Frequently Asked Questions at Our Los Angeles Pawn Shop
As part of our customer-first mentality at Zak’s Pawn Shop in Los Angeles, we’ve taken the time to answer some of our frequently asked questions. Should you not find the answer to your specific question listed below, feel free to reach out to us directly via phone or email and one of our friendly, knowledgeable associates will reply as quickly as possible.
How does your pawn shop work?
Zak’s Pawn Shop lends money on many items of value, ranging from electronics, gold, and diamond jewelry to musical instruments, tools, household items, and more. We primarily look for high-end items that retain their value and are easily stored in our vault.
Because all of our customers provide some form of collateral when securing a loan with us, we don’t need to distinguish between high-risk and low-risk borrowers. Typically, pawn loans offered here are small, averaging between $70 and $100. However, they may range anywhere from $20 to several thousand dollars depending on the value we determined for your collateral upfront.
Why would someone go to your pawn shop to get a loan?
Our loan process is pretty similar to other lending institutions. The main difference includes the size of your loan and the fact that we hold your collateral until the interest and the loan have been repaid. We offer loans up to eight months with only 1% interest. You can rewrite your item for another collateral loan as many times as you want simply paying the 1% interest per month.
What’s your item foreclosure procedure?
Your item will never foreclose as long as you continue making your monthly payments to us on time.
Do most of your pawning customers lose their merchandise?
No, we only have a 10% foreclosure rate, and that’s only because we allow more time and lower interest rates than many of our competitors.
How can I be sure the merchandise I purchase at your pawn shop isn’t stolen?
We report every item we buy to the Los Angeles Police Department’s Pawn Section on a daily basis, so you can rest assured you’re not buying stolen merchandise at any of our four California pawn shop locations.
What’s the difference between buying at a pawn shop versus buying at a retail store?
The cost and selection! Our prices are guaranteed to be 60% below any retail store on average.