How Pawn Shops Work – Mills Jewelers & Loan

When Mills Jewelers and Loan started offering pawn loans, a lot of our long-time jewelry clients asked how pawn shops work and why they are important. As such, I thought I’d take a moment to give you a little overview of the pawn process and tell you a little bit about how we can help you. If you want to talk about pawning your personal property in exchange for a short-term loan contact me today at 805-987-0436.

How Pawn shops Work

How a pawn shop works is much simpler than you think. Our normal client needs a small, short term loan. So, they bring us a piece of gold or silver jewelry, coin or bullion. We inspect the piece, we might weight it, and check online to see how much current metal prices are. Then we’ll make you an offer on a loan against the property.

You then have 120 days to return to our store and claim your property. During this time interest accrues on the loan. So, when you return for your property, you will pay the interest and minor fees and reclaim your goods.

If you do not pick up your property within 120 days, we will “foreclose” on the loan and keep and then sell the property.

Impressions of the Pawn Industry

Many people are unsure how pawn shops work and their impressions of pawn shops are tainted by movies or an experience they had at another pawn store near them.

At Mills Jewelers and Loan, your pawn experience will be considerably different. Take a look at our multiple 5 Star reviews online. And look at the photographs of our store. This is not your typical pawn shop experience.

In addition, people don’t realize how heavily regulated the pawn industry is. There are countless federal and state laws that govern second hand dealers and pawn shops.

We take these regulations seriously and will make every effort to comply with all applicable laws.

Often our pawn shop clients are concerned that the property sold in pawn shops is stolen. In fact, pawn shop transactions are so highly regulated that thieves normally will not take their stolen property to try and sell at a pawn shop. Also, all our pawn transactions are reported to the Ventura County Sheriff’s Department to prevent this very type of situation from occurring.

Member of the California Pawnbrokers Association

In addition, Mills Jewelers & Loan is a member of the California Pawnbrokers Association (CAPA). CAPA instills in its many pawn shop and second-hand dealer members the need to adhere to the highest ethical standards.

In October 2018, my brother Barry and I attended the CAPA Convention in Rancho Mirage, California. We sat through numerous seminars on how to enhance the pawn profession, how to treat and attract more customers and how to best represent the pawn industry.

If you are in need of a short term pawn loan to buy Christmas presents or simply to pay your bills but are unsure how pawn shops work, contact Mills Jewelers & Loan. We are located in Camarillo, California. We have been in business in Ventura County for over 30 years. Call us at 805-987-0436 to schedule an appointment to review the property you want to pawn.

At Mills Jewelers & Loan, our goal is your happiness.

Come in today to see all that Mills Jewelers & Loan has to offer you