Beverly Hills Pawnbroker
The purpose of this page is to give you information and guidelines about how our Beverly Hills Pawnbroker office works with you. Plus it contains an explanation of the general process and free step-by-step instructions about how we determine the worth of the valuables that you bring to us that will act as collateral for your loan.
When you pawn an item with Valencia Loan Company your Beverly Hills Pawnbroker, you acknowledge the agreement and receive payment immediately. Within a certain time period as specified in the agreement you may redeem it for the amount you have borrowed plus the agreed interest and fees. The time period is typically regulated by the State or by our policies depending on the loan amount. At the end of the loan period you will have the option to either pay the interest only and extend your loan or pay the principle, interest and fees and reclaim your item. If you do not pay your loan by the due date, you will receive a notice that you have ten days from the mailing of the notice that your loan is due. Otherwise, if the loan is not repaid on time, the item may be sold by VLC from offices in Santa Clarita or Beverly Hills.
The good news is that we do not put the loan on your credit report. Because we hold the items as collateral we do not check your credit profile before granting you a loan. You simply bring with you a valid passport or driver's license. Alternatively, rather than arranging a loan, you may simply want to sell your item outright. Thus, we can offer direct purchases as well.
We agree upon the amount of your loan based on a number of criterion. First, is the estimated amount for which the item may be resold; which is often arrived at by utilizing a range with the low point being the wholesale value. In case we are not able to sell the collateral item to the public we often sell it to a wholesaler that deals with pawnshops.
When agreeing on the loan amount, we also consider how likely it is that you will pay the interest for several weeks or months and retake possession of the item. It is our preference that you follow the agreement and retrieve your item. This is because customers who do so tend to be the happiest customers. That is our goal: happy, satisfied clients who use our services any time they need a financial helping hand and those who tell others about how much of a pleasure it is to interact with us. We desire to be a helpful member of the community with an upstanding reputation.
Deciding whether or not you will reclaim your collateral is important for us to know when deciding on the loan amount. We tend to be more lenient and have a tendency to loan more money to those who use our services repeatedly and have shown a good reputation for repaying loans time and time again. Many of our customers in our Santa Clarita Pawn Shop and Beverly Hills Pawn Shop locations are so pleased with our services that they come back again and again throughout the year. Many of our customers pawn the same item repeatedly and return month by month to repay the interest and reclaim the item. These customers receive special preference because of the mutual trust built up between our repeat clients and us.
Another consideration on the amount of your loan on or purchase price of your item is how much inventory is available on the market. If there are hundreds of a certain type of watch or a certain size and quality of diamond that will affect the value and we will not be willing to pay as much as if your item were rare, hard to find and in high demand. If gold bracelets were not in high demand, for example, we would likely have to melt down the item and sell it for scrap value. Visit our Beverly Hills Pawn Shop at Rodeo Drive and Dayton Way. |
