A pawn loan or collateral loan is the cash loan that a customer borrows for exchange of personal property which is stored with the pawnbroker until it is redeemed according to the terms agreed upon, or the pawn contract defaults.
During the loan period, your items are not available for anybody to purchase. All items are stored either in one of our safes or neatly stored in our security monitored storage area.
After a pawn loan is processed, the consumer has 120 days (from the date of pawn) to redeem their merchandise with a repayment of principle and final charges. If you cannot redeem your item, you have the option of paying the service charges and extending the loan for another 120 days. If the loan is not paid well in time including the interest, the pawn broker can legally sell the item that was put up for collateral.
One can pawn almost anything that has a resale value. The most common items pawned at Beach Loan Services are jewelry. We take anything made of gold, silver or platinum. Diamonds prices are based on their cut, clarity, carat weight an color. We also accept newer electronics like TV’s, audio systems, mobile phones, video game systems, cameras and laptops. Other items often brought in include professional grade construction tools, hand tools, musical instruments and collectables
Yes, you can pawn old, used and broken jewelry as precious metals are still worth something depending upon the current market prices
We determine the value of jewelry etc through the current precious metal or diamond wholesale market prices. The value of other items is determined by their average online sale price and in-store salability.
Pawn loans in California are regulated and are allowed for 4 months (120 days), there is also a 10-day grace period in which time we will notify you by mail or text message to remind you that your loan is past due.
You have the option to just pay any charges and renew your loan for an additional 120 days. Kindly visit our store for more information.
We at Beach Loan Services do our best to inform our customers about the expiry of their loans, & so you can always renew it. But if you don’t want to pay and recover your item, you are not required to do anything else in which case our pawn shop will take legal possession of the collateral item at the end of your 10-day grace period.
No, the ownership of an item remains with you until the loan defaults. Items are sold only when the borrower fails to redeem the item or renew the loan at the end of the contract period.
No, as pawn loans are based on the collateral you bring and not your credit history.
Someone else can renew your loan, however only the original pledgee can collect the item.
Pawn loans may only be paid with cash for redemption, however both credit/debit cards can be used for purchases from our store.
Yes, we will send a text or mail notice when the contract has expired and you are in your grace period.
No, since loans are based on a percentage of the collateral you bring in. However some restrictions may apply, please visit our store for more details.
Yes, you do not need to worry about the safety and confidentiality of the transaction as it is our responsibility to keep it private. Moreover Pawn Shops are regulated on a local, state and federal level.
Pawn shops are regulated by the Department of Justice and the local law enforcement which caps the interest on pawn loans at 3% per month. An additional storage & writing fees may apply. Also, pawn loan interest rates are usually lower than personal loans, payday loans, late credit card fee, & bank overdraft fee. We at Beach Loan always strive to keep the interest rates reasonably low and competitive in order to make pawning with us a smart and affordable option when you are in need of fast cash.
The best part about buying from a pawn shop is that you get merchandise at about 1/3rd or even half the prices as compared to the retail stores.
Pawning is indeed the easiest way to meet short term cash needs & has no legal proceedings involved. The customer is given a pawn ticket which carries all the information regarding the loan including the customer’s personal information, date of the transaction & a description of the items taken for loan, amount of the loan and the rate of interest. Therefore pawning is extremely easy and a very confidential way to meet your cash requirements.
- Bring your collateral to our pawn shop.
- One of our expert pawn brokers will evaluate your item & shall discuss the allowable loan amount with you which is a percentage of the value that we believe the collateral would bring in a sale.
- Present a valid government issued photo ID. Sign the required documents & collect your cash.
No, Pawn Shops are the worst places to sell stolen goods. Also, less than 1% of the items taken for pawn are identified as stolen goods. Pawn Shops are highly regulated and work very closely with the local and federal enforcement officials and have staff specifically trained to identify stolen goods & they are always on the lookout for stolen property.