You receive a loan by bringing in an item to use as collateral. Our professionals evaluate your item, decide how much it is worth, and discuss your loan needs. It is best to only borrow as much as you need and not more. If you need more money, bring in more collateral. Once you pay the loan, you can get your collateral back.
What is a pawn?
A pawn is a type of loan, called a secure loan. Secure in the sense that if the loan isn’t paid back, there is another way for the bank to make up for the loss. Pawning is the oldest form banking, the term originated from the Latin word "pignus" for pledge. When someone pawns an item, it’s because they make a pledge to come back for them.
Selling your item is not a pawn. You are welcome to sell your things, but you will not have the option to buy them back until they are for retail sale (MI state law is a minimum of 15 days).
What can I pawn?
Almost anything of value! We couldn’t give you a list of everything, but here are some of the most common things we loan on.
• Flat screen TVs and monitors (3 years old and newer)
• Gold (jewelry, scrap, ingot)
• Silver coins and ingots
• Platinum coin and bullion
• Newer game systems (3 years old and newer)
• Pro Shop Bicycles
• Laptop computers / tablets
• Lawnmowers and snowblowers
• Musical instruments
• Long guns
• Archery Bows & Crossbows
• Fishing equipment
• Tools, both professional and home grade
• Digital cameras (newer)
• Telescopes and binoculars
• Mopeds and motorcycles
• Dirt Bikes
• Gift Cards (we purchase only)
What can't I pawn?
We do not provide loans on certain items because they may not be a good fit for our store. Examples of which include but are not limited to:
• TVs older than 5 years
• Video games and accessories older than 3 years
• Handguns (Michigan state law)
• Desktop computers (towers)
• CRT televisions
• Car / marine audio equipment
• Clothing, shoes, purses, furs, and other attire
• Sports memorabilia and cards
• Electronics with dead batteries
• PS2 / PS3
• Tattoo equipment
• Medical equipment
• Household appliances
• CDs and players
• Antique collectibles
What are my responsibilities?
You are responsible for proving your item is in good working order. We do not loan on broken or unsafe goods. We provide a limited selection of things to help with this includes:
• TV with HDMI, RCA, RGB, Coax, and VGA input
• Cable via coax connection
• 110v power outlet
• Test plank for air nailers and staplers
Gas powered engines must be started and run for a short period to show they function. For special arrangements call and ask.
You must present a valid state ID. This is an ID that has a photo, current address, and is not expired. If your ID has a cut corner, it will be assumed invalid unless attached to a temporary ID with valid expiration date. If your ID is unreadable, it will be considered invalid. There are no exceptions.
You are responsible for retaining your pawn ticket. Anyone in possession of the ticket has the ability to redeem the items of that pawn, excluding firearms. A pawn ticket is requested for payments, information about, or redemption of an item. A lost ticket can be reported to us and we are able to prevent unintended redeems. If you lose your ticket, there is a minimum $1.00 USD. If you lose your ticket, you must present a valid state ID for future transactions.
How long can I have my loan?
As long as you need to! Our renewable loans are different from others. We offer the ability to extend loans as long as you need to by paying your service fees. You can pay at any time, and once your service charges are paid, any additional money will be put towards the principle balance.
Your loan is subject to forfeit if you have 3 unpaid service charges
When do I have to pay?
The short answer is, before you accumulate 3 unpaid service charges. If you wish to pay every 30 days on your loan, feel free. As well as if you want to pay every 60 days. If you wait till 89 days, that’s OK as well.
He is an example:
A customer takes out a loan. They are short on cash for a while and 60 days later have accumulated 2 service charges. He/she has some money but no enough to (or does not feel like) paying off the whole loan. They can:
• Pay 1 service charge. The other one can be paid at a later date.
• Pay 2 service charges. With no outstanding payments, any additional money paid is taken off the principle balance of the loan possibly lowering the next service charge.
If the customer left 1 unpaid service charge and went another 60 days before making a payment, that would be 3 unpaid service payments and their items would be subject to forfeit in order to sell to recoup their debt.
How much is my stuff worth?
Loan amounts are for a percentage of the resale value. Being in business for over 25 years, we have the experience to properly judge the value of almost anything. The resale value of your items is determined by research and experience from past sales. Our loan system has proven a 95% redemption rate from our customers.
Loans amounts are not based off the MSRP, appraisal, replacement or new price. Loans are calculated from resale value. We do not give estimates over the phone.
What happens if I can’t pick my stuff up?
If you are knowingly unable to pay back your loan or will be late on a payment let us know. Depending on the conditions, we can adjust for the situation. Give us a call and ask. We are more interested in you redeeming you item than in having to sell it.
If your forfeit your items, there is nothing reported to a credit agency.
What if I suspect something of mine has been brought to the pawn shop?
The first thing is to report any incidence of crime, theft, or loss to the police. At THS, we actively work with law enforcement to cut down on crime. We are the most strictly regulated resale business there is. Law enforcement has complete access to our information. We hold onto every item for a minimum of 15 days while it is scanned by the authorities. If police find something out, they will contact you. Please know we are prohibited from releasing any and all information to the public about any transaction(s) under privacy regulations.
Items are stored safely in our secure facility. You can be confident that your item will be returned in the same condition that you left it.
Need a loan? Give us a call today and find out how we can help!