Consumer Tips about Jewelry

Frequently Asked Questions about Pawn Shops

Q. What are your hours?

A. We are open 9am to 6pm Monday through Friday, and 9am to 3pm on Saturday. We are closed on Sunday. (back to questions)

Q. If I come in to get a pawn loan, how long does it take?

A. If the items you bring to pledge are easy to value, the whole transaction will usually take ten minutes or less. (back to questions)

Q. Do I need anything besides an item to pledge to get a pawn loan?

A. Yes, along with your item you will need a government issued picture ID. (back to questions)

Q. How long do I have to repay my pawn loan?

A. Your pawn loan can be repaid anytime in the first month for a fixed price, or anytime in four months at a charge that is pro-rated to the day you repay. (back to questions)

Q. What happens if I can’t repay my pawn loan in four months?

A. If you would still like your pledge back you can extend the time of your loan by simply paying the charges due. If you do not intend to repay the loan, we will put your item out for sale after the four-month period and you owe us nothing. (back to questions)

Q. Is the information about my pawn loan secure and confidential?

A. Yes, State and Federal law regulates the privacy of your transactions with us and we have procedures in place to safeguard your information. We are however required to report all pawn transactions to law enforcement, which we do electronically, to protect against property crimes and unauthorized pawns. (back to questions)

Q. What type of items do you take in pawn?

A. Practically any item that can be valued and stored, however the most common items offered as a pledge are fine jewelry, consumer electronics, quality tools, musical instruments, art & collectables, sporting goods, and motor vehicles. (back to questions)

Q. Can I pawn my car title?

A. Although “title loans” are common in other parts of the country, these transactions are illegal in the State of Indiana. When we take vehicles in pawn we are required to take possession of them. They are carefully stored inside our warehouse. (back to questions)

Q. Can I have someone else pick up my pawn loan?

A. Yes, anyone can pick up your pawn loan with the original pawn ticket and payment. A pawn ticket is considered a “bearer item” in the State of Indiana. (back to questions)

Q. What do I do if I lose my pawn ticket?

A. You can pick up your pawn loan with your government issued picture ID, but you should stop in with your ID as soon as you discover your pawn ticket missing so it will not be honored if someone else without your consent brings it in. (back to questions)

Q. Do you take firearms in pawn?

A. We do take rifles and shotguns in pawn, however there are additional forms that you are required to fill out and all State and Federal laws are observed. It is necessary for us to do a NICS Federal background check on you when you pick up your pawned weapon. This will take some additional time and could take up to four days before we can release your firearm to you. Also, it is illegal to pawn a handgun in the State of Indiana. (back to questions)

Q. Exactly what does it cost to borrow money at a pawnshop?

A. Not all pawnbrokers charge the same but all are regulated by the Indiana Department of Financial Institutions regarding finance charges. At Red’s Pawn Shop it depends on how much you borrow. Examples of finance charges at Red’s are:

$25.00 borrowed will cost an additional $5.00 within the first month

$75.00 borrowed will cost an additional $11.25 within the first month

$300.00 borrowed will cost an additional $45.00 within the first month

$1000.00 borrowed will cost an additional $100.00 within the first month

$5000.00 borrowed will cost an additional $400.00 within the first month

There are no other charges related to your loan and finance charges at Red’s are always pro-rated after the first month of your loan. (back to questions)

Q. Will you contact me if I am late in paying my pawn loan?

A. We respect our customer’s privacy and will not write or telephone our clients for any reason. It is up to the customer to remember to pay on their loan. (back to questions)

Q. I already have a pawn loan with Red’s Pawn Shop. Can I get another?

A. You are welcome to have as many pawn loans with us as is necessary for your situation. You are also welcome to borrow money at Red’s if you have chosen to not repay previous pawn loans with us. (back to questions)

Q. I want to pawn an old clock I inherited but do not know what its worth. Can you help?

A. Yes. Our trained appraisers specialize in valuing a wide variety of merchandise. We want to be able to loan you the money you need, when you need it. (back to questions)

Q. If I pawn an item, am I guaranteed to get it back when I repay my pawn loan?

A. Yes. We are bound by State Statute to carefully and responsibly care for your pledge while in our possession. Your items are safer in pawn than they are in your own home. (back to questions)

