How It Works
Pawnshops offer consumers a quick, convenient and confidential way to borrow money. A short-term cash need can be met quickly with no credit check or legal consequences if the loan is not repaid.
Pawnbrokers lend money on a wide range of items they deem to have value, including gold, diamond jewelry, watches and musical instruments. Not all pawnbrokers handle the same merchandise; some focus on areas such as jewelry, guns or electronics.
As its name implies, California Loan & Jewelry specializes in diamond, gold and gemstone rings, necklaces, earrings and bracelets, as well as Rolex watches, coins, guitars and sports memorabilia. We do not accept firearms.
Typically, loans range from $15 to $50,000 with most falling between $100 and $200. Contracts vary from state to state; the loan period in California is 120 days. The pawn shop holds the merchandise until the interest on the loan has been repaid. Interest rates are set by state law, and rates generally vary with the amount and length of the loan.
When a customer brings in an item to be pawned we make her an offer. If the offer is accepted, a pawn ticket is issued that includes a description of the item, amount lent, maturity date, interest rate and the amount that must be paid to redeem the item.
If the loan has not been repaid by the end of the loan period the pawnbroker is required to send a 10-day notice to the customer, informing her that the loan is due. The customer then has three options. First, the item can be retrieved by paying all charges due. Second, the loan can be renewed by paying all charges by the date on the notice. Or third, if nothing is done the item is forfeited and becomes the property of the pawnbroker.
If a customer defaults, the collateral becomes the property of the pawnshop. California requires the broker to notify by mail the owner of the fact that he will lose the right to his property unless he redeems it within the stipulated grace period.
Over 90% of California Loan & Jewelry's loans are paid in full. We want your business, not your merchandise. Because repeat customers make up most of our business, we will get you the most money possible as quickly as possible. And we'll work with you to ensure your merchandise is not forfeited. Our goal is to build and maintain customer relationships for the future.