Pawnshops offer the consumer a quick, convenient and confidential way to borrow money. A short term loan can be made with no credit check or legal consequences if the loan is not repaid. A customer receives a percentage of the value of the collateral. Although the loan to collateral ratio varies over time and across pawnshops, a loan of about 50 percent of the resale value of the collateral is typical. In other words, pawnbrokers feel their loan is “paid in full” at the time it is made. When a customer pawns an item, terms of the loan are printed on a pawn ticket that is given to the customer. The ticket states the customer’s name, address, type of identification provided to the pawnbroker, a description of the item, amount lent, maturity date.
Absolutely! Sharpy’s Pawn is licensed and regulated by the Department of Justice and our police department. We are also licensed as a automobile dealer and precious metals dealer.
Pawnbrokers lend money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, household items, etc.. These items maintain their value over a reasonable period of time and are easy to store, especially jewelry. All customers provide collateral, eliminating the need to distinguish high risk from low risk borrowers. Typically, loans are small averaging between $70 and $100, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral. The process is much the same as any other lending institution, with the primary difference being the size of the loan, the collateral and the holding of the merchandise until the interest or the loan has been repaid.
On average, 85 to 90 percent of all loans are repaid. Repeat customers make up most of our business, similar to any other lending or retail establishment. Pawnbrokers know the vast majority of their customers because they often borrow against the same items over and over again. Pawnbrokers offer non recourse loans, looking only to the item being pledged to recover their investment if the borrower chooses not to repay the loan. It is solely the choice of the customer whether he/she elects to repay the loan.
We take in any scrap gold, silver or platinum items you no longer want. We buy all sorts of unwanted, broken or scrap jewelry such as class rings, tangled gold chains, bent or broken jewelry, items with missing stones or cracked stones, gold coins, dental gold, gold earrings, bracelets, necklaces, charms and more! We do business with people every day that want to sell gold watches, fine art, automobiles, motorcycles and ATVs.
Less than one fifth of one percent of all collateral is even suspect as having been misappropriated in any manner. Thieves and robbers are a pawnbroker’s worst enemy. Pawnbrokers work closely with local law enforcement to catch and prosecute these perpetrators. A customer must provide positive picture identification to show evidence of the transaction. This information is then presented to the police department, therefore decreasing the likelihood that a thief would bring stolen merchandise to a pawnshop. Pawnbrokers are trained to look for signs of stolen property to avoid these costly mistakes. It is not in the interest of the pawnbroker to accept potentially stolen merchandise because the police can seize the merchandise and the pawnshop loses the collateral and the loaned money.
We take great care in providing a safe and secured storage while your items are in our possession. We protect your safety with a high security environment. Sharpy’s Pawn LLC has a sophisticated security system including closed circuit TV, a silent alarm that links to the local police department, and motion detectors for when the store is closed.
In most cases, we’ll pay you cash, on the spot!
There’s no waiting for your payment to come in the mail, we write up your sale and pay you immediately.
Yes, We require valid identification when you’re selling or pawning items with us. Forms of ID we accept include a Driver License or ID Card issued by any state, photo ID by a governmental agency, US passport, foreign passport accompanied by another item of of ID showing an address
The simplest way is to read the karat markings on each piece. Any one of these indicates that your jewelry is gold: For 10 karat- 10k, 10kt, 416 For 14 karat- 14k, 14kt, 585 For 18 karat- 18k, 18kt, 750 For Platinum- 950PT, Platinum, Plat, 950PT 10%IR For Silver – STERLING, 925, SILVER 1/10 GF refers to gold filled and is not solid gold, and we cannot take it in. Vermeil refers to gold plated on Sterling Silver and will be valued as silver. Our in house experts can test your precious metals for content to ensure that you are getting a fair price for your unwanted gold.