FAQ’s About Uncle Ben’s Pawn Shop and General Pawn Questions
Uncle Ben’s Pawn Shop FAQ’s
Question: What are your shop hours?
Answer: We are open Monday through Friday from 9:00 am until 5:15 pm. We are open MostSaturdays from 9:00 am until 3:00 pm, Although occasionally we do close on Saturday. Please call prior to coming down for Saturday hours. Closed most major holidays.
Question: How much does the loan cost?
Answer: the Ohio Department of Commerce, and Division of Financial Institutions regulate all rates and fees charged by pawn shops.
Question: What are the loan rates?
Answer: All rates and fees are strictly regulated by the Ohio Department of Commerce, Division of Financial Institutions. The rates for a pawn loan are 6% per month or any part of a month plus a $6 storage fee per month.
Question: Can I pawn more than one item?
Answer: There is no limit to the items or transactions you can have at one time.
Question: Is Uncle Ben’s state licensed?
Answer: Pawn shops in the State of Ohio are strictly regulated by State, City, County, and Federal regulatory agencies. Pawn Brokers have state, regional and national industry associations which work diligently toward self-policing the industry. In the case of public companies, the Federal Securities and Exchange Commission can be added to all of the other agencies that oversee the industry.
Question: Can I get prices over the phone?
Answer: Due to many variations and condition of items, specific prices can only be obtained in person, however we encourage you to contact us. Frequently we are able to offer a “ballpark” price on your item.
General Pawn FAQ’s
History of Pawn
Pawn lending is not a new business. In fact, some reports trace pawn loans back at least 3,000 years to ancient China, as well as Greek and Roman civilizations. Pawning has long been a source of capital for people, as well as a way to finance business ventures. According to the National Pawnbrokers Association, even Queen Isabella of Spain pawned her royal jewels to finance Christopher Columbus’s voyage to the New World. Pawnbrokers loan money to people based on the value of the item(s) they pledge as collateral. Historians differ on the origin of the pawn symbol of three gold balls. Some contend that balls represent the rocks that Charles the Great used to slay a giant; others contend the balls represent gold coins or bags of gold. No one knows for sure, and the symbol remains the trademark of the industry.
Question: How does a pawn loan work?
Answer: Pawn is another word for collateral loan. Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are strictly based on the value of the collateral, not your credit rating or pay schedule. In Pennsylvania the loan term is 4 months, plus a grace period. If you cannot pay back your loan in full, including the applicable grace period, we offer renewals to provide you with extra time. You may choose to surrender your collateral as payment. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principle loan amount remains the same as does the interest, and the due date is reset for the full loan term.
Question: Why would someone go to a pawnbroker to get a loan?
Answer: Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check. There are no legal actions or consequences if the loan is not repaid. There is no threat of legal action when a customer defaults on a loan. Pawnbroking imposes a discipline on the borrower that other lenders do not. Pawn loans do not cause people to overextend credit or go into bankruptcy.
Question: Should I pawn or sell?
Answer: The decision whether to pawn or sell is entirely up to you. Your decision should be based upon whether or not you want to retain the item. When items have emotional value, using the item as collateral for a loan makes sense. The option of a collateral loan on your property is an option that isn’t provided by gold buyers and jewelry stores.
Question: Will I lose my merchandise?
Answer: More than 90% of our customers repay their loans and retain their collateral. When the customer chooses not to repay the loan, their loan collateral is forfeited. Safe and secure. While your item is in pawn, you still retain ownership of it. Your item is fully insured and safely stored until you pay off your loan in full and claim your collateral.
Question: How do you determine an item’s value?
Answer:We base the loan amounts on the value of the item, its current condition, and our ability to resell the item. We use a variety of resource tools to determine value and strive to get you the most money we can. We test precious metals and diamonds to determine purity and authenticity.
Question: Are pawnshops regulated?
Answer: Yes, pawnshops are highly regulated.
Question: Are pawnshops stocked with stolen merchandise?
Answer: Pawnshops are actually the worst place to try and turn stolen items into cash. Pawnshops are highly regulated and work closely with local and federal law enforcement officials.
Question: What happens to the jewelry people don’t redeem?
Answer: Contrary to popular belief, more than 80% of our customers come back and redeem their items. The 20% who don’t come back supplies us with one of the best selections of jewelry for sale in Cleveland, Ohio. More importantly, because our costs are so much lower than our competitors, you can find bargains on diamond rings, watches, bracelets, earrings, gold chains and more at less than half the prices charged by conventional retail jewelry stores.