What is a pawn?
A pawn is a short term collateral based loan where money is lent based on an item’s value.
In other words, we offer short term loans to customers in exchange for jewelry, electronics, firearms, gold & silver, certain musical instruments, and other objects of resalable value as security until the loan is paid off.
How does it work?
Customers bring in an item of value and we’ll look at it and try to determine a value. We’ll offer an amount based on our findings and if it’s accepted, the customer will get cash on the spot and we will take your item as security. Loan amounts vary depending on an item’s value and other factors, such as product demand, condition, and more.
These loans are for 30 day period with a 30 day grace period. The loan is extended for 30 days each time the interest is paid. If a customer falls into the grace period, they are still responsible for 2 payments in order to bring their loan up to date.
Once the item loan is paid off (the original amount plus any accrued interest), it will be immediately returned to the customer (with the exception of a possible delay on a firearms background check). If, for the duration of 60 days, the customer does not come back and pay on the loan, the item is surrendered to Big Steve’s as payment and is sold to the general public.
While the item is in pawn, the customer still owns it. It is our responsibility to keep it safe and in the condition we received it. When we take in items as pawn, we store everything securely until the loan is paid off and the item is reclaimed.
What the difference between pawn and a buy?
Our valuations and offers are usually the same for a pawn and a buy. However, a buy is for items that the customer no longer wants and are selling to Big Steve’s. The customer doesn’t have a chance to redeem their items unless they buy them retail from Big Steve’s.
Have something you think we might be interested in? Send us an e-mail today and we’ll let you know! Tell us as much as you can about the item and a photo always helps!