Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. A typical pawn loan may have a term length of up to 90 days/three months, plus a 30-day/one month grace period. If you cannot pay back your loan in full, including any applicable grace period, we offer extensions/renewals to give you extra time. You may also choose to surrender your collateral as payment in full. We loan on a variety of items, including gold and diamond jewelry, electronics, musical instruments, tools, and more. Simply bring us an item of value, along with a valid photo ID and we’ll get you money in minutes after your loan is approved.

If you are unable to pay back your loan in full on its due date, you may get a renewal. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.

The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited. We will also purchase items of value if you do not want to get a pawn loan.

We base pawn loan amounts on the value of your item-its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can. The appraisal process varies depending on the type of item-for example, jewelry is evaluated differently than a DVD player. We have an internal pricing and research department that reviews thousands of items to ensure that our loan values are in line with the general marketplace for pre-owned merchandise. They provide us with the item’s retail value when it was new, its pre-owned market value, and how to determine its condition.

The condition of an item is always taken into account during the appraisal process. If one 32-inch television comes in that is in perfect condition and one 32-inch television comes in with a crack in the case, we will loan more on the TV that’s in better condition. When it’s general merchandise you want to pawn, we test each item to ensure it is in good working condition. This includes, but is not limited to, a visual inspection, plugging an item in and turning it on, and noting if any necessary accessories (such as remote controls) and manuals are included. The better the condition of your item, the more money we can loan you. This is true for any collateral.

When jewelry is the collateral we test the precious metals and diamonds to determine its worth. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each-you may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.

Getting paid for you unwanted or broken gold has never been as easy, convenient, and profitable as it is with Pawtucket Pawn! You don’t have to send your gold through the mail, there’s no check to wait for, and there is absolutely no question about how we determine the value of your gold! We handle every transaction right there in front of you and explain along the way! Our process is quick, and rather simple…WE TEST, WE WEIGH, WE PAY, and you receive money on the spot! It’s that simple!

GOLD IS GOLD! Pawtucket Pawn will pay instant cash for absolutely ANY type of gold you may have! We have over 20 years of experience in the gold buying industry, paying the highest prices for any old, unwanted, broken, tangled, mismatched, or scrap gold you may have! If you have gold, you have cash! Its as simple as that! If your not sure if something is gold, bring it to us anyway, you have nothing to lose!

The value of gold is determined on 3 main factors; The current market value of gold: The gold market fluctuates up and down on a daily basis. To get a better idea of what your gold is worth you can easily check what the price of gold is on that specific day. The total weight of the gold: The value of your gold is strictly based upon its melt value. This is determined by figuring the total weight of your gold (usually in Grams or Pennyweight). The purity of the Gold: The value of gold heavily depends on the purity or “karat.” Pure gold is 24k (or 100% pure) and it is very rare for jewelry to be 24k. In the United States most gold is either 10k (41.7% pure), 14k (58.5% pure), or 18k (75.0% pure) The higher the karat, the more valuable the gold is!

While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. When you give us an item for pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in a secure area. Your item is safely stored here until you come back to pay your loan in full and claim your merchandise. Pawtucket Pawn is fully insured for the loan value of the collateral we keep.

Yes. Pawtucket Pawn is fully licensed and regulated by the state of Rhode Island and local authorities as well. We are subject to such laws as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer, as well as Federal Firearms Licenses for shops that deal with firearms. At the federal level, we are regulated by the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.

No. Less than 1 percent of items are identified as stolen goods. Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property. In addition, Pawtucket Pawn utilizes an Internet-based crime-fighting tool called Leadsonline.com in which every pawn transaction is shared with police departments nationwide on a daily basis.