A pawn loan is one of the simplest ways to borrow money. You leave something you own with a licensed pawnbroker, get cash on the spot, and pick the item back up when you repay. There's no credit check, because the item is the security for the loan.
What you bring
- The item. Jewelry, gold, tools, electronics, firearms, instruments: anything with resale value.
- A valid photo ID. Georgia pawnbrokers must record who they lend to, so a government-issued photo ID is required.
- Accessories. Chargers, cases, batteries, and original boxes make an item easier to value and often worth more.
How the amount is set
The pawnbroker looks at what the item would sell for today, its condition, and how quickly it sells. The loan is a portion of that value. Gold and silver are mostly priced on their metal content; see how gold is priced.
The pawn ticket
Georgia law requires every pawn loan to be written down on a pawn ticket that you sign. The ticket is your receipt and your contract. It shows:
- A description of your item
- The amount you borrowed
- The charges for the loan
- The date the loan is due, and the total you'll pay to get the item back
Georgia also limits what a pawnbroker may charge. Read the ticket before you sign, ask about anything that isn't clear, and keep it somewhere safe: you'll need it to pick up your item.
Repaying and picking up your item
Bring your ticket and ID before the due date and pay the amount shown. Your item comes back to you in the same condition you left it. You can usually repay early, too.
Extending your loan
If you need more time, you can usually extend the loan by paying the charges due. The loan then runs for another period. Call the shop before your due date to find out exactly what's needed.
If you don't repay
If you don't repay or extend by the end of the loan, the item becomes the pawnbroker's property and the loan is closed. That's the whole consequence: there are no collection calls and nothing goes on your credit report. Many people choose this on purpose instead of selling outright, because it leaves the door open to get the item back.
Pawn or sell?
Pawn if you want the item back and only need cash for a short time. Sell if you don't need it anymore; selling usually gets you more money up front, because there's nothing to repay.
This guide is general information, not legal advice. Rules change; ask us at the counter or check the official source if you're unsure.