Frequently Asked Questions
As the first web-based online pawn shop in the United States, Internet Pawn is revolutionizing a 3,000-year-old pawn industry. We guarantee secure, confidential, asset-based loans with consumer-friendly rates and terms online.
How is it different from other quick cash options?
Unlike other online lenders, Internet Pawn offers loans based on the collateral of your personal valuables. Quite simply, you do not have to say goodbye to your valuables in order to receive cash. We offer cash quickly with no payments for six months. We guarantee a premium value based on our proprietary technology, and all transactions are conducted from the privacy of your home.
What is the company’s vision?
Internet Pawn will revolutionize pawn as an industry by making it more attractive, affordable and convenient to a broader group of customers.
How do you generate revenue?
Internet Pawn derives revenue from the interest rate of our loans. It is our goal to return 100 percent of the items used as collateral. If we sell an item and a profit is made on it, excess proceeds are returned to the original owner.
What are the benefits of using Internet Pawn?
There are many benefits to using Internet Pawn versus other lending sources. Internet Pawn:
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Offers a safe, private online solution to accessing cash quickly based on the collateral of personal valuables
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Guarantees a premium value based on our proprietary valuation technologyAllows you to conduct transactions from the privacy of your own home
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Offer consumer-friendly rates and terms requiring no payments until the end of the six-month loan term
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Requires no credit checks or proof of employment to obtain a loanOffers fixed and well-defined fees and interest charges
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Gives you the option to NOT repay your loan without negative consequences
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Returns any excess sales proceeds to the original owner
What problem does Internet Pawn solve?
As a result of the current state of the economy, a large segment of the population is unable to access an affordable credit solution. We allow consumers an opportunity to unlock the equity they have in their valuables and solve an immediate cash flow need quickly. Additionally, our terms allow consumers time to get on their feet financially.
Who are you targeting with Internet Pawn?
Anyone with a valued personal asset and a temporary cash flow need. This can be someone who can’t rectify a financial situation in 30-90 days, but can in six months to one year; entrepreneurs without access to lines of credit; customers who have extended their credit over the past few years or anyone experiencing an unexpected household emergency.
Who is your competition?
We offer loans, so we compete with banks. We are an alternative to high interest rate credit cards, traditional pawn shops and expensive payday loans, as well as eBay. We want people to know they don’t have to say goodbye to their assets forever.
We also compete against those who want to buy your watch. Unlike watch buyers, we can not only offer a watch appraisal and help you if you are thinking you want to “sell my watch“, we can also give you a cash loan for your watch, or you need loan on wedding ring.
How does Internet Pawn work?
Internet Pawn designed a process that is convenient, secure, simple and fair for the consumer. Through an online transaction, customers can obtain asset-based cash loans within 24 hours. The process includes an online application, evaluation and verification of merchandise and shipment through FedEx. After a loan is made, customers have six months to decide if they would like to repay the loan, extend the loan or not repay the loan. Customers are required to provide a copy of a state-issued ID, a signed declaration of ownership form, and if funds are requested to be transferred electronically; a canceled check.
The standard loan term is 180 days, which is roughly six months. Loans can be extended if a customer chooses. The loan can be repaid anytime.
Through e-mail and phone conversations with customers, we determine if collateral items have enough value to warrant a requested loan. If so, customers ship items to us through FedEx. Once we receive the item, we secure it in our vault and deliver the loan to the user. When a loan is repaid, the item is returned.
If a customer chooses to forfeit the merchandise, we will sell it and return excess proceeds to the customer.
Loans are remitted electronically directly to a bank account, or if a customer chooses, we can mail or ship a check overnight.
What exactly do you mean by excess proceeds?
If a customer chooses not to repay us and forfeit his/her merchandise, we will sell it and return excess proceeds to that customer. By that, we mean any proceeds that remain after we have recouped the value of the item, any interest owed and applicable fees, including a 20 percent marketing fee for selling the item.
Is your online site safe and secure?
Internet Pawn follows a multi-layered approach to security. We routinely review our security processes and systems and guarantee the highest standard of quality.
We partner with best of breed technologies such as Equifax, VeriSign and PawnGuard to make sure personal information and personal property are safe and secure throughout the entire process. All data shared with Internet Pawn is fully encrypted and stored in a secure data center.
What does Internet Pawn accept as collateral?
We lend against almost anything. Most of our pawn loans are made on items that can easily be shipped to us. We lend against any item made with precious metals such as silver, gold or platinum, which includes almost all jewelry (rings, bracelets, necklaces, earrings, chains, class rings, cuff links, etc.), gold or silver bars or ingots and coins. We also lend against heirlooms, watches, precious stones, collectibles and artwork.
What is the minimum and maximum loan amount offered?
Loan transactions can range from $500 to $100,000, but our typical loan amount ranges from $1,000 to $5,000.
How long do users have to repay a loan?
After a loan is made, customers have 180 days, or roughly six months, to decide if they would like to repay the loan, extend the loan for another six months or not pay the loan.
Will a user’s credit be affected by using Internet Pawn?
No. We do not check credit or report pawn loans to a credit agency. We do conduct identity checks as part of our legal compliance as a financial service provider, but this is not a credit check. Your credit rating remains unaffected even if you do not repay us.
How long does it take to receive cash loans?
You can get your cash in as little as 24 hours if you choose for us to wire you money. If you utilize our standard shipping and ship your item the same day you apply, you should expect your cash in two to three days.
Do users need to provide identification?
Yes. We require a copy of a state-issued driver’s license or ID. We are regulated by both state and federal laws, and these laws require that we verify the identity of our customers.
Why should people trust Internet Pawn with their valuables?
Internet Pawn is fully licensed, bonded and insured. During the shipping process, all items are fully insured by FedEx. Then, while in our possession, all assets are insured, and only trained employees handle valuables. Additionally, all asset activity is captured by employees using biometric security, and every item is immediately catalogued and photographed upon receipt. All assets are kept in our vaults, including our PawnGuard safe for jewelry and our T40-rated vault for larger or unusually shaped items.
How do you know you are not accepting stolen property?
We are required by law to report all collateral items to a federal database that any law enforcement agency can tap into. This is a very successful deterrent for those looking to pawn stolen merchandise. In fact, less than ½ of one percent of all pawn transactions are considered stolen merchandise.