How Does Pawnbroking Work?
When you have bills to pay, you can let your assets work for you! Unlike “cash for gold” businesses that purchase your valuables and give you a fraction of their worth, Broadway Loan simply offers you a short term loan using your valuables as collateral. It's simple and you still own your items! Here's how it works:
- Bring in your jewelry or other valuables and let us know how much you need.
- We will examine the item(s) and if we agree on the loan amount we will give you cash immediately.
- Your jewelry will be held in our vault until you return to redeem you loan.
- The loan period is six months but you may pay off the loan earlier if you desire.
- When you redeem, or pick up, your item(s) you pay the original loan amount plus the interest due (this is State regulated) based upon the length of time the loan has been in effect.
- If you don't want to pay for your loan in full you may pay the interest and renew your loan for another 6 month period.
- In the event that you decide not to redeem or renew your loan Broadway Loan will take ownership of the item(s) you pawned and you will have no further obligation. This will not affect your credit.