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Pawn Shop

A Pawn shop is a business that accepts collateral in exchange for a short term cash loan. These short term cash loans can vary from State to State. Pawn shops charge monthly interest at a percentage and usually a loan origination fee. The percent of interest your charged will vary depending on what state you’re in when you need a loan. A pawn shop is a very helpful resource for people who are strapped for cash and have no way of borrowing from a credit card or wish not to take a loan from a relative. Pawn shops will take any item of value such as TV, computer, jewelry and many other things with a value. So here is an example of a typical loan process using the state of Nevada’s guidelines and policies for Pawn Shops.

Let’s say you brought in a 14kt gold bracelet with diamonds. You paid $3000 retail for it 10 years ago but it only has an intrinsic value of $800 meaning that if it was scrapped for metal the Pawn Shop owner could melt the gold and sell the diamonds whole sale and get $800. So the Pawn Shop owner could safely offer a Loan of $700 with 13% interest and a $5 loan origination fee at 90 days. During the 90 days you have the option to redeem or renew the item with the Pawn Shop. If your money situation is still tight after the 90 days and you need a another month or so you can opt to renew the item with the Pawn Shop for another 90 days which essentially means you would pay the 90 days of interest thus far and loan origination fee of $5.

After renewing the item the loan basically starts over and the interest goes back to day one with the loan originating fee being assessed again for $5. The last and final step of the Pawn shop process is redemption or default. Redemption is exactly how it sounds. You would bring in your ticket, pay back the original loan amount and the interest accrued thus far along with the $5 loan fee. If you still cant come up with the money borrowed at the end of the 90 days and cant afford to renew you would then default on your loan and the Pawn Shop owner would then sell or scrap your item to get back his money.

A Pawn Shop would much rather have you continue to pick up your item and re-loan on it then for you to default. If you default on your loan its not the end of the world but Pawn shop owners to have a system to keep track of your loan history and will adversely affect future loans if your defaulting more then your picking up.

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East Flamingo

Monday – Friday: 9:30 am – 4:30 pm
Saturday and Sunday: Closed

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Nevada Coin and Jewelry – has excellent customer service – providing las Vegas with top notch service and expertise – this is my primary coin dealers — others just can’t keep up – they are helpful and friendly – in my opinion they are the best in the south west area — so that’s my review a++++ rating – because I am a good customer – this is the best place to buy and sell gold and silver bullion.

Freddie I.

Grateful for the Nevada Coin and Jewelry shop, I just adore it. I took some collectable figurines in and they bought them. I came out smelling like a rose. You should’ve been there to see the big smile on my face. I ran all the way home to look for some more. Can’t wait to get back! I can sure use the money!

Brenda

Wonderful experience, Nick and Laura made it seamless and stress free. Thank you! They also sell super cool items!!

They took the time to help me sell my item and find an item. The staff does not rush you or pressure you into buying something. They take you on a little adventure by telling you about the items you are selling and looking at…

Miller B.

As a first timer in selling, I was a bit apprehensive. I did not know what to expect and was a little worried about a previous reviewers comments. Yes the office was stark and clinical. The staff however, more than made up for any downfall in the decor. Very helpful, polite and understanding to any ‘silly’ questions that were asked. All in all a pleasant experience, and one that should the opportunity arise I would go through again!

Marie G.

Outstanding experience! This is the best place to change your gold with a great attention. I’m completely impressive because they have a smooth and fast service, definitely nice people!

Pablo V.

Great family run store. I’m well taken care of every time I show up at this location. Thank you Nick.

A great selection of coins and other numismatic related material. Very professional.

A.J. and Robert are so friendly and make it so you have the best deal with the items you bring them. They have so much knowledge about all the items they have in their shop and they like to teach others about what they know…

B.C.

We were really pleased with the help that AJ gave us concering our gold coins and watches. I don’t think we could have received a better deal anywhere. All of the personnel at Nevada Coin & Jewelry were very professional. We will recommend them to our friends.

Dean & Judy

Staff was friendly, knowledgeable, and responsive. Building had great security to helped me feel safe in handling my items.

This dealer was beyond excellent in all respects! No low-ball games, no fooling around. These people are honest, and the transaction was handled smoothly with complete transparency. I will definitely recommend Nevada Coin & Jewelry to everybody I know!

Richard C.