AUTO TITLE LOAN

   How do pawn loans work?

   Pawn loans are an simple and painless way to get cash without undergoing a credit check, and based on collateral. The amount of cash borrowed is based on the value of items you leave in the pawn shop’s care. Your credit rating, monthly income, or perceived ability to repay are not taken into consideration when determining how much you receive. Each pawn loan is due for repayment in 90 days. If the loan cannot be repaid at the end of the 90-day grace period, you may exercise your right to an extension, or surrender your collateral as full payment of the loan.

Will I have to surrender my belongings?

Not necessarily; most customers repay the pawn loan within the allotted time period. When a loan is paid off, the belongings used as collateral are returned. A customer can, however, choose not to repay the loan and instead surrender the property. Some customers may also choose to sell the item outright instead of taking a loan against the property.

How do I take an extension or renewal?

If you are unable to pay a loan back in full on the day it is due, you can apply for an extension. That means that you pay all of the interest that has accrued on the loan, and set a new due date, usually 90 days later. The principal of the loan is not reduced when an extension is taken, and the loan continues to accrue interest at the same daily rate. You may extend the loan, by paying the monthly interest, as many times as you need to before paying the loan off.

How is an items loan value determined?

The loan amount which can be taken on an item is based on its current value. The value is effected by several factors including its condition, its fair market value, and demand for the item, or its resale potential. A trained pawn professional will use a number of guides and resource manuals when determining the value of your collateral, and will try to meet your specific financial needs.

Part of determining an items value may include testing its performance or quality. Most items are simply visually inspected, but electronic and motorized items will need to be started to check for correct operation. Items like electronics are worth more if they come with all the original cables, remotes and other secondary equipment. Diamonds or other fine jewelry may need to be more fully appraised.

How is the price of high-value metals and other commodities determined?

The price of items like gold, silver or platinum is based on the current market value, per ounce. Prices can fluctuate widely due to the current economy and the precious metal market conditions.

Am I limited to a single loan?

No; You can have an unlimited number of loans at the same time. They must simply each have their own collateral.

Can I receive a loan estimate over the phone?

No; unfortunately you cannot. The items used for collateral must be inspected by an associate before a loan value can be given. Because the loan value is based almost solely on the condition of the item that is being loaned against, loan quotes can only be given in person.

 

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