Penguin Pawn: Frequently Asked Questions
Below are answers to some of the common questions concerning pawn loans and Penquin Pawn.
- What is a pawn?
A pawn is a collateral-based short-term loan that is charged interest. You bring us an item and if we can agree on a value we will lend you a percentage of that agreed used value.
- How do we determine the value of an item?
There are many things that we use as factors to determine the value of an item, including, but not limited to, current resale value, and current market for the item. Additionally, we check to see that the item is complete and in good working order. We check to see if the item belongs to you, and we check our current inventory stock of that particular item. All of these factors and more come into consideration during this process.
- How does a pawn work?
We give you money for the period of 90 days with an additional 10% interest added every 30 days that your item is at our facility. Example: A gold ring is pawned for the amount of $100.00. If you return for the ring within the first 30 days, your payment would be $110.00. If you make your payment after 30 days but before 61 days, it would be $120.00. If you make your payment after day 60 but before day 91, the amount would be $130.00. After 90 days we can take possession of the item.
- How can I keep from losing my item if the 90 days is almost up?
For every 10% you pay on your outstanding loan the loan will be extended 30 days.
- How do I manage my pawn?
We suggest that the best way to manage your pawn is to stop by once a month and pay 10% towards your loan. This benefits you in two ways. It makes the total dollar amount that you pay back less, simply because you don't have 2 and 3 months of interest accrued on your loan at one time. This way you NEVER get close to losing your item(s), because every month you will be extending you loan out by 30 days.
- What can I do if I am having trouble paying my principle?
If you needed a large amount of money and you find yourself having trouble picking it up, we have a way around it. Simply pay off your loan and pawn it for less. If you have a loan for $500.00 and you've stayed on top of it by paying your interest every 30 days, you should owe around $550.00. Say you just got paid and can afford to pay $150.00. You can't pay towards the principle but you can pay the $550.00 and then re-pawn it right then for $400.00. Now your loan has a lower interest amount and a smaller principle. Next month, bring in $440.00 and re-pawn it for $300.00 or whatever you can afford. Remember it's never our goal to take ownership of your pawned item.
- Do I have to pawn my item or do you also buy items?
If you would like to sell an item and we determine we would like to purchase it, then we would be happy to make you an offer.
- What items can I take to your pawn shop?
We accept a wide variety of items from customers including, but not limited to, jewelry (gold, silver, diamonds), coins (gold or silver), commercial grade power & hand tools, cordless saws, drills, lawn mowers, mechanics tools, ratchets, wrenches, sockets, newer electronics, TV's, "Flatscreen, LCD, LED, Plasma, 3D" DVD players, stereos, speakers, surround sound, cameras, firearms, knives, camping, fishing, archery, bikes, music, movies, video games, game consoles, handheld gaming devices, iPods, iPads, iTouchs, musical instruments, guitars, amps, trumpets, saxaphones, flutes, clairanets, violins, banjos and accessories, vintage or collectible items, some antiques, and any items that we can deem valuable.
- If I buy an item from a pawn shop, how do I know it is not stolen?
We get very few stolen items into the shop. Somewhere at less than 1/5 of 1% of what comes in may be in this category. On the remote chance this does happen, we work very close with local law enforcement to make sure that anyone who falls victim to this gets their merchandise back while adhearing to Kansas pawn laws.
- Do you accept firearms?
Yes we do. You will need to be at least 18 years old if you have a long gun and over 21 years old if you have a hand gun. When you pick up your firearm all ATF rules will apply.