Here are the answers to the most frequently asked questions.

Q: How do pawn shops work?

A: Pawnbrokers extend loans based on the value of an item that is pledged for collateral. Since the customer’s loan is calculated from the pledged item, customers do not require a credit check. A typical pawn at Bill’s Pawn and Jewelry works like this: A customer brings an item as a pledge. We determine the amount to lend based on the value of the item. A loan is offered and the customer accepts the loan. The loan period is for 30 days with a 30 day grace period. Customers redeem their items by repaying the loan plus interest. Loans can be extended by paying interest only. If the loan is not redeemed or extended, following a 30-day grace period, the items securing the loan are forfeited to the pawnbroker. The pawnbroker is then free to resell the item. This is how many of the goods in our store are acquired for sale. Since the loan was collateralized, defaults are not reported to credit agencies and there are no consequences for not repaying a loan.

Q: What is a buy?

A: A pawnbroker can also purchase an item outright from a customer. This provides a hassle free method of getting cash without worrying about time constraints or interest. If a customer wishes to sell an item an offer is made based on the value of the item. If the offer is accepted, cash is paid and the transaction is complete. All transactions are review by the local police department and after 21 day the items can be sold to the public in our retail store.

Q: How long do I have to take out a pawned loan?

A: At Bill’s pawn and Jewelry, we allow our customers 30 days plus a 30-day grace period to repay the loan before the item is forfeited. After the item is forfeited it is available for sale on our retail sales floor.

Q: Can I get more time to pay my loan?

A: Loans can be extended by paying interest during the loan period or grace period.