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F.A.Q. (Frequently Asked Questions)
1) What types of items do we take for collateral at 1st Cash Pawn?
2) Do you buy as well as loan?
3) How much can I get?
4) What do I need to have to take out a loan?
5) Will my items be safe?
6)I think I see something out for sale that was taken from me. What should I do?
7) I just realized that my loan expired a few weeks ago. Can I still get my items?
8) What are the terms of a loan?
9) I lost my ticket, what now?
10) How many tickets can I have at one time? How often can I pawn something?
11) What are the laws and policies concerning the purchase or pawn of a firearm?
12) Do you do "lay-a-ways"?
13) Do I have a "grace" period on the loan?
14) What if I can't pay off the loan?
15) So just what do you sell at 1st Cash Sales & Loan?
1) What types of items do we take for collateral at 1st Cash Pawn?
Most things of value! The most popular items pledged include gold and platinum jewelry, diamonds, high grade watches such as ROLEX, BAUME & MERCIER, TAG HEUER, and PATEK PHILIPPE, quality tools such as Snap-on, Dewalt, MAC, Makita, Craftsman, Milwaukee and other industrial grade tools, firearms, coins, guitars, musical instruments, TV's, computers, laser printers, scanners, metal detectors, car audio, camcorders, cameras, stereos, collectable items, swords, knives, and the list goes on and on! We also give loans on vehicles or titles, RV's. Part of the fun of this business is that it is different every day. I have many years of experience in the pawn business and I STILL get offered things that have never come in before!
Most people have heard of pawn shops, but many have ideas and images that are, shall we say, less than accurate on just what a pawn shop is and what we offer. The short definition - we offer a short term loan based on the collateral you pledge. No credit check, no wait for approval by a loan officer, just fast cash! When you have a loan to buy your home, you pledge the home as collateral in the event that you don't (or can't) pay back the loan. If you don't pay your loan back, your home becomes the property of the bank. We operate in much the same fashion. You bring in an item to pledge for a loan, you leave the item with us, and we give you cash and a receipt to bring back. In Utah, the term of the loan is 30 days. You can pay the interest at this time and we will give you a �new� loan, again good for another 30 days. Most people do pick up their collateral and repay the loan, but when they do not, we in turn sell the items to recover our investment. That, in the short definition, is it!
Hollywood has long portrayed pawn shops as being dark, sleazy operations, full of stolen property and shady characters. Nothing could be further from the truth! We are in fact, a combination �Lending Institution' much the same as your bank, and discount retail/jewelry/tool store, only with the BEST prices in town. Our stores are clean and well maintained with large and varied inventories, and staffed by some of the finest pawn brokers in the country! We work very closely with law enforcement at all levels to ensure that the material that we take in is legally owned and offered. As a matter of fact, some of our best customers are these very same law enforcement officials!
So why should you shop or get a loan at 1st Cash Pawn? Simply put, to get the best possible deal around on some of the finest merchandise, from our friendly well-trained and educated staff, and at the best possible price and terms! Feel free to bring your entire family to 1 st Cash Pawn and shop!
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2) Do you buy as well as loan?
Yes. However, our desire is to loan as much as possible on top quality merchandise. Depending on supply & demand, we will pay top dollar for your items for sale. If you do sell, you DO NOT get the item back and we cannot hold it for you!
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3) How much can I get?
We're here to help you out as best we can. We really have no maximum amount that we can loan on an item, up to a portion of its resale value. We loan a portion of the amount that we can expect to receive if we have to sell the item if you do not come back to get it. It is based upon years of experience and how well and fast different types of items sell and does not relate to how much the item cost new. Yes, your item is worth more than we are loaning on it and we will take your past loan record into consideration, both the redeems AND the losses. We do need to see and examine the item before we can give an estimation. We do give free appraisals, so bring your item in and get us to check it out.
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4) What do I need to have to take out a loan?
You will need a state issued picture ID card or drivers license. This can be from any state. We CANNOT take anything from you without ID! We also CANNOT take birth certificates, social security cards, temporary drivers' license or ID card, car registrations, health department cards, pawn tickets from another pawn shops, paycheck subs, rent/utility receipts, bank statements, passports, marriage license. The list of acceptable ID is very short and is defined by law.
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5) Will my items be safe?
Yes. We are licensed by the City and State and have undergone very extensive background investigations in order to be in business. Our operation is constantly monitored by the City and law enforcement. In addition, all employees are checked out by the Police Department prior to gaining employment. Our stores are highly secured with walk-in vaults, multiple security systems, monitored camera systems and armed personnel. All of us have heard the horror stories concerning items left in pawn. This is NOT the case at 1st Cash Sales & Loan! Many people, in fact, are so comfortable with us that they pledge their jewelry, coins and firearms for a small loan in order to have it safely stored, retrieving it when they want to wear or use it. We pride ourselves on great organization & cleanliness throughout our store.
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6)I think I see something out for sale that was taken from me. What should I do?
