A pawn loan is a collateral based loan-meaning the loan is secured by something of value. You simply bring something of value that you own into the pawn shop and if interested, the pawn shop will offer you a loan amount on your item. The pawn shop retains your item until you repay the loan. The amount offered by the pawn shop for your item varies for several reasons. Some factors to consider are age of your item, the condition, is it a highly sought after item, does it work, do you have all the parts and pieces, and what have similar items recently sold for.

After agreeing to a loan amount you will receive a loan agreement contract. This contract states a description of your item/items, loan amount, finance fee, due date and forfeit date. This is important to understand as it determines how much you need to pay back and by what date.

If you can not repay the loan by the 30 day loan date, you can pay the finance fee only to extend the loan. This payment does not reduce the amount you owe, but simply buys you 30 more days to repay the loan. Your item will be returned to you once the terms of the contract have been repaid.

If you do not redeem your item or make the interest payment by the 30th day as agreed upon, not all is lost. There is another 30 day period that allows you to repay your loan before you forfeit ownership of your item to a pawn shop. However, if you pay after the initial 30 day period, another finance fee is added to your repayment amount. For example, say you borrow $100 and your finance charge is $25. If you repay the loan within the first 30 days then your payback is $125. If you need to extend the loan for 30 more days simply pay the $25 and you get another 30 days to repay the $125. Every 30 days incurs another finance charge. If you do no repay the loan or pay the finance charge within the 30 day period, but redeem your item before the 60 day default date the amount you owe is $150.

We actually prefer you to pick up your item instead of selling it. I know it is hard to believe that a pawn shop wants you to get your items back. Here is why- I can only make money on your item once if I sell it. However, if you pick it up and ever need to borrow money again I hope you choose to do business with me again in the future. Majority of customers will repawn the same item again because the loan amount is typically the same and in some instances more if the customer always redeems their items.

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The old stigma of a pawn shop being the middle man for stolen property and a business that takes advantage of people that are down on their luck is a thing of the past. In reality, less than 1% of stolen items are recovered in a pawn shop. The same individual who would never step foot into a pawn shop because of this mindset has a better chance of buying something stolen from Craigslist or a flea market than in a pawn shop. In fact, the quickest way for crooks to get caught is selling to a pawn shop. Pawn shops require every customer that loans or sells an item to produce a valid picture ID and must submit a thumbprint and sign a document that is evidence against them in court. Also, pawn shops transmit their data on a daily basis to the local police department and are required to hold every item that is sold to them for 30 days to insure that local law enforcement have adequate time to search these files.

Since the invention of the internet, people have many ways of researching what they have in advance of selling it. They have an idea of what something is worth and are more educated than those selling things back in the 70s. Most people realize that stores are in business to make money, and like any other business, a pawn shop has to resell their items for a profit. So keep that in mind when negotiating the sell of your items. Also, pawn shops deal with used items and you can not compare what you paid for it 3 years ago to what it is worth now. Some people have a hard time understanding this, but almost everything depreciates in value over time.

The advantages of pawn shops are individuals can sell items for cash, use their items to borrow money without a credit check, and save money by buying gently used items at discounted prices. In this diminished economy people are always looking for ways to save money.

The biggest area of savings is by far in the jewelry department. Ever go to the mall and notice that at least 3-4 jewelry stores are proudly set up with prices that require at least “3 ½ months salary” to purchase one ring. Why do you suppose there are so many in one mall? PROFITS would be the reason. Their is no such thing as “new gold” or “new diamonds”. These things are older than people and it is rather humorous how people determine a ring in a jewelry store is worth 300% or more than anywhere else. Any piece of gold jewelry can be cleaned, buffed, and polished to look brand new. In fact, some jewelry stores buy from pawn shops and auctions to acquire inventory to resell as “new” and then mark it up for profit, but the only place getting a bad review is the pawn shops.

Some people think that all of the engagement rings in pawn shops are from relationship failures and they are considered bad luck. Did you know many people like to upgrade their diamonds to bigger diamonds as they get older. And since older people are considered wiser, many take them to a pawn shop and trade in the old ring towards a newer, bigger version. Same thing happens at jewelry stores, but what do you think they do with the traded in jewelry? Surprise, they clean it, buff it, polish it and resell it as “new”. The question is, do you want to buy an item and save 300% or do you not value.


