Pawnbrokers lend money on items of value ranging from Gold and Diamond Jewelry to Musical Instruments and Electronics. Pawn contracts in Florida are for 1-Month terms at interest rates up to 25% per month. (Arcadia Pawn offers lower rates that are among the most competitive in Florida) Once the Pawn Loan is made, the Collateral is set aside either in a secure Vault or safe Warehouse until the Loan is paid back. The Loan may be paid back at any time within the 1 month agreement.
Pawnbrokers offer consumers a quick and easy way to borrow money. Pawn Shops offer short term cash with no credit checks or legal consequences if the loan is not paid. Also Pawn loan contracts are very cut and dry with no hidden fees or outrageous interest rates. Payday Lenders often charge an APR in excess of 800%.
Yes, on average at Arcadia Pawn 78 percent of all Loans are repaid. Repeat customers make up a large portion of our business which enables us to establish very good relationships.
No, unfortunately due to the interest laws in Florida, many shops who advertise as Pawn shops really are not even licensed to make Pawn Loans. Beware of those who offer Buy/Sell options or Buy-Back Contracts. If a Pawn Shop in Florida charges more than the legal rate of 25% per month. Do Not pawn your items with them. Arcadia Pawn has been fully licensed and insured for over 16 years and offers the highest value for your items along with the lowest interest rates and best customer service.
No, actually less than 1/10th of 1 percent (or 1 out of every 1000 items) is reported stolen. Pawnbrokers work very closely with law enforcement to ensure all perpetrators are caught and prosecuted. All customers must provide valid identification, must be at least 18 year old, and must be fingerprinted. All transactions for the day are then forwarded to the local police departments.
The difference is the Price. Merchandise at our Pawnshop is generally 1/3 to ½ the price found at Retail Stores.