Jewelry Loans at Estate Jewelers
Our customers have trusted Estate Jewelers with their jewelry loans since our current location opened it's doors. Jewelry loans are a great way to get cash the same day you need it, without having to sell your jewelry. With clear and up front terms, convenient hours and a staff that cares about you and your jewelry, you can trust Estate Jewelers.
Jewelry Pawn & Loan FAQ
What is a Pawn / Loan?
Pawns and Loan are synonyms in the jewelry industry, two words that mean the same thing; You bring in the item you wish to loan on, we make you an offer based on the value of the piece, and then we will hold your item safely and securely as collateral until your loan has been repaid.
Pawns generally have lower interest rates than many other type of loans, such as credit cards, and offer the benefit of having no impact on your credit score.
Is a Jewelry Pawn / Loan Safe?
Your jewelry is completely safe when it's in loan at Estate Jewelers. Pawn shops are tightly regulated by the state, with strict laws regarding not only the safe keeping of your jewelry, but the safe keeping of your personal information. Your jewelry is carefully inspected when you bring it in, and if you choose to get a loan, your jewelry will be safely sealed and tagged before it leaves your sight and then will be stored in a secure safe until the time you choose to redeem it. Nobody else has access to your jewelry, and nobody else can pick it up. Additionally, we will never release information about you or your pawned item to anyone from the public other than yourself.
What does the Loan Process look like?
• First, stop in any time (no appointment needed) with the item(s) you are interested in loaning on. Be sure to bring a state-issued photo ID!
• Our experts will look over your jewelry, and let you know how much we can loan to you.
• If you choose to accept a loan, we will go over all of the terms of the contract and monthly payments, scan your photo ID, and provide you a copy of your contract and terms.
• Your jewelry will be sealed and tagged and stored in our safe, and you will leave with cash in hand for the agreed amount.
• Your jewelry can stay on our care as long as you need, as long as you continue to pay your monthly interest and storage fees
• When you are ready to pay off your loan, bring in your original contract, photo ID and your remaining loan balance (in cash) and just like that, you'll have your jewelry back in hand!
What are the Contract Terms?
Contract terms are regulated by the State of Ohio, and the contract terms you agree to are fixed will never unexpectedly change. A brief overview of the terms are as follows:
• Currently, you can expect to pay a monthly fee of 6% of the total loan amount, plus a flat $6 in monthly storage. (Special rates for active duty military members and their dependants may apply.)
• Monthly storage and interest charges are calculated from the date the loan begins. These charges do not go towards your principal balance.
• In addition to your monthly storage and interest charges, as long as you are up to date, you may also choose to make payments towards your principal balance at any time. This will lower your future interest payments.
• As long as you continue to make your monthly payments, you can keep your jewelry in loan for as long as you need.
• If your account payments become three months behind, we will notify you by certified mail that your jewelry is at risk for forfeiture. You have an additional 30 days from the date the letter is mailed to get your payments up to date. We will attempt to reach out to you in any way we have on file, but it is ultimately your responsibility to keep your account up to date.
• If your payments become four months behind, your jewelry will be forfeited in order to recoup the costs of the loan. This does not get reported to any agencies and does not effect your credit score, but at that point your jewelry is no longer able to be redeemed and the loan is closed out.