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Traders Loan & Jewelry

What Happens if I Do Not Return to Reclaim my Pawned Item?

December 15, 2019 by Traders Loan and Jewelry

What Happens if I Do Not Return to Reclaim my Pawned Item?
With a lot of pawn shops out there giving honest, hardworking pawnbrokers, like ours at Traders Loan and Jewelry, a bad reputation, it can be confusing to see exactly how working with pawnbrokers is an overall better way to obtain financing than simply visiting your nearest reputable bank. However, the answer really all boils down to the fact that working with pawnbrokers is significantly faster and almost entirely risk-free. Here’s how it works:

Understanding Collateral-Based Lending

When you apply for financing through a bank, you have to prove yourself a worthy investment. You have to submit to credit checks, financial assessments, and other meticulous analyses to convince the bank or lending institution you’re trying to borrow from that you are responsible and will pay the money you owe back within the agreed upon length of time. However, with pawnbrokers, the entire transaction is much more relaxed. Instead of needing to prove yourself, all you need is collateral. Once our pawnbrokers have something of value from you, what you do from there is up to you. You can decide to pay off your loan, plus interest, so that you can return and reclaim your item as quickly as possible. You can wait, pay off just the interest, and talk to our pawnbrokers about renewing your loans and keeping your account open so you can continue making payments over a longer period of time. Or you can simply choose to ignore the loan, not pay it off at all, and forfeit your collateral.

The Consequences of Not Paying Off Your Debts/Reclaiming Your Pawned Item

One of the reasons pawning is considered one of the best ways to get your hands on cash you don’t have fast is that if things don’t work out, there are no penalties or consequences of any kind to really contend with – other than forfeiting ownership of your pawned item, of course. Although, even then you can always return to purchase the item again once it becomes available. In some rare cases, a pawn agreement may even be able to be reactivated if the circumstances are right. However, your credit score will never take a hit. Your debts will never go to collections. You’ll never be sued or have your wages garnished to cover late payments. If you decide you don’t want to pay off what you owe and you’d rather just keep the money, that’s perfectly fine. Your pawned item will simply be put but on the shelf for resale at a slightly higher price for your or whoever else that might want it.

All in all, the best way to get the clearest picture of what your specific situation will look like is to come meet with our pawnbrokers at Traders Loan and Jewelry yourself and discuss your particular financing options in person. We can determine precise values of whatever items you hope to pawn, and answer any other specific questions you might have regarding the terms and concerns of your loan. To get your pawning adventure started, come visit us at Traders Loan & Jewelry today at 18505 Sherman Way Reseda, CA 91335, call 818.345.8696 , or simply fill out the form on our contact page if you have any questions.

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Traders Loan & Jewelry

Traders Loan & Jewelry is the oldest pawn shop in the San Fernando Valley, serving clients for over 65 years with honesty, professionalism, and a friendly attitude. Traders Loan & Jewelry grants loans against collateral, offers onsite appraisals, sells new and pre-owned merchandise, designs and creates custom jewelry, and repairs watches and jewelry. We are a non-recourse lender, and do not report to credit bureaus due to loan defaults. We're known as the peoples bank because loans are based on the item and not the person. Unlike secondhand dealers, Traders Loan & Jewelry allows customers to borrow money against the value of an item, and at Traders Loan & Jewelry, 95% of customers redeem their items.
Traders Loan & Jewelry
Traders Loan & JewelryThursday, December 31st, 2020 at 8:23pm
To our clients, colleagues, and friends:

Have a Happy New Year!

Wishing you a wonderful 2021 from us to you!
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Traders Loan & JewelryWednesday, December 30th, 2020 at 6:23pm
Chanel Boy Flap Crossbody Bag Quilted Lambskin Old Medium

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Traders Loan & Jewelry
Chanel Boy Flap Crossbody Bag Quilted Lambskin Old Medium | eBay
This chic shoulder bag is crafted of diamond quilted lambskin leather with a linear quilted border in black. The bag features a ruthenium chain-link shoulder strap with a leather shoulder pad and a matching Chanel boy CC push lock.
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Traders Loan & JewelryTuesday, December 29th, 2020 at 6:23pm
Cartier Pasha 18K Yellow Gold Chronograph 38mm Watch 0960-1

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Traders Loan & Jewelry
Cartier Pasha 18K Yellow Gold Chronograph 38mm Watch 0960-1 | eBay
The scratch resistant sapphire glass protects the cream dial bearing stud hour markers, a date window and three noticeable sub-dials. A solid case back and a push button clasp make the watch ready to be yours.
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  • Address: 18505 Sherman
    Way Reseda, CA 91335
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  • Tel: +818-345-8696
  • Twitter: @traderslj
Traders Loan and Jewelry makes loans on your items at an introductory rate of 2% for the first month on selected items.  You have up to 4 months to pay back the loan, and are then welcome to come in and renew your loan for another 4 months.  A typical loan of $300 for your item would incur a 33.31% APR for a total of $333.13 due at the end of the 4th month to reclaim your item.  Loan renewals after that 4 month period would incur similar costs.
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