1. Gold is a traded commodity. That means the value of gold goes up and down several times a day. If you know what pure gold is trading for per ounce then you can calculate what your gold is worth before you sell it. The two most common conversions used are grams and pennyweights(dwt). 1 ounce equals 31.1 grams or 20 DWT.

2. Majority of gold buyers value all gold at scrap value. This means they are only valuing all gold as non-sellable. Not all gold jewelry is really scrap-only material. A large quantity of gold jewelry simply needs to be cleaned and polished to be considered retail pieces.

3. Gold is broken down into weights known as karats (KT). The karat scale is based on pure gold being 24 KT. Most people do not realize that their gold is only a percentage of gold mixed with other alloys. Rarely do you see 24 KT gold jewelry as it is too soft and will break or bend very easily. The higher the karat, the more valuable the piece is because it consists of purer gold.

4. You may have noticed some jewelry is stamped with a number such as 585 or 14K. These numbers both mean the same thing. 14KT gold contains 58% pure gold or .583 which is stamped as 585. 10KT is 41.7% pure gold or 417 and 18KT is 75% or 750. These are the 3 most common stamps in the US.

5. When a business sells his gold to a refiner, they get paid a percentage of the true value. Many refiners charge a fee between 2-4% just to melt the gold. Also, anytime you melt a solid into liquid form there is always some loss of material to complete the process. Therefore, a business can expect to lose at least 5% in profits just to refine the gold. Also, the business has to account for gold fluctuations. They have to leave a cushion just in case gold values decline.

Hope this quick guide helped your decision on selling your gold jewelry a little easier. If you have any questions or would like to make an appointment for a FREE gold evaluation then please call 407-730-9889 or Click Contact us and Fill out the Appointment form. 



All goods delivered to a pawnbroker in a pawn or purchase transaction must be securely stored and maintained in an unaltered condition within the jurisdiction of the appropriate law enforcement official for a period of 30 calendar days after the transaction. Those goods delivered to a pawnbroker in a purchase transaction may not be sold or otherwise disposed of before the expiration of such period. The pledged goods may be redeemed only by the pledgor or the pledgor’s attorney in fact.

Pledged goods not redeemed by the pledgor on or before the maturity date of a pawn must be held by the pawnbroker for at least 30 days following such date or until the next business day, if the 30th day is not a business day. Pledged goods not redeemed within the 30-day period following the maturity date of a pawn are automatically forfeited to the pawnbroker; absolute right, title, and interest in and to the goods shall vest in and shall be deemed conveyed to the pawnbroker by operation of law; and no further notice is necessary. A pledgor has no obligation to redeem pledged goods or make any payment on a pawn.

In a pawn transaction, a pawnbroker may contract for and receive a pawn service charge. The pawnbroker may charge any amount of pawn service charge, so long as the total amount, inclusive of the interest component, does not exceed 25 percent of the amount financed for each 30-day period in a pawn transaction, except that the pawnbroker is entitled to receive a minimum pawn service charge of $5 for each such 30-day period.

The default date of any pawn may be extended to a subsequent date by mutual agreement, between the pledgor and the pawnbroker except the pawnbroker may not impose a minimum duration of more than 30 days, evidenced by a written memorandum, a copy of which must be supplied to the pledgor, which must clearly specify the new default date, and the pawn service charges owed on the new default date. There is no limit on the number of extensions that the parties may agree to.

Only a pledgor or a pledgor’s authorized representative is entitled to redeem the pledged goods described in the pawnbroker transaction form; however, if the pawnbroker determines that the person is not the original pledgor, or the pledgor’s authorized representative, the pawnbroker is not required to allow the redemption of the pledged goods by such person. The person redeeming the pledged goods must sign the pledgor’s copy of the pawnbroker transaction form, which the pawnbroker may retain as evidence of the person’s receipt of the pledged goods. If the person redeeming the pledged goods is the pledgor’s authorized representative, that person must present notarized authorization from the original pledgor and show identification to the pawnbroker and the pawnbroker shall record that person’s name and address on the pawnbroker transaction form retained by the pawnshop.



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