ALL YOU NEED TO KNOW ABOUT PAWN SHOP
What is a pawnshop?
A pawnshop is basically a retail store that is authorized to give you small, fast loans using your merchandise as collateral. You also have the option of selling your used merchandise outright for cash or store credit, or trading it for other merchandise in the store. Jaybos Pawn Shop is a fully-licensed pawnshop, as well as a Buy-Sell-Trade store.
How does a pawn loan work?
Loans are based on the value of your collateral, not your credit rating or pay schedule. Typically, loans are small — the average pawn loan nationally is around $80.00 — but can reach as high as a thousand dollars or more depending on the value of the collateral. If you cannot pay back your loan in full, including any applicable grace period, we offer extensions/renewals (see below) to give you extra time. You may also choose to surrender your collateral as payment in full.
What is an extension?
If you are unable to pay back your loan in full on its due date, you may be able to get an extension on your loan. With an extension, you will be required to pay a portion of the interest owed, then you may extend the length of your loan for as many days as needed.