BARRY’S JEWELRY LOANS
WHAT IS A PAWNBROKER?
A Pawnbroker is a business which loans money secured by collateral. Depending upon the expertise of the pawnbroker this collateral can be many different things. Loans can be secured with Jewelry, Diamonds, watches, precious metals ( gold, silver, platinum), coins, artwork, automobiles, Real Estate, boats, basically anything of monetary value.
HOW MUCH DOES IT COST?
Pawnbrokers charge and interest rate which is usually capped by the Department of Banking in the State where the pawnbroker does business.
In New Jersey, the maximum interest is 4.5% a month. Other states have much higher maximum interest rates some may be as high as 25%…
So what does this mean……
for example, if you borrow $1000, it will cost you $45 a month
HOW LONG IS THE LOAN?
The typical loan term is four months and can be renewed by paying the interest and then extending the loan another 4 months
HOW MUCH MONEY CAN I GET?
There isn’t a limit on the amount of money lent by pawnbrokers!
The amount of money lent is determined by the value of the collateral.
The Loan amount is usually 60% of the Items Wholesale value.
For example, if you have $1000 worth of gold scrap a pawnbroker will generally lend you $600.
WHAT HAPPENS IF I CANNOT PAY THE LOAN?
If you do not pay the interest after 4 months the pawnbroker will send you a certified letter. If you do not respond within 20 days the ownership of the collateral transfers to the pawnbroker. The pawnbroker has the right to sell the items which secured the loan to recoup the money lent.
IS THERE A CREDIT CHECK?
No there is no credit check. A pawnbroker does not check your credit either soft or hard check.
HOW MUCH TIME DOES IT TAKE TO GET A LOAN?
Typically it takes about 15 minutes to secure a loan
IS A PAWNBROKER LOAN INSURED?
Barry’s Jewelry loans are fully insured. The contract or the pawn ticket states the policy.
WHO BORROWS MONEY FROM PAWNBROKERS?
Any person or business may borrow money from pawnbrokers. I have had business take loans to cover a payroll or unexpected expenses. Very often The same item is used multiple times to borrow money. (after the loan is paid in full the owner brings the collateral back to secure another loan in the future)
Remember Tuesdays are free evaluation days.
Please feel free to contact me directly in my store
or on the web at top prices 4 gold dot com
212 Route 18 in East Brunswick
Next to FedEx Office