What is the most important information you can give us?
We operate using need based lending criteria. This means our goal is to loan you the amount which you need to borrow. Consequently this is the best information you can give you loan associate. We realize this is just a loan and although the loan must be secured with merchandise, it is very important to us to help you solve your financial needs. Our loan associates are directed to inform you if you are over secured in the event you might need to borrow more money.
How do you determine the value of the item?
When you bring in an item to secure a loan we have a number of ways we evaluate the merchandise. Our crew has over 75 years combined experience so they have large amounts of knowledge in many areas. We may also use current selling price, like items in the store, reference books, and the internet to help us determine value. This process generally takes less than 5 minutes but it is very important because it allows us to offer you top dollar!
How does a pawn loan work?
A pawn is a loan given in exchange for collateral. We lend money on items of value. These items range from gold and diamond jewelry, firearms, musical instruments, televisions, electronics, tools, art, collectables, and more. Our loans are based on the value of the collateral. When you pay back the loan, the merchandise is returned to you. If you chose not to pay your loan, the collateral is accepted as payment in full. Our loans are for one month and sixty days. Any payments made will extend the last day of grace of your pawn loan.
Why would someone go to a pawnbroker to get a loan?
Pawn loans are fast and easy. There is no credit check or minimum dollar amount that you have to borrow. All you need is an item of value and a state approved ID.
How can I be sure the merchandise I purchase at a pawn shop isn’t stolen?
Less than half of one percent of all pawned collateral is identified as stolen. That’s because customers must provide positive identification and a complete description of the merchandise. Every transaction is reported to law enforcement through LeadsOnline, which greatly deters a thief from bringing stolen goods here.
Are pawnshops regulated?
Yes, we are governed by all of the federal laws that apply to financial institutions. The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as well as Data Privacy and Safeguard of Consumer Information as part of the Federal Trade Commission (FTC) Rules. We deal in firearms and are regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). The Office of Consumer Credit Commission of Texas regulates the pawn industry and weare regulated by local authorities as well.
How do I read my pawn ticket?
There are many valuable pieces of information on a pawn ticket that can help you understand the loan process better. Ticket Number: The ticket number is the number in the top right hand corner of the ticket printed in red.
If you have a question about a loan and call the store we will identify your loan by this number.
Item Description: This can be found in the large rectangle on the left hand side of the page. This is the description of your collateral.If you have multiple loans this many be helpful in determining which loan is tied to what collateral.
Amount Financed: This is the original amount of you loan.
Date Due: This date is one month after the pawn loan is written.
Last Day of Grace: This date is the last possible day to pay on your loan. If you do not make a payment by that date your item is subject to be placed out for sale. You can call us if you are unable to make a payment by that day to discuss possible payment options.
Finance Charge: This is the monthly interest amount. This interest will be charged monthly. If you pay off early you may be entitled to a refund of part of the finance charge if it exceeds $15.
Total of Payments: This tells you the amount due at the end of the date due.
Annual Percentage Rate: This is cost of your credit as a yearly rate. It will vary based on the amount financed.
What is the difference in a loan and a purchase?
If you chose to get a loan you want to reclaim your merchandise. You will have one month and 60 days to redeem your merchandise or make payments. A sell is terminal transaction and the item will be sold immediately.
What is the difference between an extension and renewal?
A loan extension occurs when you pay a portion of the interest on a loan. This extends the loan for however many days you paid the interest. Most often customers chose to pay the interest monthly to extend the loan one month at a time. A loan renewal occurs when you pay the interest in full and a new ticket is issued starting fresh. Both an extension and a renewal are options for ensuring your collateral is not placed out for sale.
What forms of payment are received?
If you are paying on a loan, you must pay with cash. This is so we can ensure we have cash to make new loans. If you are paying on a layaway or purchasing an item from the store you can pay with cash, check, or Visa/Mastercard.
Will I lose my merchandise?
Communication is the key. We do not sell the merchandise of customers who are communicating with us. On average, close to 80% of merchandise is picked up by the customer. If you fail to make payments on your loan the collateral will become merchandise of the store and may be placed out for sale.
If I do not repay my loan, will my credit be affected?
No! That is another great thing about a pawn shop. If you do not repay your loan there are no credit dings. You lose your collateral and that is the only repercussion. You are welcome to come back and get another should you choose. You are under no obligation to pay on a loan.
I already have one loan with McKinney Jewelry and Loan, can I have another?
Yes! There is no limit to the number of loans any one person can have. Many of our customers have multiple loans.
How long does it take to get a loan?
The loan process is fast and easy. It typically takes less than 10 minutes. We just need to evaluate your merchandise, enter your personal information and the information about the pledged goods into the computer, and press print.
What do I do if I lose my ticket?
If you lose your ticket, you will need to bring a valid ID card when you plan on making a payment or picking up your merchandise. We cannot release your item to you without positive identification. You need to contact the store to let them know in writing your ticket has been lost and they will release the item to you only.
Can someone else pick up my loan?
The only way anyone can pick up a loan other than the pledger is if they have the pawn ticket. You cannot send a friend or family member to pay off your loan without the pawn ticket. If you send them with the ticket they will also have to provide their ID.
What do I need besides an item to pledge to get a loan?
In addition to the item you wish to use to secure your loan you will need to bring a valid government issued ID. If you are pledging an item with accessories (i.e. remote, charger, batteries, etc.) you will want to bring the accessories with you as well.
Do you loan on firearms?
Yes. We loan on handguns, rifles, and shotguns. They must be brought into the store unloaded and gun safety rules are to be followed at all times. In order to redeem your gun you must fill out the paperwork and pass a federal background check.
How do I purchase a firearm?
In order to purchase a firearm you must have a valid Texas driver’s license, be a resident of the state, and pass the federal background check required by law. You must be at least 18 to purchase a long gun and 21 to purchase a handgun.
What can I offer as collateral that will get me the most money?
We loan very strongly on gold, firearms, guitars, and diamonds. Think about items of value that you don’t use every day. Gold chains and rings can be broken. Your hunting rifle out of season is a good option too!
Is my collateral safe when I leave it with you?
Yes! We secure all of the items you leave with us in a location only accessible by employees. In addition, we have state of the art security, and safes at all times. Lastly, we are insured for the full amount of our collateral.