A person bringing jewelry to a Silver Pawn Shop for the first time probably has several questions about the process. There are some important things to understand about getting a loan from a pawn shop such as Palisade Jewelers and about selling items outright. Visit the website Website Url to learn more about this store that buys and sells jewelry, and also loans money using jewelry as collateral.
A Silver Pawn Shop generally provides cash for a certain percentage of the market value of the jewelry. The representative checks the market value per ounce, weighs the silver and then makes an offer to the customer. If the jewelry contains precious stones, those may be considered in the value as well. A diamond of noteworthy size, for instance, typically will increase the value because the pawnbroker can probably sell the item as jewelry at the store. That’s in contrast to selling it for silver by weight.
When someone sells silver to a pawn shop, the transaction is finished then and there. Borrowing money against silver as collateral is a bit more involved. The customer must return within a certain time frame to at least pay the interest on the loan, or the possession is forfeited. Some pawnbrokers send a notice by mail when the item’s interest pay date is coming due, as a courtesy to people who might forget. Usually, a borrower can extend the loan as many times as needed until he or she can pay back the principal plus interest. If this person decides to forfeit the item, that’s okay with the pawn shop. They’ll still be glad to do business with this customer in the future.
When an object is being used for collateral, the shop stores it securely in a safe or locked in a stock room. As long as the loan is in effect and the borrower pays the interest when it comes due, it is illegal for a pawn shop to sell any of those items. The borrower and lender have entered into a signed contract prohibiting this. This is reassuring for anyone who has felt compelled to get a loan on something with sentimental value and plans to pick it up soon. You can also connect them on Facebook for more updates.
