There are a lot of questions surrounding the pawn industry. At VA Premier Pawn, we aim to serve our local community by providing complete transparency and knowledge so that each and every customer that walks through our doors can make a well-informed decision regarding their valuables. As the best, most reliable pawnbroking company in Hampton Roads, we want to answer some of our most frequently asked questions!
What is a pawn shop?
A pawn shop offers the opportunity to sell goods or take out short-term loans with used merchandise as collateral. Many of today’s pawnshops are privately owned small businesses, and pawnbrokers are men and women who live and work in communities just like yours!
Why should I choose VA Premier Pawn over other shops in the area?
Our storefront serving Chesapeake Square is the leading pawn shop in the Hampton Roads area for a reason! VA Premier Pawn is dedicated to raising the standards in the pawn industry by offering every customer a pristine showroom, expertly trained staff, and people-centered customer service. We want every person that visits our store to leave having made the best decision for themselves and to have an overall positive, memorable experience.
When can I visit your store?
VA Premier Pawn is open seven days a week from 10 a.m. – 6 p.m., Monday through Saturday, and Sunday from 10 a.m. – 4 p.m.
Where are you located?
VA Premier Pawn is located at 3916 Portsmouth Blvd. Suite A1 Chesapeake VA 23321.
What types of items do you buy/sell?
VA Premier Pawn buys a variety of items, but our most common purchases include gold and diamond jewelry, firearms, Apple products, luxury handbags, designer brand watches, high-end electronics such as televisions, laptops, tablets, PCs, game consoles, cameras, drones, etc., gold & silver Bullion, and coins. Stop in today to see everything we have to offer!
How do pawn loans work?
Pawn loans are a quick way to borrow money, and loan amounts are based on the value of your item you chose to use as collateral. A typical loan is a one-month term, plus a 15-day grace period. There is no minimum loan period. If you cannot pay back your pawn loan in full, including any applicable grace period, an extension/renewal can be offered, or you may also choose to surrender your collateral as payment in full. All pawn loans are non-recourse, so they do not affect your credit.
Do you require a credit check?
No, all you need for a loan is a valid state ID! A pawn is a great way to get the money you need without a hard inquiry on your credit report.
Do I have to remember when my loan is due?
No, our team at VA Premier Pawn sends out reminder calls to our loan customers at the end of their term. This courtesy gives the customer an additional 15 days to come into the shop to reclaim their item by paying in full, or to just pay the interest and fees and have their loan extended/renewed.
What is a loan extension?
If you are unable to pay back your pawn loan in full on its due date, you may be eligible for an extension on your pawn loan. Getting an extension on your pawn loan will require you to pay a portion of the interest and storage owed on your pawn loan, and then you may extend the length of your pawn loan.
What is a loan renewal?
If you are unable to pay back your pawn loan in full on its due date, you are entitled to a renewal. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
Will I lose my pawned item?
The majority of customers repay their pawn loans and pick up their items. If a customer chooses not to repay the pawn loan, the collateral used for the loan is forfeited.
Is my collateral safe?
The short answer is yes! The long answer is, 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 with your item and place it in a secured room. Your item is safely stored here until you come back to reclaim by paying your loan in full.
Do you offer layaway?
Yes, we do offer a very competitive 10-10-10 layaway program! Just put 10% down on any item, of any value, and pay 10% each month over 10 months. Simple as that! VA Premier Pawn also offers our customers the added convenience of being able to pay on their layaway from the comfort of their own home through the mobile app, MobilePawn.
How do you determine an item’s worth?
VA Premier Pawn determines the value of an item by researching the current appraised value, the item’s condition, and the ability to sell the item. If an item is in good working condition, free of cracks or blemishes, you will receive the highest market value.
Jewelry is appraised based on weight, size, cut, color, clarity, and overall visual inspection. All jewelry also undergoes testing in our federally inspected metal analyzer, which takes an x-ray of the jewelry to determine the amount of precious metals contained in the item.
The price of gold is determined by a number of factors, since the price changes every few seconds, which include market speculation, currency valuation, worldwide demand, and gold production.
Do you give quotes for items over the phone?
We are not able to give accurate quotes over the phone because the value of the item will vary based on its condition. If you are unsure about whether or not your item qualifies, you are encouraged to give us a call, or shoot us a text, email, or Facebook message. We must see the item in person and conduct a full evaluation before giving out a quote.
Do you accept walk-ins?
Yes, anyone can come in at any time during our regular business hours and one of our highly trained team members will be happy to assist you.
Why does the loan amount differ from the selling price at retail stores?
Our pawn loan values are based on pre-owned retail prices, not what the item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price—and our ability to sell the item.
We offer you as much as we can while still allowing room to pay for the cost of storage, insurance, and other costs of doing business.
Are pawn shops stocked with stolen merchandise?
VA Premier Pawn is highly regulated. Our Team is trained to be on the lookout for and identify stolen property, and we work closely with local and federal law enforcement officials. Less than 1% of items are identified as stolen goods.
Are pawn shops regulated?
All pawnbrokers must be licensed and insured to operate, and all must have a local and state pawnbrokers license and local precious metals permits. The interest rates all shops are allowed to charge on loan transactions are federally and locally regulated. In Virginia, the pawn industry has been regulated for decades, and all pawnbrokers in the Hampton Roads area are licensed and regulated by local authorities. At VA Premier Pawn, 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.