Frequently Asked Questions
Q: What can I do when I need money FAST?
A: Bring your items of value to us at the Alma School Pawn & Gold Pawn Shop, and we will guarantee you the highest possible cash payment for your valuables. If you have any question about items which have value, read the question below about “What kind of items can I bring?”. You will have two options with us – you can either sell your item outright to us, or you can arrange for a three-month loan, which you would repay in installments.
Q: What kind of items can I bring?
A: We can accept almost anything that has value at our pawn shop, and to give you an idea about the kinds of items which are acceptable, the following partial list is included:
- video games and gaming systems, such as the PS4 and Xbox One.
- electronic devices such as televisions, video players, stereo systems, computers, cameras, GPS devices, and cell phones
- family jewelry or estate jewelry, including gemstones, silver, gold, diamonds, and watches
- musical instruments
- vehicles such as cars, trucks, SUVs, ATVs, dirt bikes, boats, and motorcycles
- household tools such as saws, grinders, drills, routers, and industrial tools
In fact, practically anything that has real value can be used as collateral to secure you the maximum amount of cash for your item. When we appraise your items and we feel that they have resale value to someone else, we’ll be glad to give you top dollar for your valuables.
Q: Can I bring in my gun?
A: While we have no issues with citizens’ right to bear arms, we do not offer loans based on the value of any kinds of firearms.
Q: How do you calculate an item’s value?
A: We have several different methods for calculating the value of items you bring to us. In the case of jewelry items, our estimate is based on the New York Spot Market gold price, and for non-jewelry items, we consult several other sources in addition to our in-house experts. If you feel our appraisal is lower than what you expected, please feel free to consult with other lenders in the area for second or third opinions. We feel confident that in the end you will return to us, because we consistently provide the highest cash amounts for all items used as collateral.
Q: Can you estimate the value of my item over the phone?
A: While it is possible to offer you a rough estimate of value, the most accurate assessment can only be done when you come to us in person, at our shop.
Q: What exactly is a pawn anyway?
A: In effect, a pawn is a three-month loan during which we keep your valuable item as collateral, and you pay on the interest or interest-plus-principal. Once you’ve completely paid off the loan, we return the item to you.
Q: What kind of terms are involved in a pawn?
A: The terms of a pawn are mandated by state law, and require that we provide you with a three-month period to repay the interest plus principal of the loan, after which we return your item. Interest rates are governed by ARS-44-1626, and require 16% interest over the first 60 days of the loan, with 6% being in effect for the final 30 days. A standard $5 ticket fee and a $3 police fee are also applied.
Q: Now that I’ve pawned my item, what happens?
A: If you make your payments over the course of the three-month loan period, you’ll be able to redeem your item within 90 days. If you can only pay on the principal amount, the terms of the loan will be rewritten and extended for another 90 days, so you’ll have time to pay on the principal as well. Once you’ve redeemed the item, you’ll have the option of coming back to our pawn shop and pawning it again if you so desire.
Q: What happens when I don’t repay the pawn?
A: In the unfortunate event that your valuable items cannot be redeemed because you were unable to pay on either principal or interest, ownership of the item will default to our pawn shop. Please be aware however that before that happens, we are more than willing to work with you, and to be as flexible as possible about repayment terms. However, once an item does default to our pawn shop, your credit rating will not be affected in any way.
Q: What is a title loan?
A: This is a special type of loan because it’s a loan against the value of your vehicle, and because even though you do receive an amount of cash for the vehicle, you also retain the right to drive your car over the period of the loan. In return, we receive the title of your vehicle and a set of duplicate keys, so that we can assume ownership of the vehicle in the event of loan default. However, this need not happen, as long as you make your monthly payments of interest and principal, or even if you just continue to pay on the interest of the loan, and have the terms of the loan rewritten. To find out more about how a title loan works, stop by our pawn shop and pick up a packet which includes informational material and an application. While you’re here, you can ask our friendly representatives any other questions you may have. In addition to cars, we can also arrange title loans on motorcycles, RVs, boats, and other such modes of transportation. All title loans will be coordinated through our partner, Phoenix Title Loans LLC.
Q: What about selling my valuable item?
A: If you don’t feel you can make the monthly payments anymore, or you simply don’t want your item of value, or if you choose to sell the item to us outright rather than take a loan, the process is pretty simple. We will appraise your item, give you the maximum cash value for it, and then we assume ownership of the item and keep it in our inventory. The whole process is very quick, and puts money in your hands fast.
Q: Will my item be safe?
A: Your item of value will be as safe with us as if it were locked up in a bank somewhere. Our inventory storage area is extremely secure, and is constantly monitored by a modern surveillance system. Jewelry items will be secured in a vault, and any items stored with us will go untouched during their stay here. All items brought to us will be returned to you in exactly the same condition as we received them, and they will be insured while with us. If you store a vehicle with us, it will be maintained in a secured area, but you will still be required to maintain insurance on it, in the event of loss.
Q: What rights do I have regarding my loan?
A: We are obliged to operate under the regulations set forth in ARS – 44, Article 3, which governs all practices and procedures of the industry. In addition to state regulations on the pawn shop industry, we impose the strictest guidelines of integrity and honesty on ourselves, so that you can always expect fair treatment.
Q: Where can I find the state regulations?
A: To learn about your specific rights under the law, you may visit the following link: https://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=44
Under Article 3, you will find everything you would like to know.