F.A.Q. About Gold Price & Pawning

It is our goal to provide fast, friendly service and the most cash for your valuables. To qualify for instant cash, all you need is something of value and valid ID. It’s really that easy. If you are unfamiliar with the specifics of a pawn and want to know more, check out the info below.
 

Frequently Asked Questions

• 1. What is a pawn?

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  Answer: A pawn is a type of collateral based loan. The borrower leaves an item of value with the lender in exchange for a cash loan. When the borrower pays back the loan the item of value is returned to the borrower. If the borrower does not pay back the loan the item of value is forfeited, and the lender sells the item to recoup the money from the defaulted loan.
  
  

• 2. How does a pawn work?

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  Answer: We start with an evaluation of your item to determine how much money we can lend you.
  
  We then agree to loan you cash and hold your item for 90 days. At the end of this term you have 3 options:
  
  

  • You can redeem your item. If you repay the loan including the service charge at any time during the agreed period we will return your pawned item.
  • ou can renew your loan. You can also extend the term of the loan by paying the service charge only. Doing this extends your due date for an additional period. The principle and interest remain the same and will be due again on your new due date.
  • You can forfeit your item. If you are not able to or decide that you don’t want to redeem or renew your loan you can forfeit your item. This relives you of any obligations towards your loan. We simply recoup the money we lent by selling the item in our store.
  
  
  

• 3. How much can you lend me?

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  Answer: How much you get for your item depends on a few key factors including:
  
  

  • Used Market Price:
    This factor is the most important in determining how much we lend. We research how much your item can be sold for in the used market and then loan below this amount.
  • Current Market Price:
    Another factor we consider is how much your item currently sells for in the retail market. Our pawn shop can loan on a percentage of this value. Generally, the more valuable your item is the more you will able to borrow.
  • Supply and Demand:
    We also consider how high the demand is for your item. For example, if your item sells very quickly we are able to loan more than if it sells slowly and we already have a large supply of that item in our inventory.
  • Age and condition of the item:
    The better condition of your item and the closer it is to brand new condition, the more we can loan you. For example, if your item is complete, factory sealed, in the original box, you can borrow more than if your item is missing pieces and in need of repair.
  
  
  

• 4. What do I need to qualify?

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  Answer: All you need is an item of value and be 18 years of age or older with valid photo identification. No credit checks, no background checks, no employment history checks, etc.
  
  

• 5. What kinds of items do you accept as collateral?

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  Answer: We are interested in anything of value (within limits). We typically accept gold jewelry, diamond jewelry, electronics, video games, cell phones, musical instruments, power tools, small appliances, sporting goods, and a whole lot more. Check out our list of items we accept and If you are not sure if we can accept your item, call or visit us for a fast and free evaluation 7155 King George Blvd. Surrey, BC.
  
  

• 6. How long do I have to pay back my loan?

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  Answer: We offer a 90 day loan with the option for renewal.
  
  

• 7. What if I need more time?

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  Answer: If you need more time, you can visit our store and pay to renew your loan or send an interac e-transfer to renew your loan. This can be done as many times as you need but must be done on or before your loan term expiry date.
  
  

• 8. Is there a minimum time before I can redeem my pawn?

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  Answer: No. You can redeem your item any time before your due date.
  
  

• 9. What if I can't pay it off on time?

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  Answer: We understand that stuff happens. If you are not able to pay for your loan, contact us and let us know as soon as possible. For a small charge, we can arrange with you to hold your item past your due date. Please note, you must call to arrange for this extra holding period and that we must agree. If you do not repay your loan your item will be sold.
  
  

• 10. How much does it cost to borrow per month?

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  Answer: 4 Seasons Pawn Shop offers the most money for your goods at the most competitive pawn rates in the city. We found that our rates are often half the price of comparable payday loans. For a pawn loan the fees including storage, handling, and insurance range between 5% – 20%. The minimum charge for a pawn is $5.
  
  

• 11. If I default, will this affect my credit score?

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  Answer: No. One key benefit of a pawn versus a traditional loan is there is absolutely no negative implications to your credit score. Your pawn is private and nothing is ever reported to any credit bureau such as Equifax or TransUnion. If you default, you simply forfeit the item you pawned and there are no further consequences.
  
  

• 12. Is pawning private?

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  Answer: Yes. We do not disclose, share, sell, or in any way reveal your information or what business is done at our store; only the description of your item is shared with local law enforcement to comply with the City’s bylaw.
  
  

• 13. You said I could get more for my item but I didn't need it at the time. Now I do - can I get a top up?

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  Answer: Yes. If there is room to borrow more money on your item, we are willing to loan it; However, once your loan is near due (or past due) we are no longer able to do any increases.
  
  

• 14. Do you issue reminder text messages?

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  Answer: Yes, we offer free text message reminders. Let us know if you would like to sign up.
  
  

• 15. Can I arrange for someone else to renew / redeem my item?

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  Answer: Yes, but they must have the original ticket.
  
  

• 16. I lost my ticket - what do I do?

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  Answer: Visit our store and let us know as soon as you can so we can add a note to protect your item from being redeemed erroneously or fraudulently.
  
  

• 17. Do you charge a lost ticket fee?

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  Answer: No, we do not charge for a lost ticket. To renew or redeem without a ticket you need to present your valid photo ID.
  
  

More Info
If you have any more questions, or are interested in using our services visit us and we will be happy to provide you with any more information you may need.