Blog
Valuable Information & Answered Questions
What is a Pawn Shop & how does it work?
More than 90% of pawned items are picked up by our customers.
Pawns in California are four-month collateral loan where a customer brings in an item of value in exchange for cash. We hold their item – they hold our cash. We store the item in our vault or our secure, climate-controlled warehouse. The customer can pick it up at any time by repaying the loan plus interest. More than 90% of pawned items are picked up by our customers. If they decide not to redeem their item, that’s ok and it’s their option. We will then clean, test and evaluate the item for placement in our showroom at a fantastic price.
Pawns are simple non-recourse loans that provide quick cash without risking credit.
We are often asked who uses your services? The answer is: your neighbors, family, friends, coworkers, etc. It doesn’t matter if the pawnshop is in Hemet, Perris, or Beverly Hills. Everyone from the Hollywood producer to the contractor down the street may need a bridge loan between projects or paychecks and pawn services provide unique advantages. Pawns are simple non-recourse loans that provide quick cash without risking credit. The item pawned provides the credit, the terms and fees are clear, the transaction can be completed in minutes and the amount can range from a few dollars to tens of thousands of dollars. For many, a pawn loan is the best option to bridge a gap in finances.
Many people don’t know that pawn is a highly regulated business.
Every single loan and purchase transaction is electronically reported to the California Pawn & Secondhand Dealer System which is administered by the Department of Justice. This system provides law enforcement a statewide database of pawn and secondhand dealer transactions. The fact that each transaction requires a valid ID, electronic thumbprint, and item descriptions to be reported each day, makes legitimate pawnshops undesirable to those that attempt to pawn stolen goods – because they will be caught. On the very rare occasion of a suspect transaction, we have an open-door policy with local Police Department and Riverside County Sheriff where we assist in investigations to the best of our ability.