A Pawn loan is a safe, secure way to borrow money. Furthermore, it requires no credit checks and allows the customer to leave with money right away. The person borrowing the money usually will bring in something of value, like some piece of jewelry, watch or anything they believe is valuable and borrows money against its assessed value. Generally, the more valuable an item, like gold or diamonds, the more money you can borrow.
Your loan from Heritage Jewelry and Loan is only 10% per month on values of $1,420.00 or below. We supply loans up to $17,750.00 on a single item for interest as low as 1% per month in certain cases. This way of borrowing money is one of the easiest and oldest ways for a person to solve their short term financial needs.
All pawn loans are a contract between you, the individual, and the pawn shop. You will leave with a piece of paper that totally describes the item being pledged, the terms of the loan, and the timeframe in which you have to repay the money. This is the proof that the transaction took place and is the most important part of the entire transaction. In the State of Texas, the term is a 30 day loan with a 30 day extended period for a total of 60 days before the money has to be paid back. The interest rate is regulated by the State of Texas and a pawn shop can choose to charge less but never more than the State allows. These interest rates are broken down by dollar values.
Interest charges are tallied up per day, so you only pay for what you use. So if you borrow money for 18 days, you only pay for 18 days worth of interest. Now what happens if you get to the 60th day and don’t have enough money to completely repay your loan? Then you are allowed to pay just the interest that is owed and extend your time, this is called an “extension” in the pawn world. You can do this as many times as you like for as long as you like. Lastly, like any traditional loan, you are allowed to pay down your loan. So for example, if you borrowed $100.00 and owed $10.00 in interest and you didn’t have $110.00 but only $60.00. Then you could pay that to the pawnbroker and $10.00 would go to repay the interest and the additional $50.00 will go to the original loan. You will then leave with a new balance of $50.00 and a lesser interest charge. It is up to the customer to decide which option is best for them and their budget. Your only requirement is to make some sort of interest payment on the loan by the 60th day.
With a troubled history and a somewhat questionable representation on TV, it’s easy to see why most people overlook or cast a discriminating eye on this traditional form of borrowing. However, this just is not the case anymore. All pawnshops operating in Texas are required to be licensed and are governed by the Office of Consumer Credit Commissioner to ensure complete adherence to all local, state and federal laws. No business may act as, or call themselves, a pawn shop without being licensed. This means that the owners of the shop have passed a criminal investigation, proven financial stability, and have insurance. This also means that the pawn shop undergoes yearly examinations and is using computer systems that currently comply with the rules. If you don’t see their licenses, then you have no protection against fraud.
Because of this oversight, much of the perceived funny business and unethical behaviors that allegedly plague the industry are never going to be an issue. Heritage Jewelry and Loan is no exception and is fully licensed and insured pawn shop.
We are accepting anything of value like jewelry, or a diamond, gold jewelry, watches, designer jewelry, guitar, musical equipment or electronics, antiques, art, or even broken jewelry. Our extensively trained pawnbrokers will give the item a loan value and share the with you. This value is what we will be lending you or let you borrow based on the inspection. If you decide to borrow the money, your valuables will be locked up in a secure environment. When you are ready to come pick it back up, your item will be returned in the same condition as you left it in.
So stop by our Sugar Land Texas location or call and speak to one of our associates about how Heritage Jewelry and Loan can help with your financial needs. We ethusaticly have been serving customers from Missouri City, Rosenberg, Sugar Land, Stafford, Richmond, and Houston since 2005. Please take the time to stop by and experience what we have to offer.
There are a lot of things that set us apart from our competition and make us the right choice. Our most important distinction is our ability to accurately and quickly value your items using our extensive understanding of the markets and our use of technology. We are also the only pawn shop that is using that same technology to empower our customers. We are utilizing a state of the art app that allows our customers to see every transaction that has ever been done as well as all of their current accounts. Payments and communications are done seamlessly through your smartphone in a state of the art encrypted platform. This is an opt in free of charge feature for our clients to ensure that they have the most control over their accounts.