FAQ

FREQUENTLY ASKED QUESTIONS

Arlington Jewelry & Pawn is offering free pawns to both new and existing customers. For existing customers, you can get a free pawn during your birthday month. For new customers, your first pawn with us can be free.

Check out our free pawn page for more information.

A pawn shop is a state-licensed and regulated business offering collateral pawns from $10 to $100,000 to its customers. In addition to pawns, a pawn shop will also purchase and sell items of value.

A pawn is a 30-day agreement using your collateral to receive money that can be renewed on a monthly basis by paying the monthly service charges.

Example:

Let's just say you borrow $100.00 on your jewelry. At the end of 30 days, you can come in and pay the service payment, which extends the pawn for another 30 days, or you may come in and repay what we advanced you plus any applicable service charge and get your item back (redemption). If you choose not to make the service payment or redeem your item by the end of 30 days, by law, the pawn is automatically extended by an additional 30 days. We do not charge any 'late fees'. However, the service charge does accumulate if not paid. If no payment has been made within 60 days and the item is not redeemed, then the pawn defaults and the collateral becomes the property of the pawnshop.

NOTE: The pawn can be extended as many times as needed.

We will offer to pawn or purchase most jewelry, watches, diamonds, coins, newer electronics, musical instruments, quality tools, antiques, and collectibles. However, we do specialize in the following: jewelry (gold, silver, or platinum), loose diamonds, coins (gold, silver, or platinum), gold bars, silver bars, broken or scrap jewelry (gold, silver, or platinum), scrap dental gold, gold and sterling flatware or hollowware, and WWII memorabilia. We will also take in newer laptop and tablet computers.

Yes, Pawnbrokers are governed by all major federal laws that apply to entities designated as financial institutions. The federal laws that regulate the pawn industry are Patriot Act, Truth in Lending Act, Equal Credit Opportunity Act, as well as Data Privacy and Safeguard of consumer information as part of the Federal Trade Commission (FTC) Rules. In addition, states have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities.

Most banks will not loan you small amounts of money. But, even if you only need $10, we can help you. Pawns do not affect your credit. We offer a quick, convenient, safe, and confidential way to borrow money. A short-term cash need can be met with no credit check and no obligation to repay. 

Some advantages to pawning are:

  • It is hassle-free.
  • Immediate cash payments.
  • No credit check or reporting.
  • You retain ownership of your item while it is in pawn.
  • If the loan defaults, nothing is reported to any credit agency or sent to your house.

We guarantee that we will pawn the most that we can on your item. However, pawn amounts vary according to the resale value of the item. Your pawn amount will be determined according to many factors, including the current market value of the item on a used market, demand, and condition of the item, to name a few.

We base the value of the item on the current market value, its current condition, and the ability to sell the item. Pawnbrokers use research tools that they have at their disposal to determine an item's worth and get you the most money for the item. The appraisal process varies depending on the type of item.-For example: Jewelry is evaluated differently than a Blue-ray player. All items that pawn shops buy or pawn are tested to ensure that it works properly.

According to the State of Illinois, less than half of one percent of all pawned merchandise is identified as stolen goods. That's because customers must provide valid identification and a complete description of the merchandise. This information is transmitted daily to law enforcement, which dramatically decreases the likelihood of a thief bringing stolen merchandise to a pawn store. We are required by State and Federal law to report every transaction to law enforcement every day.

Pawn transactions are unique in that they are the only type of transaction that requires reporting to local law enforcement agencies. In many states, this reporting is required daily and must include extremely sensitive personal information about the consumer (i.e., ethnicity, gender, address). Much of this information qualifies as "non-public personal information" under federal privacy law and is entitled to protection as such.

Yes, state and federal laws regulate the privacy of your pawn transactions with us, and we have procedures in place to safeguard your information. However, we are required by law to report all pawn transactions and items that we purchase to local law enforcement in order to protect against property crimes and unauthorized pawns/sales. (See: Customer Privacy Notice)

Yes. On average, about 80 percent of all pawns are picked back up. Repeat customers make up a majority of the business, similar to any other retail establishment. We establish relationships with our customers because they often use the same item repeatedly to receive money. Pawnshops are the only service to offer non-recourse pawns, looking only to the item being pledged to recover our investment if the pawner chooses not to pick their pawn up.

No. To provide their service, all lenders must charge rates commensurate with the size and duration of the pawn, collateral, risk, and recourse. Pawn transactions are small-dollar, short-term transactions with no hidden charges.

Arlington Jewelry & Pawn offers a descending rate scale. Meaning the more that you borrow, the less the service charge.

Our pawn rates are below the State allowed Percentage Rate of 1/5 (one-fifth) the amount of the loan (i.e., 20% per 30-days.)

In order to obtain a pawn, you must be at least 18 years old and have a valid government-issued photo ID. In addition, it must be one of the following:

  • Drivers license
  • State issued ID
  • Passport
  • FOID
  • US/Immigrant ID

You must bring an item of value that you can use as collateral for your pawn

The law prohibits pawn shops from doing business with anyone who appears to be intoxicated or with anyone known to have been convicted of theft.

(See: State of Illinois Department of Financial and Professional Regulation Division of Banking Pawnbroker Regulation Section).

Unfortunately, it is very difficult to evaluate your items without seeing them. We do, however, guarantee that we will pawn you the most that we possibly can.

No. Arlington Jewelry and Pawn does not deal in firearms. Unfortunately, it is unlawful for pawn shops to purchase, sell, or offer a pawn on any type of firearm in Cook County.

For pawn payments, we accept cash and PIN-Debit only.

If you are making a layaway payment or if you are purchasing something from us, we accept Cash, Debit, Visa, and MasterCard.

Yes. The terms are 10% down payment and 10%/month minimum payments. You can pay more than this to retrieve your item faster.

Yes. We have an excellent alarm and video surveillance system in place 24/7. Your jewelry is placed in an envelope and locked in the safe, and left untouched until you come back to redeem it. All pawns are locked behind a bulletproof wall for extra security.

If you lose or misplace your pawn ticket, please give us a call or stop in the store and let us know. That way, we can put a note on your account so that only you are able to redeem the pawn. In Illinois, the pawn ticket is a bearer document. That means that whoever has physical possession of the ticket can pick up or redeem your merchandise. So, if you want someone else to pick up or redeem your pawn, just give him or her the ticket, and we will give your merchandise to that person after paying the amount due on the transaction so long as they have a valid State ID or Driver's License.

However, if you lost your ticket, you must inform us right away so we can notate your account. This way, you are assured that your items will not be given to the person in possession of your ticket. When you come in without your access, you will have to show us your photo ID and sign our copy of the pawn ticket. We also compare the signature of the person who originally signs it and the signature of the person picking up the merchandise.