Approved Items for Loans
One of the most frequently asked questions we have is, what items will we loan money on? That answer is quite simple. We will loan money on anything that we would normally buy from a customer, such as gold, broken gold, silver, gold coins, jewelry, diamonds, luxury watches, rare coins, or anything of the like. Things we do not loan money on or buy are: electronics, power tools, or anything you would find in your average pawn shop.
Loans vs Sales
The second question most often asked is, what is the difference between a loan and selling your items outright? The main difference between a loan and a sale is that with a loan, you have the opportunity to redeem your items, whereas with a sale, the item is sold and non-redeemable. The second big difference between a loan and a sale is that with a loan, the cash payout will be smaller than that of a sale.
How does a loan work?
Loans are simple. Bring in your precious metal item(s) of value and use it as collateral for a cash loan. Loan terms are one month with a fifteen (15) day grace period. During that term, you can either a) pay the loan amount and finance charge to redeem your item(s), or b) pay the finance charge and extend the loan for another monthly term. After the one month term , plus the fifteen day grace period, if you have not redeemed your item(s) or paid your finance charge to extend the contract, your item will be forfeited due to default of payment.
Why choose us?
We are not your typical pawn shop!
Firstly, we are a precious metals establishment, that happens to give loans. We are not a pawn shop, that happens to deal with jewelry. While most pawn shops charge anywhere from 9.0% up to 20.0% interest per month on loans, we only charge 3.0% up to 9.0% depending on loan size. Also, most pawn shops want you to default on your loan, whereas we will work with you to ensure that you do not forfeit your items. Secondly, we will give you fair and honest pricing. A majority of pawn shops want to loan you as little as possible on your item of value, whereas we want to work with you to ensure you receive the most money for your item while safe guarding your ability to pay back the loan in full. Lastly, our friendly staff and safe atmosphere provide the best selling environment for the customer.
Rates and Terms
Depending upon the loan amount, monthly interest charges range from 5% per month up to 12% per month. The maximum APR% possible for any qualifying loan from Va Gold Buyers would be 144%. However, this is a worse case scenario as most loans are well below that rate.
Terms and Periods
All loans are based on a one month period, however, there is no set amount of periods you can extend your loan for. Therefore, as long as you make the proper interest payments on your loan, you can keep your item in pawn, indefinitely.
If a loan is taken out on a ring for $100.00, an interest charge of 5% for the month will be applied. At the end of the month, you can either:
- Pay the total loan amount + interest ($105.00) and redeem your item.
- Pay just the interest charge ($5.00), and extend the loan for an additional period (this can be repeated indefinitely).
- You can pay the interest charge ($5.00) + money towards your principle ($100.00), thus lowering the principle. In doing so, this will extend the loan for another period.