Frequently Asked Questions
If you want to come back and retrieve your merchandise, you want to “Pawn” it. In a pawn loan, title (or ownership) doesn’t change hands from customer to business until the loan is foreclosed. Often times, pawn loans are a little bit less than selling your merchandise, as we have to account for depreciation of your item over a longer (5 month) term.
A customer receives a percentage of the value the pawnbroker believes the collateral would bring if sold. Although the loan to collateral ratio varies over time and across pawnshops, a loan of about 50-70 percent of the resale value of the collateral is typical. In other words, pawnbrokers feel their loan is “paid in full” at the time it is made.
A typical pawn loan has a term length of 120 days/four month, plus a 10-day grace period. The AJ’s Advantage gives you 150 days/5 months to pay back your loan! If you cannot pay back your loan in full, including any applicable grace period, we offer extensions/renewals (see below) to give you extra time. You may also choose to surrender your collateral as payment in full.
We base pawn loan amounts on the value of your item — its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can. The appraisal process varies depending on the type of item.
When it’s general merchandise you want to pawn, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories (such as remote controls) and manuals are included. The better the condition of your item, the more money we can loan you. This is true for any collateral.
The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each. Current market values of precious metals will also affect the value.
We can use a state Driver’s License or I.D. card, US Passport, US Military ID, or, for non resident customers, we can use your Matricula Consular card (As long as it is accompanied by proof of residence: Utility Bill, Payroll Check, etc).
Loans must be paid in cash. While we accept credit cards for sales transactions and interest payments on loans, loan redemptions still must be paid with cash. If the time left on the loan is coming to an end, you do have the option to extend your loan even longer by only paying the interest fee.
In most cases, we are able to tell amounts owed on upcoming loans, but not specifics of what item, or items, have been pawned.
A replacement loan has the same terms and time length as the original loan, giving you another 5 months to pay your loan off. Loans can be extended as many times as is necessary for you to redeem your items.
In addition, we are fully insured for the loan value of the collateral we keep.
At the federal level, we are regulated by the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.
In fact, less than 1 percent of items are identified as stolen goods, and most of those are identified and reported to the authorities before being offered to the public in any way. In addition, while being highly regulated (see previous question), we also work very closely with local and federal law enforcement officials. Our staff is trained to be on the lookout for and identify stolen property.
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Pomona:
(909) 622-0334
Chino:
(909) 465 5456
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