How Does Pawning Work?

This is how the E&B Pawn Process works. Your item (jewelry, electronics, musical instruments, collectibles, memorabilia, tools, etc…) is evaluated and appraised by our team. We then offer a buy price and a loan price. A buy is an outright purchase that surrenders your rights to the item. If you agree to the LOAN option, your 90 day term begins.

e and b pawnbrokers money exchange

Your loan will mature 90 days from today at which point you can:

 

OPTION 1: Pay the finance charge (interest) and renew your loan for another 90 days.


Interest accrues at a following rates:

  • Loans under $250 – 3.5% per month
  • Loans over $250 but under $1000 – 3.25% per month
  • Loans $1000 and up – 3.00% per month

For example, if your loan is $100 at the time of maturity you need to bring at least $10.50 ($100 loan x 3.5% per month x 3 months).

 

OPTION 2: Pay the finance charge AND the borrowed amount and pick up your item.


Using the same example, you need to bring $110.50 in 90 days in order to pick up your item. ($10.50 in interest + $100 borrowed)

Another Example:

  • You borrowed $300. The interest rate is 3.25%. The 90 day interest payment will be $29.25 ($300 loan x 3.25% per month x 3 months). The payoff amount is $329.25 ($29.25 in interest + $300 borrowed)
  • If you borrow $1000, your 90 day interest payment will be $90 ($1000 loan x 3.0% per month x 3 months). The payoff amount will be $1090 ($90 in interest + $1000 borrowed)

 


MILITARY PERCENTAGE RATE

ACTIVE Members of the US Military are charged no more than 3% per month. WE ARE REQUIRED TO CHECK EVERY SINGLE PAWN CUSTOMER’S SOCIAL SECURITY NUMBER AGAINST THE MILITARY LENDING DATABASE.


LENDING POLICIES

ATTENTION: Unlike other Pawn Brokers, our shop does not charge STORAGE or REDEMPTION FEES. You only pay for INTEREST for the time you actually USED.

Remember: A true, legal pawnbroker is licensed by the state and the interest rates, which are applied to your personal loan, are state regulated. DO NOT be fooled by other shops that say they will offer a “buyback.” These shops are not official pawnbrokers, they are doing something illegal and unlawful.

We are licensed to provide loans in the State of New Jersey through the Department of Banking and Insurance. This process insures your items with us and ensures that we are charging appropriate rates. At the current moment, the State pawn broker statutes allow up to 4.5% interest per month and various storage and redemption fees. Here at E&B we charge only 3% – 3.5% per month and no storage or redemption fees.

If you do not come in by the maturity date we will eventually mail an automatically generated reminder letter to the address we have on file for you. That letter will contain a SALE date 30 days from that day. If you do not come in within the 30 days allowed, your item will be sold.

THERE IS A $5 CHARGE FOR NOT HAVING YOUR TICKET. PLEASE KEEP TICKETS IN A SAFE PLACE THEY GIVE ANYONE THE LEGAL RIGHT TO REDEEM YOUR ITEM.