If you need cash, you can pawn personal items instead of selling them. Pawn shops will lend money against merchandise such as jewelry, electronics, tools, firearms, and household items. If you’re looking into getting a loan this way, learn more about the process with these frequently asked questions about pawn shops.

Questions & Answers about Pawn Shops

What is a pawn loan?

A pawn loan allows you to exchange personal goods as collateral to borrow money. The loan amount is based on the value of the merchandise. When you pay back the loan, your goods are returned to you. Loans are generally for 30 days, but pawn shops will typically grant an extension if you pay additional interest and fees.

Why would someone use a pawnbroker?

Pawn loans are quick and easy short-term loans that don’t require a credit check or extensive paperwork. If the loan isn’t repaid, it doesn't damage your credit or result in legal consequences. The pawnbroker just keeps your merchandise.

How do pawn shops determine the value of the items used for collateral?

The items are physically assessed for value, functionality, and performance. Pawn shops determine the value of the merchandise by its condition, its appraised value, and the potential to resell it.

How are pawn shops regulated?

Pawn shops are governed by local, state, and federal laws. Federally, the Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, and FTC rules all regulate the pawn industry.

If you’re looking for a trusted pawn shop to provide a loan, head to A Happy Pawn in Honolulu, HI. Since 1988, this leading pawnbroker has provided fast cash and some of the state’s best rates on gold, diamonds, watches, electronics, and other goods. Whether you want to pawn something or are looking for bargains, visit their website for more information on their services. Call (808) 383-5253 to find out more about what they accept as collateral.