Loans. How it works…

Pawnshops are an excellent source of convenient credit for a person in need of a short-term collateral loan.

What is a Pawn Loan?
Obtaining cash for the value of an item is the fastest and easiest way to get money in a hurry. All loans are based on a 30 day period. All you need to do is bring in your item; whether it is gold, diamonds, musical instruments, firearms, electronics, etc. or any other item and we will evaluate its second-hand value. Once a loan value has been established and agreed upon, all you will need is a valid government-issued photo ID to complete the transaction. You will receive a detailed pawn ticket explaining everything about your loan and you may pay the interest to hold the loan longer or you may bring the pawn ticket in at any time to repay or redeem your loan and have your item safely returned to you.

Does the Lynchburg Pawn Shop buy diamonds?
Yes. We have a Certified Gemologist on site.

What kind of items do you take at Lynchburg Pawn?
Gold, diamonds, fine jewelry, and coins are the most popular items that are brought in as collateral for cash loans.

We also specialize in making loans on modern firearms, power tools, lawnmowers, ATV’s and motercycles, vehicles, musical instruments, modern electronic equipment such as: flat panel televisions, ipods, ipads, iphones and droids, and laptop computers.

Many people bring in Lladros, Hummels, and other antiques and rare objects d’art.

If you have any questions about whether or not we will take your item for a loan, please call us and one of our friendly staff will be happy to assist you.

How do you determine the value of my item?
We have the most up-to-date methods for appraising and determining how much we can loan you based on the used value of your item. If it is gold we will test the item to determine its karat and it will be weighed while you watch. All diamonds will be evaluated by our trained staff using the most modern tools and the 4 C’s (carat, cut, color, and clarity). The condition of your item is also taken into account and its selling value on websites such as eBay and gunbroker are most helpful.

If I cannot pay back my loan, how do I renew or extend my loan?
You may come in to extend or renew your loan for as long as you like simply by paying the monthly interest. We gladly accept payments over the phone using Visa, MasterCard, or Discover and will give you a confirmation number for complete peace of mind.

How much does it really cost to borrow money from Lynchburg Pawn Shop?
When we say we only charge the legal rates, we mean that. Other stores charge late fees, penalties, and set-up fees. We do not. All costs and charges are completely explained and written on your loan contract and we take great pains to ensure that you completely understand the terms and costs before you sign your pawn ticket.

Are my items insured and safe?
All items that we accept as collateral are kept completely safe and are insured. At all times your items are under video surveillance and police alarm.

How can I be sure you don’t take in or sell stolen property?
While on television a stolen item always goes to a pawn shop, in real life it rarely happens. All items that are taken in pawn are reported each day to the local police. We have a whole system of checks and balances to determine the true ownership of an item. We also Digitally video record every transaction. Should you suspect your missing or stolen item has come to our shop, please visit the Asset Recovery page of this site.

How much will you give me for my item?
Due to the many factors that play into the pricing for an item, please bring the item into the store for a price.