PAWN LOANS IN FARGO, NORTH DAKOTA

Pawn Loans are equity loans in which a customer brings in an item of value and borrows money against it. The amount of money given on Pawn Loans at Used-A-Bit ranges in size from $5.00 all the way up to $10,000.

How Our Pawn Loans Work

Pawn loans begin when a customer brings an item of value into one of our pawn shops. One of our knowledgable pawn brokers will determine the value of your item and negotiate an amount we can loan that works for both parties. Once an amount of money is agreed upon Used-A-Bit holds your item in our secure back room for an initial 30 days. There is a 25% interest service charge per 30 days the item is held in the backroom of our store.

After the first 30 days, the customer has the option of renewing the loan for another 30 days by paying the 25% interest service charge. Items that are loaned on pawn can be renewed an unlimited amount of times by paying the 25% interest service charge every 30 days.If the service charges are not paid within 60 days the item is defaulted and becomes the property of Used-A-Bit Sales Inc. The item is then removed from our backroom and offered for sale on the floor of our stores.

How much can we loan?

The amount of money we can loan varies based on the items retail value, its condition, the demand for the item on the retail side of our business, and our current inventory at the time that the loan is originated. A general rule of thumb for most pawnable items is we loan 25%-35% of the brand new retail price or around 40%-50% of the average price a used condition item is selling for in completed Ebay auctions. These rates vary based on the kind of item and can change if the item is of higher value or if we have a good existing relationship and history with a customer.

What can you pawn at Used-A-Bit?

At Used-A-Bit we loan money on just about anything of value! Some of the most popular items we loan money on are tools, jewelry, gold & silver coins, electronics, firearms, TVs, movies, video games, cell phones, musical instruments, collectibles, sporting goods, motorcycles, lawn mowers and more. Contact one of our locations in Fargo, ND for more specific information about pawn loans and items you’d like to loan with Used-A-Bit.

ADVANTAGES OF OUR PAWN LOANS

10% Interest Loans

All loans $100 or more can be redeemed within the first 10 days of the loan for a discounted 10% fee. Loans above $1,000.00 have a 15% fee for 30 days.

Quick & Easy Cash

One of the biggest advantages of this type of loan is that it is easy. You are simply going to have to take something in that you can use for collateral and fill out some paperwork. The pawn shop is then going to give you a receipt that has the terms of the loan on it. You don’t have to wait for loan documents to process, you are given cash right away while you are in the store!

We Are Flexible

We hold your pawned item for 30 days past the due date. If you want your item back, we can make arrangements to ensure you get it back.

Vehicle Loans Available

Larger loans are available for Vehicles, ATVs, Snowmobiles, Motorcycles, Boats, and RVs depending upon the space we currently have available.

No Credit Checks

There are no credit checks and this type of loan does not depend on your credit history. The loan is secured by your item. Likewise, if you default on your loan, your item is sold by the pawnshop and there is no negative effect on your credit score.