You can obtain a loan by providing a product you own such as jewelry, electronics, tools, etc. as collateral. This type of loan is referred to as a pawn or a pledge whereby you agree to relinquish ownership if you choose to; or if you are unable to make your payments.
Since a pawn loan does not involve credit, the determining factor impacting how much you can loan is the value of the product. As pawnbrokers we utilize numerous resources to assess the current value of the products, as well as our costs to store and eventually sell it.
While many customers are able to pay their loans on time and pick-up their merchandise, it is not uncommon to have others request an extension in the form of a renewal. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.