FAQ

Everything you want to know about Westminster Pawn and pawn shops in general

What exactly is a pawn shop?

Pawn shops are the only place where you can use a valuable item towards a collateral-based loan. If you need some cash fast, this is a good way to do so without dealing with a bunch of paperwork or risking your credit score.

You can also buy and sell a variety of items at a pawn shop. Merchandise is typically sold at a much lower price since everything is secondhand, and you can sell your own used goods for a much fairer price compared to other platforms. The idea of pawn shops has actually been a concept for centuries which proves their reliability.

Are pawn shops a good place to get a loan?

When you need financial help and time is of the essence, getting a collateral loan from a pawn shop is the most effective method. It only takes a matter of minutes and there are no ties to your credit. As long as you have something of value to pawn, you have the means of pocketing money quickly, safely, and reliably. This process is much preferred over traditional loans that take too long to garner results which isn’t very helpful when you have a due bill just around the corner.

What can I expect from a pawn loan?

When you bring in your collateral item, the pawnbroker will determine its value and offer you loan terms based around that value. According to California state law, a collateral loan can range anywhere from $5 to as much as $50,000. Pawn loan terms are typically four months long, but you have a 10-day grace period in case you need it.

At Westminster Pawn, we are understanding of the numerous inconveniences of life and so we do our best to help you out in any way we can. This includes loan extensions and renewals, or you can choose to be free of your loan by forfeiting your collateral.

Do I need anything other than collateral for a pawn loan?

The only other things that you need to bring in aside from your collateral item is proof of your current address such as a piece of business mail and a current form of valid identification such as a:

Driver’s license
California Real ID
Military ID
Passport
Other government ID

Can I renew my pawn loan?

Because Westminster Pawn is staffed by compassionate people (and because it’s allowed under California state law), you can ask for a replacement loan whenever you feel like you need more time paying off what you owe. All you need to do is pay off the remaining accrued interest and we’ll offer you a new loan with rates and a principal amount that matches the original loan terms.

Is it common for people to forfeit their collateral?

So far the National Pawnbrokers Association has reported a rough average of 20% of forfeited merchandise. This may seem alarming, but we at Westminster Pawn do everything we can in giving you the time you need to pay off your loan so you can hang onto your collateral if you wish. The only time that items are forfeited at our store is when a customer shows no intention of making further payments and declines extension or renewal offers.

How do you determine a price for my collateral?

At Westminster Pawn, our staff is skilled in evaluating an item’s condition, appraised value, and current market value in order to calculate a fair and accurate price. This is often done through the appropriate tools and resources which makes us the best in the business!

How do you check the condition of jewelry or other items?

Some conditions are outwardly apparent such as the presence of dings, scratches, and cracks along with how well the item has been cleaned. Next, we check to see if the item is in working condition and if all of the parts and pieces are accounted for. When it comes to jewelry, we take into consideration the type and quality of the precious metals and gemstones that are present by utilizing the skills of our experienced jewelry appraisers.

How do you calculate the value of precious metals?

Whether you bring in gold, silver, or platinum, our appraisers can determine the weight and compare it to the current market value. We even go into detail when checking for the metal’s rarity, composition, color, shape, design, and so forth.

Is it possible to get a loan estimate over the phone?

Since it’s impossible for us to properly examine items over the phone or through photos, we are unable to give you an accurate estimate unless you come into our store. However, our appraisal process will not take up much of your day and you may be interested in taking a look around while you’re here!

Where do my pawned items go?

During your loan period, your collateral item is kept safe in a locked and secure area within the store. We have 24-hour surveillance because protecting all of the valuables housed in our establishment is extremely important to us so you can rest easy.

Is Westminster Pawn regulated?

All legitimate pawn shops, including Westminster Pawn, are regulated by state, federal, and local means. This includes the California Department of Justice, with licensing managed by the local authorities. On federal terms, we abide by the Truth in Lending Act, Federal Trade Commission, and the Patriot Act. In addition, all shops carrying firearms are regulated by the Bureau of Alcohol, Tobacco and Firearms.

Do pawn shops ever sell stolen items?

Through the protection of various regulations, we can ensure that criminals who attempt to sell stolen goods to us will be severely punished if caught. Once we catch wind of any criminal activity, we immediately call in the authorities to further handle the situation. How can we tell if an item has been stolen? Our staff is trained in identifying the signs so that we can keep our establishment clean and legitimate.

Have a Question? Call Us Today at (714) 893-0555 or Contact Us Online

Contact Info

Westminster Mega Pawn
7095 Westminster Blvd
Westminster, CA 92683

Working Hours

MON - SAT: 9AM–6PM
SUN: Closed

FAQ