FIND THE ANSWERS TO YOUR QUESTIONS
FREQUENTLY ASKED QUESTIONS
HOW IS A PAWN LOAN AMOUNT DETERMINED?
The loan amount is determined by the current appraised value, the condition, and our ability to sell the merchandise. We typically offer 50% of this determined amount.
IS IDENTIFICATION REQUIRED TO GET A PAWN LOAN?
Yes. The state allows us to accept only a state issued driver’s license or state photo ID card as identification each time a customer sells or pawns an item. We also accept US, International Passports, and Matricula Consular ID cards. We are required to check for updated information on every transaction, including expiration dates.
WHAT TYPES OF MERCHANDISE CAN BE USED TO GET A PAWN LOAN?
Crossroads Pawn takes anything of value. This value is determined by the buyer.
WHAT IS THE PROCESS OF A PAWN LOAN RENEWAL?
If you are unable to pay your loan back in full on its due date you may extend your loan for another thirty days by paying just the interest the loan has accrued. The principal loan amount remains the same, as does the interest rate.
WHAT IS THE PROCESS OF A PAWN LOAN REDEMPTION?
You are free to pick up your merchandise at any time once the amount of the loan and the accrued interest are paid in full.
WHAT IS THE PROCESS OF A PAWN LOAN FORECLOSURE?
A customer defaults on a loan by not paying a loan in full or the interest charges due, by the contracted date. After a 15 day grace period, the collateral becomes the property of the pawn shop and can be sold.
DO MANY CUSTOMERS LOSE THEIR PAWN LOAN MERCHANDISE?
No, less than 15% of customers forfeit their items.
CAN A PAWN SHOP SELL MY PAWN LOAN MERCHANDISE?
The title and ownership of an item remains with the borrower until the loan defaults. A pawnbroker is not able to sell a pawned item until the borrower fails to redeem or renew a loan at the end of the contracted period.
DO PAWN SHOPS SELL STOLEN MERCHANDISE?
We are regulated by the state and county in which we do business. We take photos of all jewelry and provide relevant model/serial numbers of all other merchandise we receive to the county police department every night. These photos and model/serial numbers are compared to burglary, robbery, and theft reports by the police department.
ARE PAWN SHOPS REGULATED?
Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. We are subject to laws such as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer. At the federal level, we are regulated by the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.