FAQs

What is a "Collateral" or "Pawn Loan"?

A collateral loan, also known as a “pawn” loan, is a quick easy method for you to obtain the cash you need in a few short minutes. Our GIA (Gemological Institute of America) educated professionals will calculate the loan value of the item(s) you present as collateral for a loan. If you agree to accept our offer, we will pay you the agreed upon amount in cash on the spot. In addition to the personal property you bring to us, you’ll also need to present valid active government issued identification.

A collateral loan is also described as a possessory loan. That’s because we securely and safely store your personal property in our vault until you pay off your loan and retrieve your item. If you choose to not pay your loan in full (principal, plus interest and fees) or extend the loan by paying the accumulated interest and fees, you will forfeit your item. At that time, your item will become the property of King’s Jewelry and Loan.

Do most people lose the property left with Kings to secure their loans?

Actually, no. More than 97% of our customers pay off their loans, and retrieve their merchandise. We take care to return your items in the same condition that we received them. Your possessions are in safe hands.

What kind of personal property does Kings accept as collateral for a loan?

We accept a wide range of jewelry, with an emphasis on items containing gold, platinum, diamonds, precious gems, and a wide range of valuable watches.

Does Kings accept non-jewelry items?

Yes, Kings handles several different types of collateral for a loan. Please give us a call at: 213-383-5555 and our staff will be glad to assist you. If you give us specifics on your particular merchandise we can tell you if we can accept it as a collateral and if so how much. If you have any other questions please do not hessitate to call one of our helpful loan associates.

Do you accept firearms as collateral for a loan?

No, we do not.

How do you determine the value of my item(s)?

Every item of personal property that enters our premises undergoes a variety of tests and valuation considerations that includes assessing current market value, remarket value, current retail, current wholesale, condition, anticipated resale opportunity and time to sell, condition, appearance, future marketability, current replacement availability, item authenticity, and more.

Additionally, items such as diamonds are evaluated by their “4 C’s” (Carat, Clarity, Cut, and Color). Those considerations result in a number of calculations that are required for us to determine loan or purchase amounts.

Can you let me know how much I can get on my item(s) without me coming into the store?

You are more than welcome to call and see if we can accept the kind of item(s) you’re willing to bring in as collateral for a loan. We might also be able to provide you with a range of amounts we can extend in credit, or offer to pay outright to purchase your item(s). However, we need to personally inspect your property before we can give you an accurate representation of the potential loan or purchase value.

There are simply too many factors involved to make valuations over the phone a good option. But we do go out of our way to make your in-store experience with us as brief, easy, and enjoyable as possible.

I’m not selling my item(s), but simply want a loan. Why do you need to know how much money you might sell my item(s) for and how long it might take?

Every item of personal property we accept to secure a loan could potentially become the property of our company; since our clients have no binding obligation to pay off their loan and collect their personal property. Therefore, we need to determine the ability of your item(s) to cover any costs associated with your loan. We consider all possible costs that may be involved in marketing and selling the property.

What if I’m unable or unwilling to pay on my loan?

When the obligations under the loan contract are not met, and the due date passes without proper payment, the loan is foreclosed and the property securing the loan is forfeited. At that time, title and ownership of the collateral passes to King’s Jewelry and Loan. Unlike other forms of credit, you have no further obligations to us. We do not report to any credit reporting agencies. Your credit report and credit score are not affected by the foreclosure of your loan. Better yet, we continue to value you as our customer, and look forward to further opportunities to assist you.

I don’t want to lose my property, but cannot pay off the loan at this time. What are my options?

Life happens. We understand. An inability to pay off your loan by the due date doesn’t necessarily mean your loan will go into foreclosure and result in the loss of your property. By paying the accumulated interest and fees on your loan, you’re able to extend the time until your loan is due and payable.

How do you determine if an item has been lost by someone or is stolen property?

We employ a number of confidential proprietary measures meant to reduce the chances that the property we’re receiving doesn’t actually belong to the person bringing it in. We also limit acceptable identification to certain unexpired government issued types containing photographs. We collect signatures, fingerprints, and video records of every person who sells or pawns any item at our three locations. Every transaction is reported to local law enforcement agencies, along with a description of the item(s), the person that brought the item(s) into our business; as well as signatures, fingerprints, and so on.

We enjoy an excellent relationship with law enforcement, and work closely with them to ensure full compliance with the law. We also hire former law enforcement personnel to assist in managing our ability to remain fully compliant with the law.

Does Kings also sell merchandise?

Absolutely. Kings has a large inventory of out-of-pawn jewelry, estate jewelry, new jewelry, and other items. Our wide selection of jewelry is priced to fit every budget. We generally sell our merchandise 15% to 50% below typical online and retail store prices. We stand behind our sales with a remarkable trade-in policy.

Do you offer other services?

We offer quality jewelry repair, sizing services, cleaning, polishing, and appraisal services on gold and diamond jewelry. Please call us for details.

How Can We Help You?

The Royal Treatment

  • Bilingual Staff
  • Vault Security
  • Estabilish in 1945
  • 12,000 Sq. Ft. Facility
  • Loans from $5 - $500,000
  • 23 GIA Graduate Gemologist on Staff
  • Interest Rates as Low as 1% Monthly!
  • Open 7 Days a week 359 Days a Year
  • The Best Value for Your Personal Items
  • Private Loan Windows for Confidentiality
  • Flexible Financing and Repayment Plans
  • Price Match or Better on Any Jewelry Loan Agreement
    • State License number: 1942-0986

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