The customer and Duck Creek Pawn will agree on an item’s value. The item will then be left with us as collateral in exchange for a short-term cash loan. Simply put, leave your item with us until it’s time to come back and Repay repay the loan, and collect your Items. The typical term is 30 days and is renewable. The traditional fee is 20% due monthly or on item pickup or when loan is renewed or extended.
Pawning an item means that you are using your item as collateral to secure a loan. After appraising the value of your item or items, the pawnbroker will work with you to determine the loan amount. Selling an item at a pawnshop is simply that. Selling an item to the pawnbroker we call this a buy.
when a customer pays the Fees due on their loan to create a new contract, extending the loan.
We use many factors in determining an item’s value, including age, condition, and the value it currently holds on the retail and re-seller markets.
The value of jewelry is determined by assessing the sale-ability of the piece, the gold content using current market gold value, and using several wholesale/retail websites to determine the value of the stones. All this information is then compiled to offer a fair market price.
Our loan associates are trained and may offer you an estimated range on your collateral as you describe it over the phone. we will not guarantee a quote until we examine it in-store