What is a pawn shop?
Good question. A pawn shop is a store that customers can use their items of value as collateral in order for a pawnbroker to lend them money. Once a customer comes back to repay the loan their property will be returned to them. In the event that a customer decides not to come back to claim their collateral before the agreed upon date, the item will be sold at value price in the retail store. According to Pawn Shops Today, 80 percent of collateral property is reclaimed by customers of U.S. pawn shops.
The customer can decide to outright sell the item to the shop instead of going through the pawn process. A pawn shop also sells a wide array of new and used merchandise.
Who uses pawn shops?
Pawn shop customers are a diverse groups. Many Americans view pawn shops as a welcomed and important alternative to some financial institutions when unexpected bills and expenses arise or they simply need extra cash for the short term. Because a customer uses a their items of value as physical collateral for a pawn loan, the outcome of the transaction does not affect their credit.
What items can I pawn?
Traditionally, we are interested in jewelry, electronics, music equipment, tools, lawn maintenance equipment and some collectible items. Even if you have an item you’d like to pawn that isn’t necessarily in one of those categories you are still encouraged to bring it in for our staff to evaluate. Ultimately, we are interested in items of value, and in the event that the item is not reclaimed, ones our customers would likely be interested in buying if its on our shelves.
How much can I get for my item?
The quick answer, it all depends. Multiple factors impact the offer on an item for a pawn loan. When you bring your item into pawnshop our staff will evaluate it based off the specific item, condition, researched value, current inventory and space at the shop, and demand, among other factors.
Can I get an offer on my item over the phone?
No. Because we evaluate each item on multiple factors, including some that require physical inspection, the only way to ensure the best offer for both the pawn shop and you is to bring your item in so our staff can assist you. You are more than welcome to reach out over the phone, Facebook or email, but ultimately the item will need to be brought into the shop.
If I bring an item into pawn, am I guaranteed you’ll make me an offer?
We can never guarantee that we will make an offer. What we can guarantee is when you bring an item in we will give you what we believe to be a fair assessment of your item and treat you with respect. As we are new, we want good relationships with our customers to be a clear pillar as our business grows. We might not be able to make a deal on every item, but we certainly want you to continue to think of us when you have an item you’d like to pawn or sell.
Are pawn shops regulated?
Yes, pawn shops are regulated. 51 Pawn BA complies with all local, state and federal regulations regarding pawn shops.
What will it cost me to pawn an item?
The State of Oklahoma regulates rates for pawn charges. When you pawn an item, the pawn charge is immediately applied to the amount owed on your item. The pawn charge is based upon the amount you received when pawning the item. That pawn charge will remain the same for the first 30 days the item is pawned whether it has been reclaimed on the first day or the 30th day. After the first 30 days the pawn charge will be prorated depending on the additional days the item has remained pawned.
By law, customers have 60 days to reclaim their item by paying the amount owed. 51 Pawn BA provides a five-day grace period. If the item has not been reclaimed after 65 days, the item is forfeited to the shop.
Are there benefits to pawning at 51 Pawn BA?
Yes! Along with our great customer service throughout the pawn process, a new tangible benefit to pawning at 51 Pawn BA is receiving a special 51 Pawn BA wooden token. Each token is worth 50₵ off merchandise in the shop. There is no limit on how many tokens can be redeemed at once. Tokens cannot be redeemed for cash.