The Pawn Process
A Pawn Loan is a loan that is secured by collateral held by the Pawn Broker.
All customers provide collateral, eliminating the need to distinguish high-risk from low-risk borrowers.Typically, loans are small, averaging between $50 and $200, although they can be as small as $20 or as high as several thousand dollars depending on the value of the collateral.
The process is much the same as any other lending institution, with the primary difference being the use of collateral instead of credit. With Extreme Pawn we hold and store your personal collateral item until the loan is repaid.