People often need to borrow small amounts of money that other lenders are not willing to provide. Best Collateral lends money on items of value ranging from gold and diamond jewelry to musical instruments, televisions, tools, game systems, etc. Typically, loans are small, averaging between $50 and $100. They can be as small as $10 or as high as several thousand dollars, depending on the value of the collateral. The contracted loan period is 3 months in Arizona, and can be renewed or redeemed at any time. All fees are regulated by the state. Sometimes a customer prefers to sell their property or work out a deal for an item for sale in our shop. We offer more money in this case, because we do not have to provide storage for the item while it is in pawn.
Our professional staff bases pawn loan amounts on the value of your item—its current appraised value, its current condition and our ability to sell the item. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can. The amount of the loan offered is based on the wholesale, resale/secondhand value of the item, not the new price a perfect example would be ebay.
The state requires us to use only a state issued drivers license or state photo ID card as identification each time a customer sells or pawns an item. We are required to check for updated information on every transaction. A complete description of the customer and all items received by a pawnbroker must be reported to the police, who compare pawned and sold property to their burglary, robbery and theft reports. This reduces the chances of a pawnshop receiving stolen property.
If you are unable to pay back your loan in full on its due date, you may get a renewal by paying the interest that has accrued on your loan, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.
When you are ready to pick up your merchandise, simply return to Best Collateral with your loan receipt and pay off your loan including principal, interest and any fees.
The title and ownership of an item remains with the borrower until the loan defaults. A pawnbroker is not able to sell a pawned item until the borrower fails to redeem or renew a loan at the end of the contracted period.
Despite what you see on TV or in the movies, pawnshops are the worst place to get rid of stolen merchandise. Pawnshops are tightly regulated and work very closely with local and federal law enforcement agencies. Everything pawned or sold to us is described in detail along with the required information from the customer’s identification, in mandatory daily reports to the police. Our video surveillance equipment also verifies customers’ identities.
Yes we deal in firearms we have one of the best selections in arizona ranging from new and used! we sell buy and loan on firearms.