Silver Dollar Jewelry & Pawn :: Tulsa, OK :: How do pawns work?
How Pawns Work
A pawn, sometimes known as a hock, is a secured loan that uses something of value as collateral. Items we accept for pawn include jewelry such as rings, necklaces, earrings, and bracelets.
When you bring in your item, we evaluate it using our years of experience to provide you a fair and reasonable loan, very quickly. In fact, most of our customers are on their way within 10 minutes.
The loans are made for 30 days, with interest at a set dollar amount. Loans are made with a 30 days grace period, and the interest during this second 30 days is prorated. The loan must be paid back in full, plus interest, to pick up your item. If you decide not to return to pick up your goods, we automatically acquire ownership of the items and will soon after put them for sale.
For instance, let's say you are accepting a loan of $100 on your items. If you wanted to pick up your items anytime within the first 30 days, you would pay $120. If you picked it up at day 45, it would be $130, and at day 60, it would be $140.
During the time we are holding your items, they are secured in an insured storage area inside the store or at another location. Neither our staff nor any customers are allowed to use or handle them.
Our confidential secured loans can be made up to $25,000, and the interest rates on pawn loans are set by the Oklahoma Department of Consumer Credit.