FAQ
1. How does getting a loan from 5 points Jewelry & Loan work?
5 points Jewelry & Loan lends money on items of value ranging from Gold, Diamond Jewelry, High-end Watches Musical Instruments, Movie or Sports Memorabilia and much more call us for more information (link back to our info page). Customers providing collateral eliminates chances of not being approved, credit checks and high interest rates. Typically in this industry loans are small averaging between $70 and $100, Ours averages $1,500-$3,000 although we have issued loans as low as $100 or as high as several thousand dollars depending on the value of the collateral. The process is much more simple then bank loans, no long paper work to fill out no waiting days or months to see if you are approved. Clients collateral and the holding of the merchandise is held until the interest or the loan has been repaid then item(s) are returned.
2. Why would someone go to a pawnshop to get a loan?
Pawnshops offer the consumer a quick, convenient and confidential way to borrow money. A short term cash need can be met with no credit check or legal consequences if the loan is not repaid. A customer receives a percentage of the value that the broker believes the collateral would bring in a when the item would be sold. Although the loan to collateral ratio varies over time and across the board of all pawnshops, a loan of about 50 percent of the resale value of the collateral is typical what we offer. In other words, pawnbrokers feel their loan is "paid in full" at the time the loan is made. When a customer pawns an item, terms of the loan are printed on a pawn ticket that is given to the customer. The ticket states the customers name, address, type of identification provided to the pawnbroker, a description of the item, amount lent, all charges and maturity date.
3. What is the foreclosure procedure?
If a customer defaults, the collateral becomes the property of the pawnshop after the loan is past its due date.
4. Do most pawning customers lose their merchandise?
On average, 85 to 90 percent of all loans are repaid. Repeat customers make up most of our business, similar to any other lending or retail establishment. Pawnbrokers know the vast majority of their customers because they often borrow against the same items over and over again. Pawnbrokers offer non recourse loans, looking only to the item being pledged to recover their investment if the borrower chooses not to repay the loan. It is solely the choice of the customer whether he/she chooses to repay the loan.
5. How can I be sure the merchandise I purchase at a pawnshop isn't stolen?
Less than one fifth of one percent of all collateral is even suspect as having been misappropriated in any manner. Thieves and robbers are a pawnbrokers worst enemy. Pawnbrokers work closely with local law enforcement to catch and prosecute these perpetrators. A customer must provide positive picture identification to show evidence of the transaction. This information is then presented to the police department, therefore decreasing the likelihood that a thief would bring stolen merchandise to a pawnshop. Pawnbrokers are trained to look for signs of stolen property to avoid these costly mistakes. it is not in the interest of the pawnbroker to accept potentially stolen merchandise because the police can seize the merchandise and the pawnshop owner loses the collateral and the loaned money.
6. What is the difference between buying at 5 points Jewelry & Loan verses buying at a retail store?
Mainly price! 5 points Jewelry & Loan can offer you Luxury merchandise that in a retail setting charge full price when 5 points Jewelry & Loan easily discounts ranging from 1/3 to 1/2 off retail prices. 5 points Jewelry & Loan is an excellent place to find great deals on Gold, Diamonds, Gemstone Jewelry and Watches.