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FAQ’S

Frequently Asked Questions

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Question:
How does a pawn loan work?

Answer:
Getting a pawn loan is easy! A pawn loan is a collateral loan.  Just look around your house and bring in any item of value to pledge for the money you want to borrow. With pawn loans, there’s no credit check and no hassles!

Question:
What is the largest amount you can loan?

Answer:
We can loan you as much money as you need. In general, we typically loan you up to $1,200 on one pawn ticket. For higher value loans, speak to one of our store managers and discuss how much money you can get for larger collateral items like cars, boats, or commercial equipment.

Question:
What sort of merchandise can I bring for a loan?

Answer:
We can lend you money on just about anything.  If we sell it in our store, you can get a loan on it!  Common items used for loans are jewelry, electronics, musical instruments, tools, firearms, and more. For more ideas, refer to What We Buy & Sell.

Question:
How many days do I have before I need to make a payment on my loan?

Answer:
Pawn loans are regulated by the Texas Office of the Consumer Credit Commissioner.  As a licensed Pawnbroker, Uncle Dan’s strictly follows all the guidelines for terms and interest rates charged.  A pawn loan is written for 30 days, with a 30 day grace period. You may choose to pay before your loan is due without penalty.  All loans accrue interest on a daily basis so the sooner you pay it off, the less interest you will pay.  If you are not able to repay your loan within the grace period, you may surrender your collateral or ask for a renewal by paying the interest due.  Then, a new pawn loan is written.

Question:
What is a loan renewal?

Answer:
If you are not able to re-pay your pawn loan in full on its due date, you may ask for a renewal. With a renewal, you pay the interest that has accrued on your loan and a new loan is written.  The principal amount of the loan remains the same, as does the interest rate, but the due date is reset for a new full loan term.

Question:
What is the interest rate?

Answer:
Interest rates on pawn loans are set by the Texas Office of Consumer Credit Commissioner.  Your interest rate will vary based on the amount of money you borrow. Your Sales & Loan Associate will explain all the loan terms and answer any questions you have about your loan.  Click the link to view the Texas Pawn Rate Chart