How does pawning work?

As a pawnbroker, Northwest Pawn and Gun lends money on items of value, including jewelry, musical instruments, electronics, tools, firearms, and sporting goods. A pawn is also known as a collateral loan based on the item's value. After repaying the loan, your merchandise returns to you; you can also surrender your collateral to fulfill the payment.

Why should I go to a pawn shop for a loan?

Northwest Pawn and Gun provides a quick and convenient means to get cash for various items without a credit check. There are no legal ramifications if the loan isn’t repaid.

How is the value of my item determined?

The valuation is based on the current appraised value, the condition, and how sellable the item is. We aim to give you maximum value by testing items to ensure they function well.

How do I know your merchandise isn't stolen?

Less than 0.1% of pawned items are reported stolen. Customers must present positive ID and item descriptions, which we report to law enforcement.

Are your loan rates excessive?

Loan rates depend on the amount and duration, as well as risk and collateral. Our loans are short-term, with no hidden fees.

What is a personal loan?

Personal loans have smaller lending limits and are not intended for major purchases like homes. They can be either secured or unsecured.

How can I qualify for a loan if I have bad credit?

We take an application, usually over the phone. Applicants need to provide a list of employment and address history for the past 3 years, as well as a breakdown of bills and income. We will pull credit to verify this information.

What will my interest rate be for one of your loans?

Interest rates depend on the size of the loan and job stability. Our APR ranges from 21% to 36%. We do not charge any application fees or impose prepayment penalties.

How long does the loan process take?

Most approvals or denials are communicated within an hour of the initial application. If the process is delayed, we will notify the applicant. The loan closing can take between 10 to 30 minutes.

What are the key elements to an auto loan?

To purchase a vehicle, we typically require a down payment and/or collateral in the form of another paid-off vehicle. Depending on job stability and credit history, these requirements may be waived.

Do you do payday and title loans?

No, we do not offer payday or title loans, but we can assist clients who might normally use these types of lenders, at significantly lower interest rates. Payments are reported to Transunion to help rebuild credit.

Can I apply for a loan if I am between jobs?

No, applicants must have verifiable employment and/or income of at least $1000.

Can I get a loan if I have bad credit?

Yes! Most of our customers have credit issues that prevent them from obtaining bank loans, and we can help them start rebuilding their score.

How does debt consolidation work?

Debt consolidation involves paying off multiple loans and credit card payments by merging them into a single payment to the consolidating lender.

What do I need to know about debt consolidation?

The main advantage is that it simplifies payments into one monthly payment. It's important to avoid accumulating more debt after consolidation.

Do you accept online loans?

Currently, we do not accept online loans; applicants must visit our office.

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