What can be pawned?
Just about anything of value can be pawned, but each pawn shop decides what is acceptable for pawn loans. Many common items that are pawned include gold, platinum, silver, laptop computers, digital SLR cameras, and jewelry.
How does a pawn work?
Massachusetts has very specific laws regulating pawn shops and pawn loans. Imagine you have to make a payment on your car this Friday or you’re in danger of having it taken away by the bank. Your next paycheck is two weeks away. Typically, banks won’t loan you the two hundred dollars to make your payment. but if you come to LBC you can take a loan the same day.
Is it safe to buy from LBC Boutique & Loan?
Yes, without a doubt. We have been in business for over 45 years and we expect to be here for another 45 years. And the most important thing about us is that we put fair prices on everything. You could, however, come to LBC Boutique & Loan with jewelry or other property to pawn. If your property has enough value, we’ll loan you the money for your car payment. Then, after you receive your paycheck, you could come back to Ideal Jewelry & Loan, pay off your loan, and get your property back.
Can I sell items directly to a pawn shop?
Yes, anything of value which is legal can be sold directly to a pawn shop. You might be surprised we pay 80% spot for gold and silver. This means if your item is worth $1000.00 we pay you $800.00. Most people are sellers not pawners.
Who can pawn an item?
A pawn loan is a binding contract and, in Massachusetts, any person over the age of 18 years with a valid state – or government – issued ID”. When you use an item of value to “guarantee” a loan, you are “pawning.” Pawning is very common return to pay off the loan and get their property back. Those who do not pay off the loan ultimately forfeit their collateral, which is then sold and the proceeds are used to pay off the loan.
How much money can you get for pawned items?
You are likely to receive about 15-50% of the estimated amount the item might sell for if you forfeit the item.
How fast can you get a loan?
Unlike a traditional bank loan, at a pawn shop there is no need for a credit check, because you are leaving collateral to secure your loan. The paperwork process is very quick, usually less than five minutes and payments are made in cash.
Can you pawn firearms?
Massachusetts laws forbid us from dealing firearms.
Can you purchase things on layaway from a pawn shop?
LBC Boutique & Loan allows layaways on any thing more than a 100 dollars worth, with a minimum 30% down payment. The item must be paid in full within 90 days.
How do people get their pawned goods back?
Remember, when you pawn something, the pawn shop has your item, be it a watch or a ring, as collateral to make sure you pay them back. In all cases, the item used in the pawn does not become the property of the pawn shop until after it is forfeited. It remains your property. When you pay off the loan and the interest, we return your property to you.
What happens to items once they are “in pawn”?
LBC Boutique & Loan stores all non-jewelry merchandise securely in a locked area of our store. All jewelry loans are secured in high-security safes. Once the pawn is paid off, the item is pulled from its location and given back to you. Items not picked up or renewed within the four months go to the showroom floor for sale.
How long does a pawn shop have to hold an item before it can sell it?
A pawn shop has to hold your item as long as the pawn is active, which means as long as the interest on the pawn is current. Pawn loans are issued for a period of four months.
Can I pawn my car title?
No. Massachusetts state laws prohibit us from securing any pawn loan with a vehicle title.