The VERY first thing to do is to make a police report. ALL items that we take in are checked out by the police and reported on a central database, and computerized to crosscheck with stolen property reports. Loans are held for one month before we can sell them! WE CANNOT GIVE YOU ANY INFORMATION ABOUT WHO PAWNED/SOLD US AN ITEM! Remember that manufacturers make thousands, if not millions of the same item. Serial numbers, inscriptions, markings and suspected individuals are all very important items of information to put on a report. Less than one tenth of one percent of ALL stolen items end up in a pawn shop. Most are sold at flea markets, construction sites, second hand shops, co-workers, and friends. If you do have a police report filed, and have a case number and the item is listed, we can put a hold on it while you contact the detective on your case. We cannot, however, just �give you' the item back. The procedure to recover merchandise has been worked out by the police department and the legislature and needs to be followed! This includes prosecuting the individual(s) involved!
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7) I just realized that my loan expired a few weeks ago. Can I still get my items?
Maybe. We do not keep an inventory record of the items that come out of pawn. We have NO way to know if it is still here, unless you are able to identify your item. When material comes out of pawn, it is grouped together with other out of pawn items, sorted, cleaned and repaired as needed. Jewelry may be broken down into components or sent to be refined, or it may go to any one of our stores or to our road show inventory. Many of the items that come out of pawn stay in the same store, but we do ship items around to our different locations as it is needed. You are free to look in our stores for an item, and if you find it and have your pawn ticket, a special discount can be given for you to buy it back. We cannot, however, look for your items in our inventory.
top 8) What are the terms of a loan?
You have 30 days in which to repay the loan and retrieve your items. The interest runs 15% per month, or a
minimum of $5.00. You can pay the interest towards the end of your loan and we will give you another 30 days. This also applies if you are using 1 st Cash Sales & Loan as a secure place to store your valuables!
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9) I lost my ticket, what now?
Just bring in your ID,
we do not charge a fee for a lost ticket.
IF YOU DO NOT HAVE YOUR TICKET, YOU WILL NEED YOUR ID!!!! We also watch signatures, we can give you a duplicate or even a complete printout of your loans.
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10) How many tickets can I have at one time? How often can I pawn something?
In short, as many as you want and as often as you want! We have many regular customers that pawn daily, and others we see but once a year. You can bring in as many different items as you want, or you can bring in the same item many times. That is the beauty of the pawn shop you can't max out your credit, and the only limit on borrowing is how much your items are worth on pawn to us!
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11) What are the laws and policies concerning the purchase or pawn of a firearm?
Federal law, since 1968, states that you must be 18 to buy a long gun (rifle or shotgun) and 21 to buy a handgun. Long guns can be sold to residents of SOME other states, such as Utah , Arizona , Wyoming , Colorado and Idaho , but not to residents of other states, such as California , Illinois , Hawaii or New York . You have to be a resident of Utah in order to directly buy a handgun. If you find a gun in our store that you would like to buy but cannot because of your state of residence, we can arrange to ship it to a dealer 'back home' for you, who can do the paperwork on that end and transfer it to you. Most dealers charge $10 to $15 to do this.
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12) Do you do "lay-a-ways"?
YES!! We need a deposit of 25 percent and usually set it up for sixty to 90 days. Other time arrangements can be worked out! We do not charge a service fee for layaway.
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13) Do I have a "grace" period on the loan?
Yes. You have an additional 10 day grace period after your contract has expired. If the end of your grace period is approaching and you find that you need a little longer, please call us and ask to speak with either the owner or manager and we will try and do what we can. We do, as a matter of policy, hold loans for the full 30 days. If you call us BEFORE YOUR LOAN EXPIRES we can offer you a courtesy extension. THIS IS A COURTESY THAT CAN BE REQUESTED - IT IS NOT AUTOMATIC!!!!! WE DO NOT MAIL ANYTHING OUT TO YOU!!!!!!
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14) What if I can't pay off the loan?
You may pay just the interest and handling charge. This will give you another 30 days. We can also accept part payments; however when you pay the interest and we re-write the loan for you, you may elect to pay off part of the loan at that time and we will re-write the new loan for the new amount. If you are out of town or cannot come in, you can have someone else pay the interest for you and we will give them a new pawn ticket for the new loan. It will be still made out in your name and you will either have to give someone written authorization to pick up the loan or come in yourself.
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15) So just what do you sell at 1st Cash Sales & Loan?
Jewelry, TVs, DVD players, guns and holsters, rifles, coins, DVDs and all types of movies, cameras and lenses, tools, radios, stereos, guitars, musical instruments, video games, computers, mountain bikes, editing equipment, pool cues, camcorders, laser printers, golf clubs, vacuum cleaners, metal detectors, silverware, artwork, collectables, high grade watches, cell phones, binoculars, spotting scopes, samurai swords, knives, RVs, boats, ATVs, sporting goods, pocket watches... and the list just goes on. And of course, all at GOOD savings!
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