Frequently Asked Questions - FAQ
1What services do you provide?
Platinum Pawn provides pawn and loan services to the general public. We also purchase items in full as well.
2How are you different from other pawnshops?
Platinum Pawn strives to ensure great customer service and respect for all of the people that come to us. We help consumers feel confident in their decision to get a loan or pawn an item with us or to even purchase an item in our inventory.
3Do you have a Lay-A-Way Program?
Yes, we provide lay-a-way services to consumers looking to purchase items that may be outside of their current financial means. These items are removed from the available inventory for sale. Once the consumer completes their lay-a-way plan, the item is theirs.
1How does a pawn loan work?
Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. Subject to state laws, a typical pawn loan may have a term length of 30 days/one month, plus a 30-day/one month grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions/renewals to give you extra time. You may also choose to surrender your collateral as payment in full.
2What is an extension?
If you are unable to pay back your pawn loan in full on its due date, you may be able to get an extension on your pawn loan, as permitted by state law. With an extension, you will be required to pay a portion of the interest owed, then you may extend the length of your pawn loan for as many days as allowed by state law.
3What is a renewal?
If you are unable to pay back your pawn loan in full on its due date, you may get a renewal, as permitted by state law. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
4Will I lose my merchandise?
The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited. Per state laws, we are highly regulated and therefore cannot automatically place your item(s) for sale unless you agree to the forfeiture or decide to sell the item to us directly.
5Is my collateral safe while in pawn?
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 (remote controls, cables, etc.) with your item and place it in a secure area. Your item is safely stored here until you come back to pay your pawn loan in full and claim your merchandise.
1Can I have more than one loan?
Absolutely!!! You can have more than one loan at a time.
2Can you give a quote on an item over the phone?
Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item. For items such as jewelry, we test to ensure that the gold and diamonds are genuine.
3What if I forget about my loan?
No worries, we’ll remind you. We will provide phone calls when the loan is due at 30 days and again before the item would forfeited.