Luckys Pawn Shop | F.A.Q
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F.A.Q

Frequently Asked Questions

1) What is a Pawn?

Answer: A pawn is a type of short term loan where the borrower uses an item of value as collateral in exchange for cash.

2) HOW DOES A PAWN SHOP?

Answer: The process of a pawn starts by quick evaluation of your item to determine the amount of money we can lend. We then agree to loan you cash and hold your item securely for the period of the loan 30 days. If you repay the loan with the interest, at any time during this period, we will return your pawned item. You can also extend the term of the loan by paying the interest portion only. However, if the loan period ends without any repayment, we are allowed to sell the pledged item to recoup the loan.

3) WHAT IS THE DIFFERENCE BETWEEN PAWNING AND SELLING?

Answer: The difference is a pawn is a short term loan on your item that gives you the option to pick it up and selling is simply your item is sold with no option of return.

4) HOW MUCH MONEY CAN YOU LEND?

Answer: How much you get for your item depends on a few key factors:

Used Market Price:
This factor is the most important in our evaluation of how much we lend. We take into consideration how much your item can be sold for in the used market and then we loan generally loan half of this amount.

Current Market Price:
Another factor we consider is how much your item currently sells for in the retail market. Our pawn shop can loan on a percentage of this value. Generally, the more valuable your item is the more you will able to borrow.

Supply and Demand:
When lending money, we also consider how much of a demand there is for your product. For example, if your item sells very quickly we are more likely to loan more than if it sells slowly and we have a large supply of that item already.

Age and condition of the item:
The better condition of your item and the closer it is to brand new condition, the more we are able to lend. For example, if your item is complete with the original boxes your will be able to borrow more than if your item was missing pieces and needing to be repaired.

5) WHAT DO I NEED TO QUALIFY?

Answer: All you need is something of value and to be 18 years of age or older with valid government issued photo I.D. as well as a secondary piece of identification.

6) WHAT KINDS OF ITEMS DO YOU ACCEPT AS COLLATERAL?

Answer: We accept anything of value that we can sell. However, there are times where we may not accept items as collateral. The best thing to do is to bring your item into our store for us to determine if we can loan money against it or not.

7) HOW LONG DO I HAVE TO PAY BACK MY LOAN?

Answer: We offer 30 day loans that can be extended for additional 30 day periods. After your 30 days is up, you can either pick up your item or pay to have it extended for more time.

8) WHAT IF I NEED MORE TIME?

Answer: If you need more time, you can come by our store and pay for your extension and we will hold your item for another 30 days. This can be done as many times as you need.

9) CAN I MAKE PARTIAL PAYMENTS FOR THE PRINCIPAL PORTION OF MY LOAN?

Answer: No, unfortunately you cannot make partial payments, only way is to pay the loan off completely and re-pawn the item for less dollars.

10) WHAT IF I CANNOT PAY IT OFF?

Answer: We understand that stuff happens. If you are not able to make it in on time to pay for your loan, you need to contact us and let us know as soon as possible. For a small holding charge, you have up to 90 days before you officially lose your item, but there will be penalty fees added at time of pick up.

11) HOW MUCH DOES IT COST TO BORROW PER MONTH?

Answer: Lucky’s Pawn Shop offers the most money for your goods at the most competitive pawn rates in the city. We charge a rate of 30% per month with the exception of picking up your pawn in the first days, your rate drops down to 20%. Contact us for more details. Our rates are all inclusive with no hidden fees.

12) DO YOU ISSUE REMINDER PHONE CALLS/TEXT/EMAILS?

Answer: No we do not. In order to keep our rates low, we leave it up to the borrower to be responsible for keeping track of their pawn due dates.