Looking For a Local Gold Pawn Shop in Orange County?
Our local pawn shop in Huntington Beach, Orange County is a business that offers jewelry loans to people looking to borrow money in a fast, convenient way with no credit checks. Since the gold pawn is secured, or collateralized, by the value of the gold or jewelry piece, there is no need for the typical credit check associated with a bank loan. The English word pawn is derived from the Latin word pignus, for pledge, with the items having been pawned to the gold pawn shop or pawnbroker, are themselves called pledges or pawns.
If an item is pawned for a loan, within a certain contractual period of time the pawn shop may purchase it back for the amount of the loan plus some agreed-upon amount for interest. The amount of time, and rate of interest, is governed by law or by the pawnbroker’s policies. If the loan is not paid (or extended, if applicable) within the time period, the pawned item will be offered for sale by the pawnbroker/secondhand dealer. Unlike other lenders, though, the pawnbroker does not report the defaulted loan on the customer’s credit report, since the pawnbroker has physical possession of the item and may recoup the loan value through outright sale of the item. The pawnbroker/secondhand dealer also sells items that have been sold outright by customers to the Pawnbroker or secondhand dealer.
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