Frequently Asked Questions:

How does a pawn loan work?

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. Our loans are 30 day loans. At the end of 30 days you can either pay the full amount to reclaim your item (the amount we loaned you plus fees) or you can pay just the fees and extend the loan another 30 days. You can do that however many times you need. If you decide you no longer want the item you got the loan on that that is fine, too! It won’t affect future loans at all!

We provide pawn loans 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 government issued photo ID and we’ll get you cash in minutes after your loan is approved.


 What is an extension?

If you are unable to pay back your pawn loan in full on its due date, you can get an extension on your pawn loan. With an extension, you will be required to pay the interest and fees and then the loan will be extended 30 days from the due date.

Will I lose my merchandise?

The majority of our customers repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the pawn 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.

How do you determine an item’s worth?

We base pawn loan amounts on the value of your item—its current appraised value, its current condition, what it sells for used 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 strive to offer you the most cash possible for your item.

How do you determine the condition of an item?

The condition of an item is always taken into account during the appraisal process for a pawn loan. We look to see if the item is clean, free of damage and works, as it should. 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. In most cases, if an item came with a remote, we require it to have that remote when doing a loan or buying that item. The better the condition of your item, the more money we can loan you. This is true for any collateral.

How do you determine the value of jewelry?

When jewelry is the collateral for a pawn loan, 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.

How do you determine the price of gold?

The price of gold is based on market values, the price for which is routinely reviewed and updated by our staff. Prices can vary greatly as the loan amount for 24K gold is significantly higher than that of 14K gold.

Can you give a quote on an item over the phone?

Unfortunately, we cannot give quotes over the phone because loan amounts vary greatly depending on the condition of an item.

Do you offer more to buy an item than you do to loan on an item?

Rarely. We would rather see you get your item back so we offer you the same amount we would to buy your item when giving you a loan, insuring that you get the best offer possible regardless of whether you are getting a loan or just selling your merchandise to us.

Is my collateral safe while in pawn?

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 pawn loan in full and claim your merchandise. All of our shops are fully insured for the loan value of the collateral we keep.

Are pawnshops regulated?

Yes. Virginia has regulated the pawn industry for decades, and all pawnbrokers in this area are licensed and regulated by local authorities as well. We are subject to such federal laws such 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.

Can I pawn a gun?

Yes. We accept firearms as collateral for pawn loans and sell firearms in several of our locations. We are registered as a firearms dealer and must comply with all federal regulations. In addition, The Pawnshop adds trigger locks to every firearm as an added safety initiative and furnishes local law enforcement with information on every transaction.

Are pawnshops stocked with stolen merchandise?

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. Also, every individual that pawns or sells an item to us MUST produce a valid government issued photo ID that a digital copy is then made have and sent in nightly to our local police department. In addition, our pawnshops all utilize an Internet-based crime-fighting tool called, in which every pawn transaction is shared with police departments nationwide on a daily basis. If you have had an item stolen, please contact your local police department. By law we CAN NOT share information about ANY of our transactions with the general public.

As said before, ALL LOANS ARE CONFIDENTIAL! However we will gladly share information with any and all law enforcement agencies