Frequently Asked Questions
We want you to be comfortable and be able to deal with confidence at Top Cash Pawn. We have tried to address the most common questions people have below, but you should always ask us any question you might have about pawn loans, merchandise, or any aspect of our business.
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. The rates on Pawn loans are much lower than those of a Payday Advance Loan in Texas. Subject to individual state laws, a typical pawn loan may have a term length of 30 days/one month, plus a 60-day/two month grace period.
Keep in mind NOT ALL PAWN LOANS ARE THE SAME. Top Cash Pawn is one of the few lenders in Texas to allow the customer to wait a full 90 days before losing their item. Most Pawn shops give you a total of 60 days to either redeem or extend your loan. If you cannot pay back your loan in full, including any applicable charges, we also 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, Computers, Firearms, electronics, musical instruments, tools, and more. Just bring us your item or items, along with a valid photo ID and we'll do the rest. We promise to treat you the respect you deserve and the privacy you need.
What Is An Extension?
If you are unable to pay back your loan in full on its due date, you may choose to get an extension on your loan. With an extension, you will be required to pay a portion of the interest owed then you may extend the length of your loan for as many days as allowed by state law. You may extend any loan you have with us for as long as you like and we will continue to hold your item and care for your valuables as if they were our own. Keep in mind we are fully insured for your protection.
What Is A Renewal?
If you are unable to pay back your loan in full on its due date, you may also choose another option to pay your interest called 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. This gives you another 90 days before you need to worry about losing your item.
Will I Lose My Merchandise?
The majority of our customers never lose their merchandise they choose to 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. If you forget about your loan and we still have it in our possession we will do our best to help you get the item back without any hassle.
If I Do Not Repay My Loan, Will My Credit Be Affected?
No your credit is never affected by a loan with us. If you can't repay or do not wish to repay your loan, it will be forfeited after the term. If you do forfeit your loan with us we will simply place your item out for sale and nothing is ever reported to a credit agency. In fact you may continue to bring in new merchandise for additional loans anytime you need it.
How Do You Determine The Value of An Item?
We base pawn loan amounts on the value of your item. Our expert employees have decades of experience in appraising the value, based on its current condition and market value. 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 items for example, jewelry is evaluated differently than a DVD player. We use many tools to help determine the value or your items and get you what you need. We work hard to ensure that our loan values are in line with the general marketplace for pre-owned merchandise.
What About The Value For Gold And Jewelry?
Our brokers have access to the latest prices paid on precious metals and Diamonds so we can get you the highest value on your item at any given moment. When jewelry is the collateral we test the precious metals and diamonds to determine their value. 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.
Are My items safe while they are 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. In many cases your item is safer with us than in your own home. Top Cash Pawn has a state of the art security system that is locally monitored 24 hours a day. Only Top Cash Pawn has Time-Lock safes to ensure the highest security possible. 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. All Top Cash Loan Centers are fully insured for full replacement value of the collateral we keep. If you item is ever lost or damaged you can feel confident that the item will be replaced with a like item.
Are Pawn Shops Regulated?
Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. In Texas Pawn Shops are regulated by the Office Of Consumer Credit Commissioner. We work closely with state and local officials to ensure everything we do is correct and lawful. 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.
Am I Able To Get A Loan On My Guns?
Yes. We accept firearms as collateral for pawn loans and sell firearms in many of our locations. We are registered as a firearms dealer and must comply with all federal regulations. In addition, Top Cash Pawn adds trigger locks to every firearm as an added safety initiative and furnishes local law enforcement with information on every transaction. Top Cash Pawn only sells handguns to Texas Concealed Handgun Permit holders. By law we may sell a handgun to anyone over 21 and most gun dealers do. But we live in Austin and want to ensure that only people properly checked and trained are sold a handgun in our stores. As a service to our customers we also provide information at each location to help you get the proper training. You may receive information about obtaining a license to carry concealed at.
More information can be found at: http://www.txdps.state.tx.us/administration/crime_records/chl/chlsindex.htm
Are Pawn Shops Full Of Stolen Merchandise?
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 Top Cash Pawn provides local law enforcement agencies with a copy of every loan transaction we do including the description and serial number of the item we have loaned on.
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