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Our Newsletter


PAWN (HOCK) borrowing

Bring in any item of value. Our highly trained staff here at ePawn LLC. will evaluate your item quickly and expertly. 
Then we will work hard to get you the cash you need. A happy customer is a repeat customer so we'll strive to keep you satisfied!
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Q. What is a pawn?

A. A pawn is when a consumer is advanced funds in exchange for personal property that will be stored in the "pawnbroker's" possession until the consumer redeems the merchandise according to the agreed upon terms, or the pawn contract defaults. 

As per the Pawnbroking Act, once a loan (pawn) is processed, you have 30 days (or more, according to contract you have signed) from the date of the pawn to pick up your merchandise with payment of principle and finance charge. If you cannot redeem your item, you have the option of paying only the extention fee (service charge). By paying the service charge, the loan is extended another 30 days, with option(s) of future extencions if necessary. If the customer doesn't pay back the loan on time (indicated expiry day), including the interest, the pawn broker can legally sell or dispose of the item that was put up for collateral. 

During the loan period, the item is not for sale. If the item is not redeemed by the last day of the loan period, the item is for sale. Items that are not redeemed become bargains for the consumer. If preferred, an item can be sold directly to the Pawn Shop.

 

Q. Are pawnshops stocked with stolen merchandise?

A. No. Less than 1 percent of items are identified as stolen goods. Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property.

 

Q. What are the requirements to obtain a loan?

A.  You must be at least 18 years old and you must have a valid government issued photo ID. It can be of the following:
  • Drivers license
  • Health card
  • Passport
  • Landed Immigrant ID

 

Q. Why pawn with us?

A.  If you have money problems and your bank won’t make you a small loan, ePawn LLC can loan you the cash you need by making your gold, silver and other valuables work for you. You can use these items as collateral to secure your loan. There are several advantages to pawning:
  • It is hassle free.
  • You get your money in minutes.
  • There is no credit history check.
  • You retain ownership of your collateral.
  • If you don’t pay back your loan, you will lose your collateral, not your credit worthiness.

 

Q. What kind of items can I bring to a pawnshop to use as collateral?

A.  Gold, Silver, Diamonds, High-end Watches, Antiques (Furniture, Figures, Statues...), Motorcycles, Some Tools, Fishing Equipment, Lawn Equipment, TV’s (modern, unless it is real antique), Cameras and Camera Equipment (lenses, tripods), Musical Instruments, and many other kinds of valuables. As long as an item is in good condition, we’ll consider it for a loan. You can also see the list of items we are taking at SELL page, - what we buy is what we can process as pawn.

 

Q. How do pawnshops evaluate the merchandise I bring as collateral?

A.  The amount of the loan is based on the pawner’s needs and the loan value of the merchandise presented to pledge. For jewelry, the value is determined by the weight, karat and the current market price of the metal it contains. If the jewelry has diamonds or other precious stones, our knowledgeable gemologist will estimate its value. For coins, the value is determined by the gold or silver content, prevailing market price, condition of the coins and the rarity of the coins.

For other non-jewelry items, the value is determined by the condition, the current appraisal and how much they would sell for in the used market.

 

Q. What are the terms of the loan?

A.  The terms of the loan are printed on the pawn ticket. The pawn ticket will have your personal information, the ticket number, the amount you are borrowing, the loan origination date, the date when the loan is due and the rate of interest charges in percentage and in dollar amount. The loan is written for 30 days. You either have to redeem your merchandise on or before the due date written on the pawn ticket or pay the interest to renew or extend your loan for another 30-day period. There is no limit as to how many times you renew or extend your loan.

 

Q. Are pawnshops regulated?

A.  Yes, pawnshops are heavily regulated by province, local municipality and/or country in which they operate. At the end of each business day, pawnshops are required by law, to send to their local police department a copy of all the pawn and purchase transactions made during a day.

 

Q. What methods of payment do you accept?

A.  For interest payments and loan redemptions we accept cash, debit and credit cards. If you cannot appear in person to pay the interest on your loan, you may use e-mail money transfer (also known as e-transfer) service with additional small service charge.

For sales of merchandise, we accept cash, Interac (debit), VISA and MasterCard.

 

Q. Can I borrow against Jewelry, or other items I purchased from you?

A.  Yes. A loan for jewelry purchased from us, has a loan value of 50% of what you paid us for it. The loan value of other items purchased from us, like Electronics, and tools etc, is based on age and condition. Just be sure to bring your receipt from the original purchase.

For any more questions you can always contact us at (416) 244-2476; our customer service reps are available Monday to Saturday from 12:30 p.m to 6:00 p.m Please note that we are closed on Sundays and National Holidays.