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A pawn loan is the cash loan that a consumer gets for exchange of personal property that is stored with the pawnbroker until the customer redeems the merchandise according to the terms agreed upon, or the pawn contract defaults.

As mentioned in the Article 7 Mississippi Pawnbroking Act, once a pawn loan is processed, the consumer has 30 days (from the date of pawn) with a 30 day grace period to pick the merchandise with the payment of principle and final charge. If you cannot redeem your item, you also have the option of paying the service charge only that extends the loan to another 30 days. If the loan is not paid well in time including the interest, the pawn broker can legally sell the item that was put up for collateral.

It is to be noted here that during the loan period, the item is not up for sale. (Items that are not redeemed will become bargains for the other customers). In addition of pawning, items can also be sold directly to the Pawn Shop.

Therefore a Pawn Shop is run by pawn brokers who lend financial loans against items that range from Gold, Silver, Diamonds, Jewelry, Musical Instruments, Electronics, Fire Arms, Power Tools, and Collectibles etc.

You can pawn anything that has a resale value like Gold, Silver and Diamond Jewelry; Watches; Electronics like TV, Music Systems, Mobile Phones, Play Stations, Cameras, Laptops etc; Vehicles; Paintings & Art Works; Firearms; Sports Equipment etc.

Yes, precious metals are still worth something depending upon the prevailing market rates.

We determine the value of jewelry etc through the current precious metal or diamond wholesale market prices. The value of other items is determined by their average online sale price and in-store salability.

The loan is of 30 days with a 30-day grace period.

You have the option to just pay the interest charges and renew your loan for another term. Visit us for more information about renewals.

We at Oxford Pawn Shop do our best to inform our customers about the expiration of their loans & so you always have the option of renewing your loan. But in case you don’t want to make a payment and recover your item, you are not required to do anything else in which case our pawn shop will take legal possession of the item at the end of your 30-day grace period.

No, the title and ownership of an item remains with you until the loan defaults. Items are sold only when the borrower fails to redeem the item or renew the loan at the end of the contract period.

No, pawn loans are backed by the collateral you bring and not your credit history.

Someone else can renew your loan; however, only the original pledgee can collect the item.

Only debit cards can be used to pay pawn loans; however, both credit/debit cards can be used for purchases from our store.

Yes, we will send a text and/or call when the contract has expired and you are in your grace period.

No, loans are based on a percentage of the collateral you bring. However some restrictions may apply, please visit our store for more details.

Yes, you do not need to worry about the safety and confidentiality of the transaction as it is our responsibility to keep it private. .

Pawn Shops are regulated by the Federal, State, & local government. Also in Mississippi we are regulated by the Mississippi Department of Banking & Consumer Finance.

Pawn shops verify items and always are below retail pricing.

Pawning is the best way to meet short term financial needs with no legal proceedings involved. The customer is given a pawn ticket which carries all the information regarding the pawn deal including customer’s personal information, date of the deal and description of the item, amount of the loan and the rate of interest. Therefore procuring a pawn loan is easy and a confidential way to meet your monetary requirements and get fast cash.

  • Bring us your collateral and tell us how much you want to borrow.
  • One of our pawn brokers will evaluate your item & discuss the allowable loan amount with you which is a percentage of the value that we believe the collateral would bring in a sale.
  • Present a valid government issued photo ID.
  • Sign the required documents & collect your cash.

No, less than 1% of items are identified as stolen goods. Pawn Shops are highly regulated and work very closely with the local and federal enforcement officials and have trained staff who are always on the lookout for and identify stolen property, therefore Pawn Shops are the worst places to get rid of stolen goods.

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