How a pawn loan works
Many people are skeptical of pawn shops and the type of financing they offer. Pawn shops offer what is called a pawn loan. Pawn loans are a great way for people to borrow money on their merchandise and receive cash fast. Unlike payday lenders or title loan companies, pawn shops do not require a credit check and the only thing you have to lose when doing a pawn loan is the item you put up for collateral. If you do not wish to pay back the loan the only thing that will happen is the property you left at Pelican Pawn will be sold at market value. There will be no personal or credit repercussions and of course no hard feelings! A pawn loan requires a customer to bring in any item of value to put up as collateral for the money they wish to borrow. That item will be assessed by our team of professional pawnbrokers to get todays market value of the item. An amount will be offered to the customer and they have the option to accept or pass on the offer. Typically Pelican Pawn will offer you anywhere from 25% to 60% of todays market value depending on the current demand for the customers item. High-demand items typically include jewelry, firearms, electronic, tools and musical instruments. Pelican Pawn is in constant contact with local law enforcement in order to refrain from dealing in stolen goods. All items we take in are reported to local law enforcement daily and we discourage the sale or pawn of stolen goods to Pelican Pawn. All pawn loans at Pelican Pawn last for 90 days and may be extended at the customers choice at the maturity date. Pelican Pawn is licensed, bonded and insured in order to give our customers the peace of mind needed while we store pawned merchandise. Pelican Pawn is here for the community we serve and we understand that it is hard to receive the cash you need when you need it. We want our customers to feel comfortable with leaving their items with us and that they are getting the best deal possible. Visit any of our stores to check us out!