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.