What is a Pawn Loan?
A pawn loan is a collateral loan. This is when money is lent in exchange for items of value, with the loan amount based on current market value. The items are securely stored at Heather’s Pawn Loans and is returned when the loan is paid in full, or can be surrendered as payback for the loan.
How much time do I have to pay back my pawn loan?
In Oklahoma, all pawn stores are required to hold every pawn for no less than ONE MONTH + 30 DAYS. After that time, or any time in between, the customer may pick up their item(s) and pay off their loan. At Heather’s Pawn Loans, if your account is in good standing with us, we may allow you to “renew” your loan, allowing you more time to pay the loan back in full.
How much will it cost me to pick up my pawn loan?
In Oklahoma, The Department of Consumer Credit regulates the finance charges collected by pawn stores. The annual percentage rate differs by the amount loaned (i.e., a $100 loan will cost you $20 per month, or a $300 loan will cost you $57.50 monthly).
What is a loan renewal?
If you’re unable to pay back your pawn loan in full on its due date, you may be able to get a loan renewal. With a renewal, you pay only the finance charge due (not the principle loan amount) to extend the loan another MONTH + 30 DAYS. You will receive a new pawn loan, showing the original loan amount still owed, with applicable finance charges. That’s it, the due date is reset for the full loan term!
Is a credit check required for a pawn loan?
No! The only requirements are that you are at lease 18 years of age and have a valid state or federal photo ID.
Is my collateral safe while in pawn?
YES! It is our responsibility to keep your items safe while in our care. Our multi-layered security protocols provide an environment often safer than at your home or work. We loan our money carefully, on quality goods, and will protect those goods as though they were ours!
What happens to expired/past-due pawn loans?
At Heather’s Pawn Loans we do not want you to lose your items and we will work with you to those ends. Repeat pawn customers are the backbone of our industry, we would not be here without you! Approximately 83% of all pawn loans are repaid. Items are only forfeited if the borrower chooses not to repay the loan. In this instance, the pawned items become part of the inventory for sale in our showroom.
How much should I expect for a loan on my item, how is value determined?
Loan amounts vary according to the item’s value. Your loan amount will be determined by factors such as the items current new price, product demand (if it will sell in our store) and condition of the item. Not all pawn stores are the same, and prices may vary.
How do you determine the value of jewelry?
Precious metals such as gold, silver and platinum, are weighed on our certified scale and value is calculated using up to the minute market prices.
Diamond testing includes a visual inspection using a jeweler’s loupe to check the cut, color and clarity of the stones. Next, we may use several specialized testers to confirm the stones are natural diamonds. The final step in valuing diamonds is measuring the carat weight.
Additional factors are hallmarks, written appraisals or certificates, original receipts and current design popularity.
With 30 years of experience buying and selling fine jewelry, we are confident in our knowledge of what will sell in our store vs. “scrap” jewelry to be sold to a refinery. Beautiful jewelry that we can re-sell will command the highest value!
Can I pawn a gun?
Yes! Heather’s Pawn Loans is a registered firearms dealer and must comply with all federal and state regulations. A background check is required to redeem firearms. Pawn loans involving firearms are not transferable (you may not have someone else pick it up for you). Please call (405) 282-8899 or come in for more information.
What items does our pawn shop buy?
What items does our pawn shop loan on?
Answer: Just about everything! Including but not limited to these common items:
JEWELRY
- Gold, Diamond, Gemstone
- Platinum
- Sterling Silver
- Native American
WATCHES-premium designer brands in gold, platinum or sterling silver. Some smart watches and a few designer brands.
ELECTRONICS (No more than 3 years old)
- Televisions (must have stand (legs) attached and original remote control)
- Computers, Laptops, Tablets
- Home Audio and Video, DVD and Blue-Ray Players (must have original remote control)
- Android Cell Phones (AT&T, T-Mobile and Unlocked)
- Video Game Systems
CAMERAS (certain types of digital only)
MUSICAL INSTRUMENTS
LAWN & GARDEN-tractors, mowers, trimmers, blowers, chainsaws, log splitters, chippers and more
TOOLS-generators, wood working, mechanic, plumbing, welding, automotive, storage, ladders and more
TRAILERS-livestock, lawn, flatbed, enclosed
SPORTS & OUTDOORS-hunting, fishing, camping, boating, ATVs, binoculars, scopes and optics
COLLECTIBLES-fine gold coins and bullion, fine silver coins and bullion, U.S. coins (pre 1964), some U.S. bills (such as silver certificates or commemorative)
FIREARMS-handguns, rifles, shotguns, ammo, accessories