How does a pawn transaction work?
A. Pawn loans are convenient short term loans, made on non-recourse
collateral items such as jewelry, musical instruments, cameras & electronics. Ownership
remains with the borrower during the 4 month life of the contract. The borrower's
collateral stands as credit for the loan. Collateral loan brokers business is built
on repeat customers in need of a quick, convenient & confidential loan. Learn more about loans.
How long is my loan valid?
A. All states differ in lending increments. New York State law has
a limitation of four (4) months on collateral loans that are renewable for those
customers that require additional time for repayment. Remember: This is a collateral
loan, you have not sold your merchandise, YOU have retained ownership of your valuables.
How do you calculate the loan value of my collateral?
A. There is no precise formula for loan vs. retail value. Much of our
merchandise is disposed of at a competitive auction. We calculate our appraisal
on what we anticipate the item to sell for at auction or its disposal.
What if I can't repay the loan?
A. You are under no obligation to repay the loan. However, to safeguard
your collateral, interest is payable at the 4 month expiration date appearing on
your pledge receipt. You will be notified by mail, as a reminder, of the maturation
of your loan. O'Neill's bears any losses incurred at the sale.
Is my credit affected by this loan?
A. Absolutely not. Your loan information is strictly confidential and
is not shared with other lending institutions.
Is my collateral protected?
A. Electronic protection is provided by a major security company. We
do not provide borrowers insurance against loss by burglary or robbery. Great care
is given to loan collateral to assure its safety while in our possession. Your own
insurance coverage will protect you against any losses.
Should I sell it or pawn it?
A. If your item was a gift you have no use for or something you never
wear, SELL it, turn it into cash, let go of those unwanted memories. However, if
your item is something you cherish or get lots of use of or you are still "on the
fence" and uncertain if you are ready to part with it, PAWN it, then you have the
option of getting it back.