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A Cash loan from a pawn shop is known as a “pawn loan” or “collateral loan”. That type of loan is a short-term loan where a borrower provides an item of value (collateral) to a pawnbroker in exchange for cash. Pawn loans provide a quick and relatively straightforward way to obtain funds, albeit with the risk of losing the pawned item if the loan is not repaid. Pawn loans are often used by individuals who need short-term cash and prefer not to involve banks or credit unions.
Bringing in an Item: Bring in an item of value to a Astro Pawn. This item could be jewelry, firearms, electronics, musical instruments or other valuable possessions.
Our knowledgeable pawnbrokers will assess the value of your item based on its condition, market value, and other factors.
Based on the appraisal, Astro Pawn will offer you a loan amount, which is typically a 50-75% of the item value, depending on multiple factors.
Provide valid government issued photo identification and sign a pawn ticket. Once the paperwork is complete, you receive the loan amount in cash.
Astro Pawn offers a one month loan with a 30 day “grace period” to retrieve or extend your item.
You have the option to extend the loan by paying the accrued interest. This option will move the maturity date and “Last day of Grace” up by the number of days of interest paid.
You have the option to renew the loan by paying all of the accrued interest plus any amount wanted to pay down on the principal of the loan.
You have the option to redeem the loan at any time by paying the loan amount plus any accrued interest plus.
If you are unwilling or unable to repay the loan within the agreed-upon period, Astro Pawn has the right to keep the item and sell it to recover the loan amount.
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