Q. 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.

Q. How long is my loan valid?

A. All states differ in lending increments. New York State has a limitation of 4 months on collateral loans which are renewable for those that require additional time for repayment. Remember this is treated as a loan, you have not sold your merchandise, it is strictly held as collateral against your loan.

Q. 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.

Q. 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.

Q. Is my credit affected by this loan?

A. Absolutely not. Your loan information is strictly confidential and is not shared with other lending institutions.

Q. 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.