Highland Pawn

Loans from $10 to $10,000

Open 9:00am to midnight every day of the week

Pawn loans

Pawns, or collateral loans, are short-term, state regulated loans where an item is given to a pawnbroker to hold until the person presenting the items returns to pay for the item OR the loan term expires, whichever happens first. The items that can be used for collateral vary from store to store, so it is wise to call first to check with the shop to save time. Keep in mind that the pawnbroker can not see the item over the phone, so can not be expected to quote a price on something they can't see, but they can confirm or deny whether the item is one they might accept to secure a loan. Rates are set by the state and any pawnbroker caught charging excess fees can lose their license. When the customer and the pawnbroker agree on an amount, a contract will be drawn up for the customer to sign. A copy of the contract and the cash is then given to the customer while the item is retained in storage by the pawnbroker. Pawnbrokers must carry insurance to cover the loss of any items of at least the amount loaned on an item. The copy of the contract will be needed to pick up the loan so it should be kept in a safe place.

Renewing a loan

So what happens if a customer can't afford to pay back a loan in full with all of the interest and fees by the due date on the contract? The first option is for the customer to just leave the item at the shop without paying for it and give up their right to the item. The other option is for the customer to return to the shop NO LATER THAN THE DUE DATE and pay at least the interest and fees due at that time. This would roll over the loan for another complete loan term giving the customer more time to gather the needed funds to buy back their item. Any extra money that a customer can pay would be applied directly to the principal amount of the loan so the interest and fees owed on the loan the second term would be less.

Redeeming a loan

To redeem a loan, the customer will need to present the original contract copy, their ID, and enough cash to pay the loan and all of the accrued interest and fees to the pawnbroker. They will be asked to sign the original contract and will be able to leave the store with their item. Only the person who pledged the property will be allowed to redeem it unless prior arrangements have been made with the pawnbroker.

Repeat loans

When an item is returned to the pawnshop at a later date to be "re-pawned", it may, or may not, receive the same offer. It is important to know that very few items hold their value for long periods of time, in other words, they depreciate. Since that is the case, if an item is presented that depreciates quickly, like anything electronic, it is unrealistic to assume that the pawnbroker will continue to loan the same amount time and time again when the value keeps falling. Keep in mind that the value of the loan is strictly based on the collateral being presented, not the person presenting the collateral. There may even come a time that the pawnbroker is no longer comfortable loaning on a certain item because it has depreciated so much. When items are brought back to be re-pawned, it is important to remember all of the power cords, chargers, and any gear to make the item a fully functioning item must be brought back each time! Customers should also expect that the pawnbroker will verify that the collateral is in working order each time it is brought back for pawn.


2601 E. Highland Ave. Highland, CA. 92346

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