How does pawning work?

Pawn is simply another term for loaning money on an item of value.   If you're unfamiliar with how we can help you with a short term loan, here's how it works.  

Let's say you have an unexpected bill come up, a car repair, appliance that breaks, or you simply need a little more cash to make ends meet before your paycheck arrives.   Just bring in an item of value be it a video game system, firearm, chainsaw, gold, etc.  (We loan on many items of value.)   Not sure if we'll take your item?  Just give us a call at 620-223-0583 and we'll be glad to discuss it with you.

We'll ask if you're wanting to sell your item or pawn it.  Selling is just like it sounds - you don't need your item and we may buy it on the spot for cash.  If you'd like to keep your item, but still need cash, we'll offer you a percentage of the value of the item as a short term loan.  No credit checks, or other hassles, your item is your loan collateral.  

We loan money for 30 days at a low rate of only 10%.   As an example a $50 loan would only cost you $5.00 for a total of $55.00.  Compare this to interest rates of 50% or more per month when using check cashing, title loan or payday loan companies.  A loan like that could cost you five times as much in interest payments.  As you can see, a short term pawn loan makes sense when you need a few dollars to make it happen before the next paycheck.   

What if you're unable to make the loan payment or change your mind about wanting your item back?  We don't report to credit bureaus to harm your credit, nor do we seek legal recourse against you if you default on your loan.   If the loan defaults, we simply sell the item at a discount well under its retail price to recoup the loan proceeds that were given to you.  This brings up another fact that FSG&P is a great place to shop for nice items at huge discounts compared to what you would normally have to spend at a retail store.

Still have questions?  Give us a call at 620-223-0583, or drop by.  We'd be happy to explain the process further.