FAQ
How does a pawnshop work?
Pawnbrokers lend money on most items of value. The easiest items to pawn maintain a reasonable value over time and are easy to store, like jewelry. Pawned items provide collateral, eliminating the need to distinguish high risk from low risk borrowers and allowing us to lend you money when you need it most. Loans can be as small as $10 and as high as $25,000 or more depending on the value of the collateral. After the value is agreed upon, you will have a certain period of time to repay the loan plus a small finance charge, and redeem your items.
Can I sell my valuable item as oppose to pawn it?
Absolutely! Chicago Pawners & Jewelers pays the highest prices around for gold, jewelry, watches, musical instruments, computers, consumer electronics …almost any item of value!
How long do I have to get my item back?
Unlike the majority of pawn shops which only give you 1 month to redeem your item, we offer loans terms up to 1 YEAR depending on the item and the amount of the loan. And since we are a family owned business, we offer the flexibility to work with a customer that needs extra time to pay back their loan that most other pawn shops cannot do.
What type of items can I pawn/sell?
We accept a wide variety of items for pawn or sale. Some examples…
- Gold jewelry
- Diamond jewelry
- Platinum jewelry
- Silver jewelry
- Designer jewelry
- Fine watches (Rolex, Patek Philippe, Audemars Piguet, Cartier & more)
- Gold & silver coins
- Vintage & modern watches
- Scrap Gold
- Scrap Silver
- Loose Diamonds & Gemstones
- Flat screen TVs
- Laptop computers
- Desktop computers
- Musical instruments
- Guitars
- Amplifiers
- DJ equipment
- Cellular phones
- iPads & tablets
- Power tools
- Video games
- Studio Equipment
- Digital cameras
- Antiques
- Collectibles
- Sports memorabilia
- Designer Handbags and accessories
Why would someone go to a pawn shop to get a loan?
Pawnshops offer a quick, convenient and confidential way to borrow money when you need it most! Your short term cash needs can be met with no credit check or legal consequences if the loan is not repaid. Chicago Pawners & Jewelers is licensed and regulated by the State of Illinois and the City of Chicago, and are long time members of the National Pawnbrokers Association, Illinois Pawnbrokers Association and Chicago Jewelers Association.
What if I cannot pay back my loan? Will it affect my credit?
If you cannot repay the loan by the expiration of the loan contract, you have 2 options. You can either renew the loan by paying the accrued finance charges or if that is not an option, you can forfeit the collateral with no further action and absolutely no impact on your credit score or credit rating.
What are the requirements to obtain a pawn loan?
You must be 18 years of age or older and possess a valid government issued photo ID.
Are pawnshop rates excessive?
All pawnshop rates are regulated by State of Illinois and are closely monitored by local authorities. That being said, you will find that the rates charged by Chicago Pawners & Jewelers are usually at least 50% lower than our competitors on most loans.
Why shop at Chicago Pawners & Jewelers?
PRICE & SELECTION! We have a constantly changing inventory of the finest gold, diamond and platinum jewelry and watches, along with a huge selection of computers, electronics, musical instruments and equipment, video games, tools, digital cameras, iPods and iPads, collectibles and much, much more…all at a HUGE discount off the retail price! We also offer a 100% trade-in program when you want to upgrade jewelry that you have purchased from us previously. Ask us for the details when you come in.
How can I be sure the merchandise I purchase at a pawnshop isn't stolen?
Less than 1/10 of 1% of all merchandise that is pawned or sold to us is identified as having been stolen. We work closely with local law enforcement to catch and prosecute people who steal merchandise. Detailed information of each transaction that is pawned or sold is provided to local law enforcement as required by law. Our years of serving the community have trained us to look for signs in order to avoid stolen property. On the rare occasion when stolen merchandise is found to have been pawned or sold, the merchandise will be seized by law enforcement and returned to the victim without any recourse for us to recover any money that we have given out, so it is not in our best interests to accept any merchandise that could be potentially stolen.