Still have questions about how a pawn loan works? Several of the most frequently asked questions are below. Visit the National Pawn Brokers website for more details.
You can always call us at 412-661-3818 for more information. However, see FAQ #1 below (it’s our MOST asked question).
Can you give me a quote over the phone?
Unfortunately, no. We need to see and test the item in order to give you an accurate quote. Please bring all necessary pieces and parts so that we can check your item and make sure it’s functioning properly. Don’t forget to bring valid identification too.
Where can I find your store?
We are located in Pittsburgh, Pennsylvania near the towns of Squirrel Hill, East Liberty, Larimer, Shadyside, Highland Park, Garfield, Point Breeze, and Wilkinsburg. Visit our Directions to our Pittsburgh location page for details.
What are your hours?
- Monday 9 to 5
- Tuesday 9 to 5
- Closed Wednesday
- Thursday 9 to 5
- Friday 9 to 5
- Saturday 9 to 4
- Closed Sunday
We are closed over Thanksgiving from Thursday to Sunday every year.
We are also closed over Christmas.
Please visit our Contact Us page for specific dates and times.
What are your interest rates?
Our interest rates are controlled by the Banking Association and are fixed at 3%.
How does a pawn work?
A pawn is another term for a collateral loan. Pawnbrokers lend money on items of value ranging from gold and diamond jewelry, musical instruments, televisions, electronics, tools, household items, firearms, and more. Some pawn shops may specialize in certain items. Loans are based on the value of the collateral. When a customer pays back the loan, their merchandise is returned to them. A customer may also choose to surrender your collateral as payment in full. Pawn shops may offer extensions/renewals (where permitted by state law).
Why would someone go to a pawnbroker to get a loan?
Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. Pawnbroking imposes a discipline on the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.
How much should I expect for a loan on my item?
Loan amounts vary according to the value of the item. There is no minimum dollar amount allowed on a pawn transaction but the maximum amount may be set by state pawn laws. Your loan amount will be determined according to other factors as well such as demand and condition of the item. Not all pawn stores are the same and price will vary.
How do you determine the value of the item?
Pawn shops base the value of the item on current appraised value, its current condition and the ability to sell the item. Pawnbrokers use research tools that they have at their disposal to determine an item’s value and get you the most money for the item. The appraisal process varies depending on the type of item—for example, jewelry is evaluated differently than a DVD player. All items that pawn shops buy or pawn are tested to ensure that it works properly.
How can I be sure the merchandise I purchase at a pawn store isn’t stolen?
Less than one tenth of one percent of all pawned merchandise is identified as stolen goods. That’s because customers must provide positive identification and a complete description of the merchandise. This information is then regularly transmitted to law enforcement, which dramatically decreases the likelihood that a thief would bring stolen merchandise to a pawn store.
Are pawn shops regulated?
Yes, Pawnbrokers are governed by all of the major federal laws that apply to entities designed as financial institutions. The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules. Pawn shops that deal in firearms are regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Pawn shops may also be Federal Firearms License holders. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well.
Do most pawn customers lose their merchandise?
On average, about 80 percent of all pawn loans are repaid. Repeat customers make up a majority of the business, similar to any other lending or retail establishment. Pawnbrokers establish relationships with their customers because they often borrow against the same items repeatedly. 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.