff using the most modern tools and the 4 C's (carat, cut, color, and clarity). The condition of your item is also taken into account and its selling value on websites such as eBay and gunbroker are most helpful.
If I cannot pay back my loan, how do I renew or extend my loan?
You may come in to extend or renew your loan for as long as you like simply by paying the monthly interest. We gladly accept payments over the phone using Visa, MasterCard, or Discover and will give you a confirmation number for complete peace of mind.
4. How much does it really cost to borrow money from Nathan's Lynnhaven Pawn Shop?
When we say we only charge the legal rates, we mean that. Other stores charge late fees, penalties, and set-up fees. We do not. All costs and charges are completely explained and written on your loan contract and we take great pains to ensure that you completely understand the terms and costs before you sign your pawn ticket.
5. Are my items insured and safe?
All items that we accept as collateral are kept completely safe and are insured by Lloyds of London. At all times your items are under video surveillance and police alarm.
6. How can I be sure you don't take in or sell stolen property?
While on television a stolen item always goes to a pawn shop, in real life it rarely happens. All items that are taken in pawn are reported each day to the local police.
We have a whole system of checks and balances to determine the true ownership of an item. We also take your picture when you make a loan and video record the entire transaction. Over 90% of our clients repay their loans and receive back their items.
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