Q. Can I just sell my item instead of pawning it?

A. Yes. We will purchase most items outright if that is what you intend to do. It would of course need to be something that has value and could be resold by us. (back to questions)

Q. Why can’t I borrow what my item is appraised for?

A. Pawn loan amounts are based on current values and market conditions for merchandise. Appraisals are based on retail or replacement costs and are generally used for insurance purposes. We always try to base pawn loans on fair market value. (back to questions)

Q. Tell me about your 30-day guarantee on purchases…

All items purchased at Red’s Pawn Shop come with a 30 day money back guarantee. All returns need to be accompanied by the original sales receipt. What are we guaranteeing? (back to questions)

Jewelry : We guarantee your jewelry purchase is exactly as represented for gemstone authenticity and weight, and metal type karat and weight. We also guarantee your jewelry purchase for the value you paid. If you are discontented with your purchase in any way we are happy to offer you a full cost credit towards another purchase or a full refund.

GEMSTONES ARE OFTEN PROCESSED BY ONE OR MORE INDUSTRY ACCEPTED TREATMENTS FROM THE TIME THEY ARE EXTRACTED FROM THE EARTH. The gemstones set in your purchase (if any) have likely been subjected to a stable and possibly undetectable enhancement process designed to improve their appearance. These treatments may include heating, irradiation, bleaching, fracture filling or oiling. We guarantee that any such treatments that we have noted in your purchased jewelry have been properly explained and disclosed.

Electronics: We guarantee that all electronic items purchased are in proper working order and will continue working properly within 30 days of your purchase. New items may be covered further by the manufacturer warranty. If you are discontented with your purchase in any way we are happy to offer you a full cost credit towards another purchase or a full refund.

Musical Instruments: We guarantee your musical instrument purchase to play properly and be free from defects at the time of purchase and guarantee the setup and intonation of the instrument for 30 days. If you are discontented with your purchase in any way we are happy to offer you a full cost credit towards another purchase or a full refund. We also offer a wide range of musical instrument repair and service. Just ask our music technicians.

General Merchandise: If you are discontented with your purchase in any way we are happy to offer you a full cost credit towards another purchase or a full refund within 30 days of purchase.

EBay Merchandise: We guarantee all Internet sale items to be exactly as described and pictured. If you are discontented with your purchase in any way we are happy to offer you a full cost credit towards another purchase or a full refund. To view our eBay feedback, click HERE.

“As-Is” Merchandise: We will occasionally sell defective merchandise at a greatly reduced price in its “as-is” condition. This type of sale is fully disclosed at time of purchase. AS-IS merchandise does not come with any kind of guarantee or refund. (back to questions)

 

Q. Okay….I’ve got to ask….what about stolen goods?

Pawnshops are a business just like any other. But unlike many other businesses, pawnshops have a special set of laws that keep them on the straight and narrow. Pawnshops are specially licensed and cooperate with police to prevent the movement of stolen merchandise. When you pawn an item at Red’s, we take your name and address, verify it with your valid driver's license and then inspect the item carefully. We test diamonds and gold for authenticity. If you are bringing in something like a TV or VCR, we test it to make sure it works properly. If there is a serial number on the item, it's also recorded on the pawn ticket. There are three reasons for this level of scrutiny: Every day, we must submit a list of all merchandise received, including serial numbers, to the police. The police compare the serial numbers against records of stolen merchandise. Anything stolen is recovered this way and returned to the owner. Why do we do this? If a stolen item is found in our shop and the item was not reported to the police by the pawnshop when it came in, we can be charged with receiving stolen merchandise. Quite simply, it’s in everyone’s best interest to keep stolen goods OUT of pawn shops!

Unlike someone running a garage sale or a booth at a flea market, Red’s is a stable business in the community and we keep a close eye on our reputation. We cannot sell junk and stay in business! (back to questions)

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Reds Pawn Shop
 1072 Lincoln Way East • South Bend, IN 46601 Phone 574-232-9909
3737 Lincoln Way East • Mishawaka, IN 46544 Phone 574-255-0900

Both locations are open Mon - Fri 9 am to 6 pm and Sat from 9 am to 3 pm.

Member of the Polygon on-line jewelry trading network.
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