How do Pawns Work?

 

If you haven't been to Jerry's Pawn and Gun, you may be missing out on some great bargains. A pawnshop is a lot like a dozen garage sales and a flea market all rolled into one. Pawnshops also play an important role in many communities by providing people with an fast, easy way to borrow small or large amounts of money.

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There are three things that happen in any pawnshop hundreds of times every day:

• People borrow money by putting up something they own as collateral.

• People sell used merchandise.

• People buy new and used merchandise

 

Pawnshops and pawnbroking have been around for thousands of years. The basic idea behind any pawnshop is to loan people money. It goes like this:

• You bring in something you own and give it to the pawnbroker as collateral for a loan (this act is called pawning).

• The pawnbroker loans you money against that collateral.

• When you repay the loan plus the interest, you get your collateral back.

• If you don't repay the loan, the pawnbroker keeps the collateral.

 

All loans are 100% confidential. ONLY the person pawning, can pick up an item, and you MUST own the item you are pawning.

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Pawns accrue interest every 30 days, and if payments are not made, they can default at 60 days.

 

When pawning a firearm, you must pass a background check to pick up your firearm (per FDLE). Make sure you are legally allowed to own a gun BEFORE pawning.

 

Common items we take on pawn are firearms, jewelry, including gold, silver, platinum and diamonds, knives, tools and lawn care equipment.

 

If you're unsure about an item, give us a call 352-622-3780.

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**As a store policy we do NOT give quotes over the phone, we must see the item in person to complete our evaluation.