How does a pawn loan work?

Pawn loans are a quick and hassle free way to borrow money without a credit check. Loans are based on the value of your collateral, not your credit rating or pay schedule. Interest, term periods and fees vary by location - Please check store for details. If you can't pay back your pawn loan in full, including any applicable grace period, we can offer you a renewal to give you extra time. You may also choose to surrender your collateral as payment in full.

We provide pawn loans on a variety of items, including gold and diamond jewelry, electronics, musical instruments, tools, and more. Simply bring us an item of value, along with a valid photo ID and we'll get you money in minutes after your loan is approved.

What is a renewal?

If you can't pay back your pawn loan in full on the due date, you may get a renewal. With a renewal, you'll pay the interest that has accrued on your pawn loan in full, and we will write you a new pawn loan. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.

Will I lose my merchandise?

Most of our customers repay their pawn loans and pick up their merchandise. If a customer doesn't repay the pawn loan, the merchandise or collateral for the loan is forfeited and will be sold.

How do you determine an item's worth?

We base pawn loan amounts on the value of your item - its current appraised value, condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item's value and get you the most money we can.

The appraisal process varies depending on the type of item. For example, jewelry is evaluated differently than a Playstation. We have an internal pricing and research team that review thousands of items on a regular basis to ensure that our pawn loan values are in line with the general marketplace for pre-owned merchandise. They provide us with the item's retail value when it was new, its pre-owned market value, and how to determine its condition.

How do you determine the condition of an item?

The condition of an item is always taken into account during the appraisal process for a pawn loan. If one 52-inch television comes in that is in perfect condition and one 52-inch television comes in with a crack in the case, we will loan more on the TV that's in better condition.

When it's general merchandise you want to pawn, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories (such as remote controls) and manuals are included.

The better the condition of your item, the more money we can loan you.

How do you determine the value of jewelry?

When jewelry is the collateral for a pawn loan, we test the precious metals and diamonds to determine its worth.

The diamond testing includes a visual inspection using a jeweler's loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each.

In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.

How do you determine the price of gold?

The price of gold is based on market values, the price for which is routinely reviewed and updated by our internal pricing department. Prices can vary greatly as the loan amount for 24K gold is significantly higher than that of 14K gold.

Can 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 general merchandise, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories and manuals are included. The better the condition of your item, the more money we can loan. And for jewelry, we test to ensure diamonds and gold are genuine. This testing includes a visual inspection using a jeweler's loupe, weighing the item, sizing (determining carat weight) any diamonds, and noting the cut/color/clarity of each - you may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the karat of gold.

Why does the loan amount differ from the selling price at local retailers or even Buffalo Jewelry and Loan stores?

Our pawn loan values are based on pre-owned retail prices, not what the item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price - and our ability to sell the item.

We offer you as much as we can while still allowing room to pay for the cost of storage, insurance and other costs of doing business.

Is my stuff 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. We are fully insured for the loan value of the collateral we keep.