Pawn Loans in Phoenix, AZ
Pawn1st always lends you the most cash
in a matter of minutes!
A pawn loan is a simple easy way to get some cash. Itís fast and easy: you bring us your stuff, we give you a loan, 93 days later you pay us back, we give you back your stuff. Our professional pawn brokers are experts in lending you more for your stuff.
At Pawn1st, we can lend you cash over your jewelry, gold, electronics, smartphones, tablets, computers, sports goods and more!
The 4 most frequently asked
questions about pawn shops
What is a pawn loan?
How does a pawn loan work?
Pawn loans are a simple form of collateral credit. Cash is given in exchange for an item that the pawnbroker - that's what we call the person who gives the loan, holds onto as security, or collateral, until it is completely paid back. Once the pawn loan is paid back the item is returned to the customer.
Of course that is the simple answer. There are a few other steps involved that people want to know about so here is an example of how it works.
It starts when a customer needs immediate cash and comes into one of our pawn shops in the Phoenix, AZ area with an item they would like to pawn.
We lend anywhere from $5 to $10,000 plus depending on the value of the item that is being pawned. The value we put on an item varies as well. First we consider the needs of the customer and start every interaction with a desire to get you what you need. We find that when we build relationships with our customers, it becomes less about the value of the stuff, and more about the value of the earned trust between the store and the customer.
What can I pawn?
How much is my stuff worth?
When we assess the value of the item we look at its current value but we make the pawn loan based on the resale value of the item. The type of item being pawned and its condition makes a difference in the loan value as well. Some of the higher value items include:
- Gold, high end watches and jewellery
- Up to date electronics
- Tablets and smartphones
- Quality guitars and musical instruments
These items bring higher loans, but almost any item can be pawned including household goods, entertainment systems, tools, costume jewellery, and more. The basic rule is that if it is not illegal, and we don't have to feed it or water it, we can likely lend cash over it.
How do I actually get the loan?
Okay, so in the example we are using the customer came in with a nice Fender acoustic guitar and a case, both in excellent condition. The pawnbroker will take the guitar and have a good look at it, and if he can, play it for tone and action. Then, we do some on-line research on the value and availability of the instrument. Based on that assessment the pawnbroker will offer a loan. In this case let's say the loan is for $200. The loan will be paid to the customer in cash once the customer agrees to the loan and completes some paper work.
In order to get a loan, the customer needs to show one government-issued ID and agree to the terms of the loan. Our loans are 93 day terms with 37% interest. We charge 26% for the first 62 days and then an additional 11% from day 63 to 93 for a total of 37%.
What happens if the pawn loan is not paid back?
We make every attempt to have each and every item that is pawned picked up by the person who pawned it. However, sometimes even after repeated attempts to contact the customer the item goes unclaimed. In that case, the item becomes our property and is put out on the sales floor with a price that's meant to sell. Our mistake is your bonus!
Pawn1st is more helpful than a bank because you can borrow small amounts of money Ė without hassle. We donít need financial information, proof of employment and, you never have to fill out a loan application. All you need is to bring your valuables and a valid ID to any of our pawn shops in Surprise, Goodyear, Glendale, Phoenix, Scottsdale, Tempe, Mesa and Gilbert, AZ and you will receive top cash immediately.