How does a Pawn or Sell transaction work?
When you come into the store, usually the first questions we will ask is if you are planning to pawn or sell you item and how much you are looking for. This helps us determine what advice we should give you moving forward, as well as speed up the process so we aren’t taking up too much of your time. The next thing we will do is look up the item, to find a local retail price. Once we have the pricing information, we will test the item and/or analyze the condition. This helps us determine what percentage of the retail price to pay you. If you agree with the price we offer, we will start to enter yours and your items information into our Pawn System. This includes: two pieces of ID from you; on photo and one non-photo, and the items manufacturer, model number and serial number. Once all the information is done, we will print off either a pawn tag, or a sell tag. We will get you to sign our portion of the tag, give you your half of the tag (that has all of the information on it) give you your money, explain the terms to you and then you’re on your way!
What kind of items can I bring in for a Loan or to Sell?
While there is a list of items we do not accept, pretty much everything can be considered when looking for a loan. The same goes when looking to sell your items, but we usually advise our clients to use private sale when selling as you can normally receive more money privately. We usually do not give specific quotes over the phone, but we call always tell you whether we can look at your item!
How can I be sure the merchandise I purchase at a Pawn Shop is not stolen?
Pawn shops are required by law to record and submit specifics about every item we receive in pawn. This includes but not limited to; manufacturer, model numbers, serial numbers, markings and conditions. Once entering our shop, it is required to remain in the back for 45 days to allow the police department to cross reference all the information with their police reports. This means nearly everything on our floor has been given an appropriate amount of time to be checked for any hits on it.
Are Pawn Shops regulated?
Pawn shops are heavily regulated under both provincial and municipal regulations. We are in constant contact with the Edmonton Police who deal with our store directly and oversee the items that are being processed in our systems daily. We are also required by law to report a specific itemized list to the Edmonton Police of every transaction within that 24-hour period.
How do you determine the value of Jewellery?
When determining the value of jewellery, the first thing we do is determine if the item is Gold or Silver. If the item is Silver, we pay a specific dollar amount per gram. If the item is Gold, we then determine which Karat of Gold (10K, 14K, 18K…) and pay a specific dollar amount per gram based on the Karat. We do not pay for coloured stones as we have no way to test the authenticity of the stones in store. However, we can test diamonds and usually pay within a specific dollar range, based on the size, colour and clarity of the diamond. If an official appraisal is presented, we take into consideration the appraisal amount, depending on who it is through. Usually, if you bring an appraisal through our preferred jeweller (Michael Muradov Appraisals) we go about 10%-15% of the appraisal value.
What happens if I’m late or I lose my ticket?
Loan Star offers an additional 7-day grace period on top of your loan term with NO late fee’s. This is usually beneficial because it gives an extra week with no concerns of losing your item while waiting for a cheque. However, if you need more time, we are flexible in holding your item if we are kept in contact. Keep in mind though, if it is past the 7-day grace period, you may be charged a late fee. If you lose your ticket, we can connect you to our mobile app to view your loan status, as well as make payments online!
What is the difference between buying at a Pawn Shop versus a retail store?
Pawn shops can offer the same items at a fraction of the price! Pawn shops price their items at around 40%-70% of the retail price depending on the items age and condition. Not only is an item being priced at a fraction of the cost, but we always negotiate on our ticket prices as well, leaving you with a way better deal than buying new!
How do you determine the value of an item that I am looking to Pawn or Sell?
When looking at an item to either pawn or sell, we start by looking up what the item goes for new, locally. The percentage we will pay you strictly depends on condition, working order, if it’s complete and our ability to re-sell it if you don’t come back for it. Usually, the percentage ranges anywhere from 15%-30% of current retail.
What if I cannot afford to take out my loan?
If you cannot afford to take out your loan, we can close the loan and sell your item in replacement of payment. That way you are not accumulating debt, and your name is clear in our system. In addition, if you cannot afford to take out your loan now but are anticipating being able to in the next few weeks, we can hold your item for an addition charge at the time of payment.
Does Pawning affect my credit?
Getting a loan from us is strictly collateral, which means it does not affect your credit at all. If you do not want to pick up an item, or cannot afford to, we sell it. It’s as simple as that. It does not affect your credit, or your profile here at Loan Star.
Why does the Loan amount differ from the price in retail stores?
While we understand the frustration with buying an item and only receiving a fraction of the price you’ve paid, we are also a business. This means if you do not pick up your item, we must sell it. Being a pawn shop, we DO NOT sell our items for new prices. For us to make a profit, we must also offer you less than what we would sell it for. It’s never personal, just business.