Getting a loan today is fairly simplified, unlike in the past where you had to either deal with the endless bank paperwork or the crooked street corner shylocks. Both options are not very pleasing, you may say, which is true. No one likes to be hustled around, especially when they are under a financial strain.
Thankfully, the government has extensive claws into the banking and loaning establishments, ensuring that they adhere to set rules to give the lender and the borrower a level playing field. This way, you can enjoy fairer services without unscrupulous traders taking advantage of your situation.
Pawnshops are some of the lenders that give loans against material collateral. For example, you can pawn a valuable ring with a certain amount of cash. Your ring will stay with the shop for the agreed repayment period, and upon completion, you will receive your ring back.
In the unfortunate case that you fail to meet one of the agreed terms of the loan, like missing payments, the pawnbroker has the right to confiscate the collateral and sell it if need be to recover the loaned monies.
How Do Pawn Shops Operate?
Pawnshops will take anything that has value and loan you. As stated earlier, a pawnbroker will give you money against a valuable to act as loan security. They access the collateral value using technical tools and calculators to measure the current monetary value of the item, its state, and age. Using this data, they will decide how much they shall advance you.
Usually, the loan amount will be anything between 10% and 40% of collateral value. The loan percentage is dependent on the physical state of the item and how fast it can sell. Fast-moving items will give you a higher percentage of a loan than the inverse. The same applies to high-value items like gold. Pawnshops use one simple mathematical rule: The higher the collateral value, the higher the loan.
Pawnbrokers favorites are anything of high value:
- Jewelry-precious metal and gems
- Antiques-furniture, jewelry, glass, ceramics, etc.
- Collectibles-coins, letters, autographs, etc
- Art-Picasso, van Gough, etc
- Firearms-guns and ammunition
- Luxury items-watches, bracelets, designer clothing, etc.
- Real precious stones and metals-gold, silver, etc.
- Equipments-power tools, machines, etc
Pawn Shops in Las Vegas
In Las Vegas, there are pawn shops where you can take your valuables and, in exchange, get some cash to spend. They do come in handy, especially when you are running low on funds and have a valuable item that you can pawn. They offer a quick solution to financial strain compared to banks which mostly don’t forward instant loans.
Here is a list of pawn shops in Vegas and where to find them:
1. Gold & Silver Pawn Shop
- Address: 713 South Las Vegas Bolourved, Las Vegas, NV 89101
- Operating Hours: 24/7
- Trade: Pawn, Buy, Sell
Opened in 1998, Gold and silver is a legendary family business that has stood the test of time. They will trade collectibles, art, gold and precious stones/gems, art, and memorabilia. It is also called Rick and Harrisons’ Gold and Silver pawn shop. This rock and the roll-designed shop were home to the tv program Pawn Stars.
You don’t have to have an appointment to come here, however, worry about the queues. The best times are not during happy hour and weekends. Their specialty is collecting antiques, coins, jewelry, and collectibles.
2. Max Pawn
- Address: 604 West Sahara Avenue, Las Vegas, NV 89146
- Operating Hours: Daily, 9.00 am-6.00 pm
- Trade: Pawn, Sell, Buy
Max pawn is a jewelry store that specializes in luxury designer items. You will find the rare Rolex vintage watches here. The owner, Michael, is a fourth-generation pawnbroker and a native Nevada resident. The main motto at the shop is customer satisfaction, and they deliver on it.
You will find friendly staff that will guide you through the shop to get you what you want. If it is your first time pawning, the staff will explain what is needed. They will guide you where necessary to get you that loan. All you need is functioning collateral, and you are good to go.
Max shop is inclined to customer confidentiality following state laws. Their competitive prices put them on the very top of options for pawning. The pawnshop was awarded the Outstanding Pawn Image Award by the National Pawnbrokers Association. This award-winning shop offers a 10% layaway to customers and stable periodical installment payments too.
- Opening Hours: Monday to Saturday: 9.00 am-6.00 pm, and Sunday: 12.00 pm-5.00 pm
- Trade: Buy, sell, pawn
EZ Pawn is the biggest chain pawnbroker that is prevalent in Vegas city. With 19 branches already in place, you will find their shop in the remote passes that are not on or near the strip. You can save up to 25% to 70% on branded pre-owned goods, depending on age and current status. With the 10% layaway, you get to lock the price on your preferred product with affordable periodical installments.
The shop offers a product protection plan that requires you to pay a one-off amount when you make a purchase. This amount will act as security on the purchased product. The protection plan is convenient for pricey products like jewelry, firearms, and electronics to avoid losses. In case of faulty operations, you can receive a replacement or free repair of the product back to optimum shape.
