Frequently Asked Questions

About Pawn Shops

What is a Pawn?

A pawn is when you use a valuable item you own as collateral to borrow cash. You have four months and ten days to renew or reclaim your item. For most jewelry, this term is doubled. When you sell an item, you are giving away all ownership of the item whereas with a pawn, you still own the item in question.

How Do Pawn Shops Work?

Pawn shops offer collateral-based loans where they keep something of value in exchange for a loan. Customers are able to get back the item when they repay the loan.

Are Pawn Shops Legal?

Yes, pawn shops are legal. In California, they are regulated by the California Department of Justice, which enforces the California Financial Code. Additionally, pawn shops are a heavily regulated industry.

Can Pawn Shops Buy Stolen Goods?

No. If a stolen item is found in a pawn shop and it was not reported to the police, the pawnbroker may be charged with receiving stolen merchandise.

What is the difference between selling your item or pawning your item?

When you sell an item, you no longer own it. You are given cash you don’t have to pay back in exchange for an item. When you pawn an item, you are borrowing money and using the item as collateral. As soon as you repay the loan, the item is yours again.

What Can I Pawn or Sell? Will Pawn Shops Buy Anything?

At Maxferd, we accept:

Jewelry

Broken jewelry

Fine watches

Precious metals and coins

Loose diamonds and precious gemstones

High-end DLSR cameras and equipment

Apple products

Laptops and computers

Musical instruments

Certain collectibles

Luxury handbags

Art

How Do Pawn Shops Determine the Value of An Item?

Pawn shops determine the value of an item by assessing the current appraised value, the current condition of the item, and the ability to sell the item.

Can Pawn Shops Sell Guns In California?

Yes. A pawn shop that sells firearms will have the required federal, state, and local licenses.

Please note that no Maxferd location sells firearms.

Can Pawn Shops Sell Fake Gold?

While there is certainly fake gold that gets sold at pawn shops, here at Maxferd, you can rest assured all the gold we sell is 100% real.

Can Pawn Shops Give Out Information?

Pawn shops are required to gather personal information in order to comply with federal and state laws. Law enforcement authorities have the ability to download any information regarding items sold or pawned to a pawn shop or about the person who sold or pawned them. Outside of law enforcement, Maxferd will never give out your personal information to anyone.

Can I buy items in PAWN shops?

Yes. Items that have been sold to the pawn shop are available to purchase.

About Our Loans

What is the minimum and maximum amount of money I can borrow?

We can offer you anywhere between $5.00 and $1 million. We carefully review each item to assess value.

What is the interest rate for my loan?

Maxferd offers loans that adhere strictly to the California Financial code. This means that our loan periods and interest rates are regulated, and you will never be overcharged.

We also give a promotional interest rate of 0-1% for first time customers, and we offer customers the option to “rollover” the loan at the end of the four-month period without paying additional interest or principal payments.

Pay us a visit, and we are happy to go over the exact amount with you.

How long do I have to pay off my loan?

You have four months and ten days to either reclaim your item or renew your pawn. For most jewelry pawns, this term is doubled.

Do I have to make my monthly payments?

No. If you pawn an item with us, the amount is due when you redeem your loan.

What happens to my item if I decide not to pay back my loan?

You will lose your item. 87% of our customers reclaim their pawned items. We hate selling items of sentimental value, and our financial department is always willing to work with you if you need additional time.

Will defaulting on a loan affect my credit score?

No, defaulting on a collateral loan with one of our pawn shops will not affect your credit score. We do not report to credit agencies.

If I defaulted on a loan, can I get another loan?

Yes. We lend based on the value of your item.

About Services

Can Pawn Shops Appraise Jewelry?

At Maxferd, we are able to evaluate your jewelry. All of our jewelers are certified through the Gemological Institute of America. However, appraisals are primarily done for insurance purposes.

Can Pawn Shops Resize Rings?

While many pawn shop do not resize rings, we do at Maxferd.

Can Pawn Shops Resize Rings?

While many pawn shop do not resize rings, we do at Maxferd.

About Our Current Hours

Are Pawn Shops Open During COVID?

Yes. Pawn shops are permitted to remain open as an essential business. You can find store hours for each location on our Locations page.

Are Pawn Shops Closed on Sundays?

It varies between locations, but you can find more information about store hours on our Locations page.