We want you to be comfortable and be able to deal with confidence at Sunbelt Jewelry & Loan. We have tried to address the most common questions people have below, but you should always ask us any question you might have about pawn loans, merchandise, or any aspect of our business.
How Does A Pawn Loan Work?
Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. The rates on Pawn loans are much lower than those of a Payday Advance Loan in Texas. Sunbelt Jewelry & Loan gives you a total of 60 days to either redeem or extend your loan. If you cannot pay back your loan in full, including any applicable charges, we also offer renewals to give you extra time. You may also choose to surrender your collateral as payment in full.
We loan on a variety of items, including gold and diamond jewelry, Computers, Firearms, electronics, musical instruments, tools, and more. Just bring us your item or items, along with a valid photo ID and we’ll do the rest. We promise to treat you the respect you deserve and the privacy you need.
What Is A Renewal?
If you are unable to pay back your loan in full on its due date, you may choose to pay your interest called a renewal. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term. This gives you another 60 days before you need to worry about losing your item.
Will I Lose My Merchandise?
The majority of our customers never lose their merchandise they choose to repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited. If you forget about your loan and we still have it in our possession we will do our best to help you get the item back without any hassle.
If I Do Not Repay My Loan, Will My Credit Be Affected?
No your credit is never affected by a loan with us. If you can’t repay or do not wish to repay your loan, it will be forfeited after the term. If you do forfeit your loan with us we will simply place your item out for sale and nothing is ever reported to a credit agency. In fact you may continue to bring in new merchandise for additional loans anytime you need it.
How Do You Determine The Value of An Item?
We base pawn loan amounts on the value of your item. Our expert employees have decades of experience in appraising the value, based on its current condition and market value. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can. The appraisal process varies depending on the type of items for example, jewelry is evaluated differently than a BLU-Ray player. We use many tools to help determine the value or your items and get you what you need. We work hard to ensure that our loan values are in line with the general marketplace for pre-owned merchandise.
What About The Value For Gold And Jewelry?
Our brokers have access to the latest prices paid on precious metals and Diamonds so we can get you the highest value on your item at any given moment. When jewelry is the collateral we test the precious metals and diamonds to determine their value. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each. You may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.
Are My items safe while they are in Pawn?
While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. Sunbelt Jewelry & Loan has a security system that is locally monitored 24 hours a day. When you give us an item for pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in a secure area. Your item is safely stored here until you come back to pay your loan in full and claim your merchandise.
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. In Texas Pawn Shops are regulated by the Office Of Consumer Credit Commissioner. We work closely with state and local officials to ensure everything we do is correct and lawful. We are subject to such laws 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, as well as Federal Firearms Licenses for shops that deal with firearms. 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.
Am I Able To Get A Loan On My Guns?
Yes. We accept firearms as collateral for pawn loans and sell firearms. We are registered as a firearms dealer and must comply with all federal regulations. We also furnish local law enforcement with information on every transaction.
Are Pawn Shops Full Of Stolen Merchandise?
No! Less than 1 percent of items are identified as stolen goods. Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property. In addition, Sunbelt Jewelry & Loan provides local law enforcement agencies with a copy of every loan transaction we do including the description and serial number of the item we have loaned on.
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