North Carolina Pawn Services

How Do Loans from National Pawn Work?

National Pawn lends money based on the value of items you bring to one of our safe and professional locations. These things can range from pieces of gold and diamond jewelry to household items, televisions, computers, laptops, tools, and musical instruments. The dollar amount we can lend you is directly linked to the value of the item that you bring to us.

When you bring something in to pawn, we do not perform a credit check, and there is no loan application. We will take possession of the item as collateral and securely store it at our location for the entire period of the loan. This simple and secure process is called “pawning an item.” When you pawn an item, we will print a pawn ticket for you to take with you. On that ticket, among other things, the terms of the loan are printed. Other information on the ticket are your name (the customer) and  your address, the kind of ID that you provide, an accurate description of the item you are pawning, how much you are borrowing, the date of the loan maturity, and finally the interest, other fees, and the total amount that you must pay to redeem the item.

You have a right to redeem the item used as collateral at any point of time during the loan. To redeem an item, you will need to pay the loan principal, and the storage fees, and any interest due. These costs are listed out on the ticket you received when you initially brought the item into our shop. If you decide not to redeem the item during the term of the loan, the item then becomes the property of the pawnbroker, and he is entitled to sell the merchandise to satisfy the loan and associated fees.

Loans from a pawnbroker are classified as non-recourse loans. As the customer, you are not required to pay the loan – it’s your choice. At National Pawn & Jewelry, we do not report this decision to not pay to any credit bureau. Choosing not to pay it won’t affect your credit standing.

Don’t Pawnbrokers Deal in Stolen Items?

People get a lot of wrong information from the movies. And those same people wrongly think that pawnbrokers receive stolen goods. This is simply not true. Statistics for all of the pawn shops in the United States show that less than one-tenth of one percent (<-0.1%) of items processed by pawnbrokers are reported as stolen goods.

Pawnbrokers are required to submit a report with a detailed description of any item that they receive. Also, detailed identification of the customer as well as the comprehensive description of the item being pawned is sent to the police department. Then the police department performs a search to see if it is a stolen item.

At National Pawn, we even take it a step farther than is required by law. We hold all pawned items up to 90 days to allow the local police to conduct a thorough search to check on the item. And we make it widely known in the community that we perform this extra step, so the criminals don’t even come close to us. They would rather sell their ill-gotten items to some of the thousands of businesses that don’t hold such high standards because they do not deal with the police at all.

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National Jewelry & Pawn, Inc. is a BBB Accredited Pawn Shop in Durham, NC

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