A Pawn Shop In Missouri City And Sugar Land Changing The Loan Business
We have changed the way that money is being being borrowed in the Sugar Land, Missouri City, and Houston areas for the better. No other pawn shop in the area is lending as much money or lending for such discounted rates while not sacrificing customer service. We have built a great business with the help of our loyal family of customers on a model of discounting our interest rates by up to 50% off. Our rates are half of what the other guys are charging. That means more money in your pocket at the end of the day when you are borrowing from Heritage Jewelry and Loan. While there are many options in terms of where to go, we feel that we are the very best, handsdown. Nestled in the heart of Sugar Land on Hwy 6, we are just moments away from just about anywhere.
What Is A Pawn Loan?
The pawn loan has been around for as long as money has. A pawn loan is a term used for a cash loan that is between a lender (pawn shop / pawnbroker) and an individual that collateral is used to secure the transaction. It’s a way of borrowing money for a short period of time without the hassles of going to a bank and waiting for an approval. At the pawnshop, the pawnbroker will evaluate your collateral and verify it is authentic and then assess a value to it. That value is what we call the loan value and that is what we will be offering you. It is a great alternative to other lending sources when you need short term money for some of life’s unexpected emergencies. The pawnbroker will then securely store your item until you have repaid the money you borrowed. It sounds simple because it is.
A Pawn loan is a safe, secure way to borrow money. Furthermore, it requires no credit checks and allows the customer to leave with money right away. The person borrowing the money usually will bring in something of value, like some piece of jewelry, watch or anything they believe is valuable and borrows money against its assessed value. Generally, the more valuable an item, like gold or diamonds, the more money you can borrow.
What Are The Terms Of A Pawn Loan
All pawn loans are a contract between you the individual and the pawn shop. You will leave with a piece of paper that totally describes the item being pledged, the terms of the loan, and the timeframe in which you have to repay the money. This is the proof that the transaction took place and is the most important part of the entire transaction. In the State of Texas, the term is a 30 day loan with a 30 day extended period for a total of 60 days before the money has to be paid back. The interest rate is regulated by the State of Texas and a pawn shop can choose to charge less but never more than the State allows. These interest rates are broken down by dollar values.
Interest charges are tallied up per day, so you only pay for what you use. So if you borrow money for 18 days, you only pay for 18 days worth of interest. Now what happens if you get to the 60th day and don’t have enough money to completely repay your loan? Then you are allowed to pay just the interest that is owed and extend your time, this is called an “extension” in the pawn world. You can do this as many times as you like for as long as you like. Lastly, like any traditional loan, you are allowed to pay down your loan. So for example, if you borrowed $100.00 and owed $10.00 in interest and you didn’t have $110.00 but only $60.00. Then you could pay that to the pawnbroker and $10.00 would go to repay the interest and the additional $50.00 will go to the original loan. You will then leave with a new balance of $50.00 and a lesser interest charge.
How Do I Know My Stuff is Safe / Who Ensures The Pawn Shop Is Legit
With a troubled history and a somewhat questionable representation on TV, it’s easy to see why most people overlook or cast a discriminating eye on this traditional form of borrowing. However, this just is not the case anymore. All pawnshops operating in Texas are required to be licensed and are governed by the Office of Consumer Credit Commissioner to ensure complete adherence to all local, state and federal laws. No business may act as, or call themselves, a pawn shop without being licensed. This means that the owners of the shop have passed a criminal investigation, proven financial stability, and have insurance. This also means that the pawn shop undergoes yearly examinations and is using computer systems that currently comply with the rules. If you don’t see their licenses, then you have no protection against fraud.
Because of this oversight, much of the perceived funny business and unethical behaviors that allegedly plague the industry are never going to be an issue. Heritage Jewelry and Loan is no exception and is fully licensed and insured pawn shop. While serving our Missouri City and Sugar Land clients, we continually are raising the bar for all other pawn shops.
The Heritage Jewelry And Loan Difference
Heritage Jewelry and Loan offers cash pawn loans to our customers for 10% interest per month. That is half of what the State of Texas allows a shop to charge their customers for a pawn loan. We believe that the lower interest rate serves two important purposes. First, it helps the customer get their item back with greater ease. Secondly, it allows us to continue elevating the pawn experience for our customers buy putting their needs at the forefront. We are helping our community and making friends by being reasonable with our terms and understanding in our business practices, a true win win.