At Five Star Pawn we try to make the loan process as simple and easy as possible.
A pawn is a 90-day collateral loan during which you may pick up your items at any time. As a state licensed and regulated pawnbroker, we charge 3% a month. At the end of your loan, you can decide to make a REDEMPTION or RENEWAL of your loan.
A REDEMPTION is the payment of your PRINCIPAL + INTEREST, at which time you will receive your item or items back. A RENEWAL is a payment of INTEREST ONLY, which renews your loan for another 90 days. There is no limit to the amount of times a pawn can be renewed and you may also choose to surrender your items at any time as payment in full.