Family Owned and
Operated Since 2008
98% Customer
Satisfaction Rating
#1 Gold Buyer 4 Years in a Row
# 1 Pawn Shop 5 Years in a Row
General Questions on Collateral Loans / Pawn Loans
What is a collateral loan?
If you need cash and do not want to sell your assets, a collateral loan may be a great option. You simply use your collateral, or assets, to receive a secured loan. When the loan is paid off you receive your asset back. The amount of the loan is based on the value of your asset.
Is a collateral loan the same thing as a pawn loan? / What is the difference between a collateral loan vs pawn?
There is no difference between a pawn loan or collateral loan. They are just different terms to describe a secured loan.
With a pawn loan do I get my items back?
Yes! When you take a pawn loan using your assets as collateral you can receive your assets back. After you pay back the principle and finance charge you will always get your items back. Most items are kept in a secure vault during the loan for safe keeping.
How long is collateral loan?
The term of a collateral loan in NY state is 4 months. You may redeem at any time within this 4 month term or extend the loan for an additional 4 months.
Do I have to pay the interest & charges for the remainder of the loan if I redeem my loan early?
No! You only pay interest for the months that the loan is open. For example, if you redeem your pawn in month 2, you will not pay interest for month 3 & 4.
Can I extend my pawn loan / collateral loan?
Yes. You have the option at the end of month 4 to extend your collateral loan for an additional 4 months. To extend your loan you must pay the finance charge on the first four months. This will extend your collateral loan for an additional 4 months.
Do I need to come to a store to extend my pawn loan at The Gold Standard?
No. We accept Credit/Debit cards, Paypal, bank wires and cash in person for payments against your loan. Payments to extend your collateral loan can be made on our website PAY YOUR LOAN
What assets I can use for a collateral loan / pawn loan?
The Gold Standard accepts a wide variety of items to use as collateral for your loan. Our most common assets accepted for a collateral loan are jewelry, diamonds, engagement rings, estate jewelry, high end watches including Rolex, cars and motorcycles. We also accept high end art, electronics and much more. Feel free to call us if you’re unsure if we accept your item.
Do I get cash immediately when I take out a collateral loan?
Yes! Payment is made immediately. Most loans under $10,000 can be paid in cash. We also offer payment methods of bank wire and check. The method of payment may vary based on the loan amount.
How do I pay the finance charges on my pawn loan?
The Gold Standard makes it easy to pay the finance charges on your pawn loan. You can pay online by clicking on the ‘Pay Loan Now’ button at the top of website, or feel free to come in to our Syosset, Forest Hills or Floral Park locations to pay in person.
What is the interest rate on a collateral loan?
Collateral loans in NY State carry an interest rate of 4%/month
Do we give personal loans ?
No. Personal Loans are unsecured as they are not backed by collateral. The Gold Standard only issues collateral loans also known as pawn loans.
Do you offer hard money loans?
No. We are licensed to provide collateral loans and pawn loans in New York.
Will I receive notification when my pawn loan is due?
The Gold Standard offers a text message option to notify you of your due date. We will also send you a letter once your loan is due.
What happens if I cannot repay my collateral loan?
Loans can be extended by paying the finance charge only. This will extend the loan an additional 4 months.
Do you run a credit check when I take out a collateral loan?
No! We provide ‘no credit check loans’ – we do not run a credit check when you take a collateral loan with The Gold Standard!
Do I need to fill out an application for a pawn loan?
No! We do not require any applications to be filled out in order to receive your collateral loan.
What information do you require for a pawn loan?
To receive a collateral loan with The Gold Standard we require a valid drivers license or government issued photo ID.
Common Questions on How To Pawn Your Car, Auto or Motorcycle
Can I pawn my car for cash?
Yes. The Gold Standard makes it quick and easy to pawn your car for cash. To receive a car collateral loan you must own the car free and clear and have a clean title. The amount of money you receive for your car collateral loan is based on the make/model/year and condition of your car.
What do I need to do to receive a car pawn?
To receive a car collateral loan simply come in with your car, title and license. We suggest making an appointment by calling 800-316-7060.
What do I need to do to receive a car pawn?
In NY State it is illegal to do a title loan, where the lender holds the title and the owner can keep his/her car. In NY State businesses are only licensed to do collateral loans. This means we must hold the car during the term of the car loan. Once you pay back the loan you get your car back.
Can I do a car title loan in New York?
Car title loans are illegal in NY. Legally we are required to hold your car or motorcycle during the term of the loan.
Can I pawn my motorcycle?
Yes! The Gold Standard specializes in motorcycle pawn loans. We have a customer care expert on staff who is well versed in motorcycles and can accurately make an offer for your motorcycle loan.
Do you offer motorcycle title loans?
No, motorcycle title loans are illegal in New York. Legally we are allowed to offer motorcycle pawn loans and must hold on to the motorcycle during the life of the loan. After the principle and any fees are paid you will receive your motorcycle back in the same condition it was received.
Do you offer car collateral loans?
Yes! A car collateral loan is when you use your car as your secured asset for a cash loan. We are happy to offer car collateral loans on most vehicles. You’ll need your license and a clear title to receive a car pawn loan.
How long is the loan when I pawn my car?
All vehicle collateral loans are the same as a regular pawn loan. 4 month term.
Can I extend my car pawn?
Yes. Simply pay the finance charge only and you can extend your loan for an additional 4 months
Can I get my car back if I pay my car loan off early?
Yes! As with any other collateral loan with the Gold Standard there are no pre payment penalties and you only way for the month you use.
Common Questions on Assets Used as Collateral for a Loan
Can I pawn silver plate?
We do not offer loans on silver-plated items. To receive a pawn loan on silver the item must be Sterling Silver and stamped 925 or 999.
Can I pawn my tools?
We do offer loans on a variety of tools. To receive a loan they must be contractor grade tools in good condition only.
Can I pawn electronics?
We do offer pawn loans on late model high end electronics, newer computers, phones and all we are happy to offer pawn loans on all Apple products.
Can I pawn costume jewelry?
No, we do not offer pawn loans on costume jewelry. We offer pawn loans on brand name, gold jewelry, Sterling Silver jewelry, estate jewelry and vintage jewelry.
Can I pawn musical instruments?
Yes. We carry a large inventory of guitars and other instruments. You can use your instrument as collateral if it has secondary market value.
Can I pawn my watch?
Yes! You can pawn your watch at The Gold Standard. We offer collateral loans on all high end watches. We specialize in watch pawns on Rolex, Patek, Hublot, Breitling, Cartier and many others!!
The Gold Standard is Long Island’s most reputable pawn shop with over 75 years in the industry. We have served thousands of satisfied customers to help them get the cash they need and were voted Long Island’s #1 Pawn Shop 4 years in a row.
We offer no credit check pawn loans and there are never any applications to receive your cash loan. Visit us today for a free evaluation.
