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A Pawn Loan is a loan that is secured by collateral held by the Pawn Broker. Different Pawn shops loan on different items.
Santa Cruz Pawn loans on:
Jewelry
Watches
Coins
Small antiques
Scrap gold, silver, platinum
Unusual items
All customers provide collateral, eliminating the need to distinguish high-risk from low-risk borrowers.
Typically, loans are small, averaging between $50 and $200, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral.
The process is much the same as any other lending institution, with the primary difference being the size of the loan, no credit check, and the collateral being held by the pawnbroker until the loan has been repaid.
Pawn Loans are written for four months. At the end of that period the customer is required to repay the loan in full plus the interest due and the collateral is returned. If the customer cannot pay the loan in full, the option of paying only the interest due and rewriting the loan for another four months is available. If the customer does not repay the loan in full plus the interest due or rewrite the loan by the due date plus a 10 day grace period, the collateral is forfeited to the pawn broker.
All interest rates and terms of a loan are governed by the State of California and cannot be changed or modified by the Pawn Broker. A state licensed Pawn Broker is the only one who can legally write a Pawn Loan.
Tom L. Macchiarella,
owner of Santa Cruz Pawn
is a California State licensed
& bonded Pawnbroker # 4402-0996
