Question 1

What are short term loans?

Accepted Answer

Short term loans are collateral based. You bring in items of value and we hold the item as collateral until you pay back the loan plus interest.

Question 2

How do short term loans work?

Accepted Answer

You bring in items of value such as diamonds, jewelry, gold, scrap gold, old gold, broken gold, gold coins, tools, and musical instruments.  Either you sell the item to us or we loan you money against it.

Question 3

Is ID required?

Accepted Answer

Yes, you must have a valid picture I.D. and must be 18 years or older to qualify for a short term loan.

Question 4

How long are short term loans?

Accepted Answer

Loans are four months plus a 10 day grace period.

Question 5

How much is interest on a short term loan?

Accepted Answer

Interest is based on a state regulated flat rate and is determined by how much you borrow.  Interest is the same for the first three months with a small increase when it goes into the fourth month and an increase if it goes into the 10 day grace period.

Question 6

How can I extend my short term loan?

Accepted Answer

You can extend your loan for another four months by just paying the interest that is due on the loan.  You can extend your loan as many times as you want until you are ready to pay back the loan.

Question 7

How do I extend my short term loan if I’m not able to come down and make payment?

Accepted Answer

You can pay interest by paying with a credit card over the phone or you can arrange for someone to come in and pay your interest for you.

Question 8

Can anyone pick up my item(s) held as collateral?

Accepted Answer

No. The contract you sign is owned by you, the owner of the merchandiese. For security reasons and for the protection of your item, only the contract holder may pick up the item(s).

Question 9

When can I retrieve my item(s)?

Accepted Answer

You can pay back the loan, plus interest, anytime during the four months and 10 day period. When the loan is paid in full, you can retrieve your item(s).

Question 10

How many loans can I make?

Accepted Answer

Enter your answer here

Question 11

If I default on a loan, will it affect my credit? "

Accepted Answer

No, your creidt will not be affected in anyway outside our store.

Poway Jewelry & Loan

Specializing in Fine Jewelry and Collateral Based Loans

Frequently Asked Questions