How to Pawn

How Pawn 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 or electronics.

As its name implies, California Loan & Jewelry specializes in diamond, gold and gemstone rings, necklaces, earrings and bracelets. We also deal in antique jewelry, Rolex watches, coins, sterling silver, guitars, computers, phones and collectibles. We do not accept firearms, tools, televisions or audio equipment. 

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.

California Loan & Jewelry always tries to get its customers the money that they need. If our 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. A state issued ID or passport is also required to complete the transaction. 

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 for an additional four months by paying all charges due. If nothing is done the item is forfeited and becomes the property of the pawnbroker.

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, our goal is to build and maintain customer relationships for the future. We will work with you to prevent your merchandise from being forfeited, including holding the loan after the default.

 
The interior of California Loan & Jewelry.

The interior of California Loan & Jewelry.