Additionally, EZPawn has a Jewelry VIP program under which customers can get 100% trade-in value on future jewelry purchases. This also mitigates the loss aspect in cash as you get to trade in the jewelry at the monetary value you bought it for at the shop.
EZPawn has the following pawning spots in Las Vegas:
- EZPawn North Las Vegas-1832 North Las Vegas Blvd., North Las Vegas, NV 89030 (Product protection plan, 10% Layaway)
- EZPawn E. Sahara-1237 E. Sahara, Las Vegas, NV 89104 (Product protection plan, 10% Layaway)
- EZPawn North Rancho-821 N. Rancho Rd., Las Vegas, NV 89106 (Product protection plan, 10% Layaway)
- EZPawn E. Desert-3050 E Desert Inn Rd, Las Vegas, NV 89121(Product protection plan, 10% Layaway)
- EZawn S. Valley-3010 S. Valley View, Las Vegas, NV 89102 (Product protection plan, 10% Layaway)
- EZPawn North Ranch-2480 N Rancho Dr, Las Vegas, NV 89130 (Product protection plan, 10% Layaway)
- EZPawn E. Craig-2820 E. Craig Rd., North Las Vegas, NV 89030 (Product protection plan, 10% Layaway)
- EZPawn W. Cheyenne Avenue-6032 W. Cheyenne, Las Vegas, NV 89108 (Product protection plan, 10% Layaway)
- EZPawn S. Rainbow-2200 S. Rainbow, Las Vegas, NV 89146 (Product protection plan, 10% Layaway)
- EZPawn W. Craig-7077 W. Craig Road, Las Vegas, NV 89129 (Product protection plan, 10% Layaway)
- EZPawn W. Sunset-2081 W. Sunset Rd., Henderson, NV 89014 (Product protection plan, 10% Layaway)
- EZPawn N. Decatur-6380 N Decatur Blvd, Las Vegas, NV 89084 (Product protection plan, 10% Layaway)
- EZPawn N. Boulder Highway-1241 N. Boulder Hwy., Henderson, NV 89011 (Product protection plan, 10% Layaway)
- EZPawn S. Eastern Avenue-10075 S. Eastern Ave., Henderson, NV 89052 (Product protection plan, 10% Layaway)
- EZPawn S. Boulder Highway-320 S. Boulder Hwy., Henderson, NV 89015 (Product protection plan, 10% Layaway)
- EZPawn W. Horizon Ridge Pkwy-36 W. Horizon Ridge Pkwy., Henderson, NV 89012 (Product protection plan, 10% Layaway)
- EZPawn Las Vegas Blvd S.-212 Las Vegas Blvd. S., Las Vegas, NV 89101 (Product protection plan, 10% Layaway)
- EZPawn E. Charleston-1501 E. Charleston Blvd., Las Vegas, NV 89104 (Product protection plan, 10% Layaway)
- EZPawn N. Eastern Avenue-520 N. Eastern Ave, Las Vegas, NV 89101 (10% Layaway)
Pawn Shop FAQs
Can You Bargain the Prices at the Pawnshop?
Yes, you can. The prices are always set to give the pawnbroker a profit. So make sure to push more so that you can get a better value. Always research the products you want to take loans against.
Knowing the actual price helps you get the picture of what to expect at the broker’s counter, bargaining for more as a result. Also, do the same to the interest rates set. Take advantage of the layaway if it is an option in the pawnshop. You will pay a fixed amount monthly or weekly without struggling much for one of the payments.
Does Pawning Affect Credit?
Pawnbrokers don’t care if you have good or bad credit. Their concern oscillates around your ability to acquire the loan. If you can have a product of worth value, then you are a happy customer. It is very accommodating for people with bad credit scores.
Due to the high risk of defaults on loans, the interest is higher than in traditional banks. You will find rates of between 5-25% monthly. In case of loan default, they can sell your product to recover their money. Sadly, no refunds on money already paid.
Why do Pawnbrokers Take Personal Information: Is It Legal?
According to state laws, the pawnbroker is required to take your personal information like names. They also check information on product ownership such as receipts, IMEI numbers to verify that you are the owner.
Read More: Best Souvenir Shops in Las Vegas
Las Vegas may have fewer brand names in pawning, but the spots to do so are so many, especially with EZ Pawn shops distributed all over the city. So next time you are tied down financially and in need of quick cash, crash into one of these pawnshops, and they will help you out, provided you can provide something valuable. So get that watch and get a few grand on it-remember to bargain for the best deal!