What is a pawn?
A pawn is a loan on your everyday items, such as jewelry, electronics, tools, and guns, generally anything of value.
I’ve never pawned anything before. How does it work?
All we need is a government issued ID to get you started. There is no credit check required. The amount of your loan is determined by the value of your collateral not your credit score. State laws differ on the term of a pawn loan, but in Florida, the term is 30 days. This means you have thirty days to either pay your pawn loan (plus the pawn service charges) in full, and receive your merchandise back, or simply pay the pawn service charge for the month to extend your loan another 30 days. If no payment is received within 60 days, your merchandise will be put out for sale to the general public.
Can I have more than one pawn loan at a time?
Yes, we do not limit the number of loans that one customer may have.
What if I can’t afford to pay my loan off in full?
The minimum required payment is the monthly pawn service charge. Any additional funds can not be used to pay down the principal (amount originally borrowed).
Is my property safe and secure while in pawn?
Yes. In addition to our state-of-the-art security system, we are also fully insured.
I don’t want a loan, do you buy items too?
Simply put…yes. We buy almost anything of value. All that is needed is a government issued ID.
What forms of identification do I need to pawn or sell an item?
You will need a government issued picture ID, such a State-Issued Drivers License or ID Card, Military ID, Passport, Alien Registration Card, etc.
How do you determine the value of my collateral merchandise?
Value is based on several criteria, such as: age, condition, desirability, and what price we would expect to receive for your item. Our employees are trained to properly research an items value to ensure you are offered top dollar for your merchandise.
Can I pawn or sell my gun?
Yes. Paramount Pawn and Jewelry accepts firearms. We carry a wide selection of handguns, rifles, and shotguns.
How do you know the items brought to you aren’t stolen?
While we can never be 100% sure, statistics show that less than 1 percent of pawn items are stolen goods. Florida pawnshops are required by law to report all items either pawned or bought. Paramount Pawn & Jewelry electronically transmits all information for each pawn or item we purchase the day we take it in. This includes: a description of the merchandise, serial number, model number, and the name, government identification number, and thumbprint of the person who brought it to us.
What about jewelry?
How do you determine its value? Each jewelry item is inspected individually. Diamonds, Gold and Silver are tested to verify authenticity. Gold and Silver are tested using a special precious metal acid that determines the karat of gold. Diamonds are tested with a diamond tester, as well as a jeweler’s loupe. Carat weight of the diamond, as well as the color, cut and clarity are all taken into consideration.
Do you really buy broken gold? How do you determine the price?
YES, not only do we buy broken or unwanted gold, but silver as well. The price of gold and silver is based on market value, and can change daily. The market value for 24k gold is significantly higher than that of 10k gold. The higher the karat, the more your gold is worth.