LOANS

 

Cash When You Need It!

Cash When You Need It!

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We offer fast, friendly and fair collateral loans in Spokane,WA. No loan is too big or too small. Stop by 3301 E Sprague or call (509-535-2251) and we can help. 

We know times can get tough for anyone. Whether it’s a sudden emergency, car repairs, unexpected bills or if you just need a little extra cash for your vacation, we’re here to help.

Axel’s Pawnshop: We put money in your pocket!

Here is list of frequently asked questions that may help you understand how pawn loans, and pawn shops in general, operate. Feel free to send us an email with any questions you may have.

How does a pawn loan work?

Pawn loans are a quick and easy way to borrow money with no credit check and no negative effects on your credit score if you decide to let the item go unpaid. You simply bring in an item of value and we will determine the most we can loan against it. You can borrow any amount up to the maximum we can offer. In other words, your loan amount is based the value of your item not on your credit score or pay schedule.
Loans in Washington State are written for 90 days. At anytime during that period you may pick up your item by paying back the loan (amount borrowed plus interest). Interest rates are determined by Washington State and are the same at any shop you may go to in Washington State.
If you are unable to pay off your loan in full you have the option of paying only the interest due (rewrite/renew) prior to expiration date of the loan, and you will receive a new loan ticket good for an additional 90 days. If you decide not to pay off the loan or pay the interest to rewrite/renew the loan prior to expiration date, then after the loan expires your item is placed in our showroom and put up for sale. There is no harm to your credit score or your ability to get further loans from Axel’s in the future should you choose to let an item go unpaid.

How is the loan amount determined?

Several factors determine the value of an item. These factors include but are not limited to the new retail price, its current appraised value, the condition and our ability to resell the item in the event you choose to forfeit the loan.
We use every source at our disposal to maximize the amount we are able to offer you. Axel’s knowledgeable and experienced staff are trained to offer you as much for an item as possible.

How is an items condition determined?

Overall appearance is the first thing we notice. We will also test each item to make sure it is in proper working order. We will evaluate any accessories, manuals, cables, cords or additional add-ons. We will determine whether an item is a currently available model or a discontinued model.
As with any collateral loan, an items items age and condition are the primary factors when determining how much we are able to loan.

What is a loan rewrite / renewal?

If you are unable to pay off a loan in full before the final due date you have the option of paying the interest due. You will receive a new loan ticket good for an additional 90 days at that time. This must be done prior to the final due date on the current loan. A loan can be rewritten / renewed as many times as necessary, until your are ready to pay off the loan in full and redeem your item.

What does it mean to redeem a loan?

When you come in and pay off your loan in full, including interest and pick up your item, you have redeemed it.

Can I make monthly payments on my loan?

Yes, you can. However it is most cost effective for you to pay down the principle (loan amount) at the same time that you rewrite/renew your loan. The cost to you is higher if you want to make monthly payments because you end up paying more in fees.
When the loan is due and you plan to pay the interest to renew it, you can pay extra to reduce the loan principle, thus making your interest and fees lower on the new loan, reducing the overall cost to redeem your item when you are ready to pick it up.

What kinds of merchandise do you take?

We like to say we deal in everything from A to X. There are some exceptions, if it eats not likely, if it leaks not likely, otherwise we are open to look at most anything.
We are a full service pawnshop that specializes in Tools, Jewelry, Firearms, Musical Instruments, Electronics, Computers, Video Games, Collectibles, Sporting Goods and more! If you have a question give us a call at 509-535-2251.

What if I just want to sell something rather than get a loan?

No problem. We will determine the value and make you an offer to purchase your item. Understand that we will loan you as much as we will pay you for an item so if you are not sure which to do, the amount you receive will be the same. Some pawnshops pay more to buy because they will get it out for sale sooner (30 as opposed to 90 days). Axel’s, on the other hand will loan as much we would pay, after all if you forfeit an item we bought it haven’t we? This way we can loan you more than some other shops you may be able to.

Do you trade?

Yes we do. In fact most of the time you will get more for your item if you are looking to trade for something we have. Trade value is determined by evaluating your item and looking at what you want to trade for and then coming to some mutually beneficial agreement. If you see something in our showroom you want or need and have something to get rid of, come in and let’s make a deal.

How do you determine the value of jewelry?

Jewelry is evaluated by weight of precious metal and quality and size of any diamonds in the piece. A simple scratch test determines the karat of gold. This leaves only a tiny mark in a hidden location on your jewelry so its value is not diminished. The karat content and weight will determine the precious metal value based on that days current market value.
Diamond values are slightly more difficult to determine but the Color, Clarity, Cut and Carat size (The Four “C’s) are used to determine the value of diamonds. We will electronically test your diamond to be certain it a not a synthetic of any kind, and then base the value on the four C’s of your diamond against current market value for diamonds.
Since the market values on these items are constantly changing it is impossible to determine value without the piece in our shop for evaluation. Evaluation usually only takes a few minutes.

Can you give me a quote over the phone?

Unfortunately, no. We may be able to give you a general idea of what we can loan over the phone but until we actually examine and evaluate an item we are unable to determine the maximum loan amount we can offer. It is not uncommon that we are able to loan more than we estimate over the phone once an item is evaluated, but there is no guarantee implied or given over the phone.

Is my collateral safe while in pawn?

Absolutely! While your item is in pawn it still belongs to you and we take that fact very seriously. All accessories (remote controls, cords, cables, etc…) are kept with your collateral while in our secure storage area. Once an item is placed in a safe storage location it remains untouched until you redeem it or forfeit it.

Can I pawn a gun?

Yes, we make loans on Rifles, Shotguns, Pistols, Revolvers and Collectable firearms all of the time.
Many of our customers get a small loan on hunting firearms after the season has ended for a safe, secure and dry place to keep them until the next season. This is an inexpensive way to safely store your guns out of your home and away from children or criminals in the event of a burglary.
All firearms are stored a fireproof walk-in vault in a dry environment on carpeted shelves.
As a federally and state licensed gun dealer we are required to follow all federal and state regulations regarding the proper acquisition and disposal of all firearms we handle.
There is some paperwork to be filled out and called in to the FBI/ATF-NICS agency before we can release a firearm back into your possession but this takes only about 5 to 10 minutes to complete and a huge majority of the time there is no delay releasing your firearm back into your possession. In the event a background check is delayed it must be resolved by the FBI/ATF-NICS agency within 3 business days. If no reply is received by us regarding the delay within that 3 business day period we can release the firearm to you at that time without further delay.

Do pawnshops get stolen merchandise?

No. It is very rare that a pawned item turns out to be stolen. In our shop over 20+ years as well as in nationwide independent studies, less than on half of 1% of the items (1 in 1000) brought into a pawnshop are stolen.
This is due to several reasons, first of all every item that comes into a pawn shop is held for a minimum of 30 days in the case of an outright purchase or 90 days in the case of a loan. Each and every item taken in to a pawnshop is reported to the police every day. The information provided to law enforcement includes the Item, Brand, Model, Serial Number, Who Pawned It and Identification Information.
Washington State law requires us to verify current valid State issued ID, we have cameras recording every transaction, we get a signature and we report every item to the police…
criminals know this and avoid pawnshops entirely. If someone brings a stolen item into a pawnshop THEY WILL GET CAUGHT!