How Does A Pawn Loan Work?

With a pawn loan, getting cash for your gold and jewelry is fast and easy at Budget Buy & Sell. Basically, a pawn loan allows you to actually loan yourself money against the value of your personal possessions. We’re simply here to help facilitate this process.

We offer pawn loans with flexible repayment options and no mandatory monthly payments. Loan terms range from a minimum of 61 days up to a maximum of five months. The maximum Annual Percentage Rate (APR) is 35.9%, and may be lower depending on the loan.

Every pawn loan is subject to a $10 ticket, vault, and handling fee. An insurance fee also applies and is calculated as either 2% of the loan amount or 1% of the insured value, as applicable.

If a pledged item is eligible for sale due to nonpayment, a certified notice will be mailed to the address provided on your pawn ticket at least 30 days before the item may be sold. Repaying the loan is entirely optional.

Loan Example

If you borrow $100, your balance after one month would be $102.99. This amount includes $1.50 in interest and $1.49 in service, storage, and handling charges. If the loan remains outstanding for four months, the total amount due would be $111.97.

Budget Buy & Sell
2 E Main St
Patchogue, NY 11772

We have helped thousands of people obtain pawn loans and fast cash when they need it most. Cash emergencies are exactly that: sudden, unexpected, and immediate. A major car repair, a flooded basement or boiler replacement, and especially job layoffs can create unexpected hardships – and a pawn loan can help save the day.

For a detailed description of the terms of pawn loans, visit our home page. For more information about how your data may be used, visit our Privacy Policy.

Simply bring your items into our Patchogue store, and one of our friendly and knowledgeable experts will evaluate your gold and valuable jewelry items and explain to you how much each item is worth if you want to obtain a pawn loan for the value of that item. Your gold jewelry and valuables never leave your sight. Once you know the pawn loan value for each item, you can then choose which (if any) combination of items you want to use to obtain your pawn loan. With a pawn loan from Budget Buy & Sell, you get discreet service and fast cash on the spot – and we guarantee the highest prices for our pawn loans.

Once you pledge an asset (like a piece of jewelry or other valuable piece of property) as collateral for your pawn loan, this item then becomes a secured debt owed to Budget Buy & Sell. We hold the valuable in our safe possession until the loan, plus interest, is paid back in full. At that point, Budget Buy & Sell securely returns the item back to you. In the event that you decide not to repay your loan, Budget Buy & Sell simply satisfies your debt by marketing your valuable for sale through our network of dealers and resellers. Pawn loan items are never offered for sale unless and until you choose not to repay your loan.

The entire pawn loan process usually takes no more than 15 minutes to complete. A pawn loan from Budget Buy & Sell is not harmful to your credit and you have absolutely no obligation to repay the loan. It’s the secure, discreet and quick way to get cash into your hands – at a time in life when you need it most.

And we guarantee that you will get top dollar for your pawn loan at Budget Buy & Sell. So you can get the cash you need right away, and you are still able to retain ownership of the items that have sentimental value to you.

Most pawn loans are issued for 4 months, but may be extended by paying the interest at the end of the loan period. If you choose not to repay the loan and interest, you will forfeit the item to Budget Buy & Sell. Within 30 days of the loan expiration date, Budget Buy & Sell will send you written notification to remind you that the loan is about to expire. We always recommend that you call us the day before, or morning of, the day you plan to come in to repay your loan and pick up your valuables.