Based on the customers reviews and feedback, these are top 5 Pawn Shops in Jacksonville, Florida. We used nearly 40 inspection to review the business. A pawnshop is a type of shop or business establishment that lends money to people against some valuable item/s that the latter bring to the shop. Such items can be old or other jewelry, watches, electronic gadgets, musical instruments, old and valued works of art, etc.
These valuables are known as “collaterals” in business terms. The borrower needs to pay back the entire money along with the interest on it, as agreed upon while taking the loan. When the loan has been paid back in full, the pawnshop will return the article that was pledged with it. However, if the borrower can’t pay back the loan amount in full or within the stipulated time, then the pawnshop can sell off the pledged article to recover the amount of the loan and the interest thereupon.
How do pawn shops work?
- You bring the item to be pawned to the pawnshop
- The pawnshop evaluates the article and determines the pawn value
- It issues you a pawn ticket. The ticket indicates the item, the amount loaned to you and the total dues payable within the mentioned stipulated time to get back the article
Suppose, the stipulated time mentioned is 30 days. You have three options within 30 days:
- Pay the entire amount and take back the article pawned
- Pay only the monthly fee and extend the loan period for a new duration
- Don’t pay anything. After 30 days, the pawnshop will dispose off the article to recover the amount
Pawnshops are the go-to options for most people when the amount they require is not large enough to be provided by a bank. The terms and conditions are simple and the duration is also small. The moment the borrower receives some money, he/she can repay the loan and recover the article.
Are pawnshops regulated?
In the U.S., state laws regulate the workings of pawnshops. Every state has its own rules, so before you visit a shop, you might check out the laws with the relevant authorities if you so desire.
Pawnshops operate on the basis of a special license. They need to co-operate with the local police (including possible daily checks) to prevent the movement of stolen/contraband goods through the shops. That’s why, when you visit a pawn shop to pawn an article, the shop would check your valid identity proof before initiating any transaction. That verifies your authenticity.
The next step is to check the article for its genuineness. These shops are capable to determine the worth and authenticity of any valuable metal/jewelry like gold, silver, etc. If the item is a gadget, then the pawnshop would test it thoroughly to check whether the article is in a working condition. If any item has a serial number, the pawn ticket would mention that too.
At the end of the day, the pawnshop must submit a list of the articles pawned for the day along with the serial numbers/identification marks to the local police station. The police then compare that list with the list of stolen articles that have been reported to them. If the list matches for one/more article/s, the rightful owner receives back his/her article.
Pawnshops have a reputation to protect. So, they can’t afford to deal in stolen goods knowingly. Nor can they sell junk or non-functional pieces of articles.
What are the interest rates?
This varies from location to location. The average might vary between 15% and 20% per annum across the country.
Benefits of pawnshops
Apart from the most obvious benefit of helping you financially in your hour of need against simple terms and conditions, there is another notable advantage of pawnshops – for those who haven’t pawned any article.
A pawnshop functions as a departmental store for used articles!
Many borrowers don’t take back the articles that they pawned. This gives a chance to a large number of people to pick up fairly functional articles from there at a fraction of the normal prices. Many people also come to sell their used articles at pawn shops, not take a loan against them.
Some typical articles that you can buy at pawn shops:
- Electronic items
- Sports goods
- Musical instruments
Top Pawnshops in Florida
The Florida Department of Agriculture and Consumer Services regulates the workings of pawnshops in Florida. There are a large number of pawnshops operating in the state. Here, we will take a look at the 5 best pawnshops in Jacksonville, Florida that will help you to save your time and effort:
1) Jax Jewelry & Pawn
Welcome to the oldest pawnshop in Jacksonville, in business since 1905. It is also among the most trusted as it carries a legacy of customer trust and excellent service. It provides loan for 90 days and can meet or better the terms of competitors if you can bring a pawn ticket from a competitor. They don’t charge any “lost ticket fee.”
Address: 5211 Blanding Boulevard, Jacksonville, FL 32210
Business hours: Mon-Fri 9am-6:30pm, Sat 9:30am-6:30pm
2) Mikal’s Jewelry & Pawn
The owner has been in the business for more than 16 years and opened the shop in 2013. The establishment has been at the forefront of the pawn business and has earned the goodwill of the customers in this short time.
Address: 3000 Dunn Ave Ste 42, Jacksonville FL 32218
Business hours: Mon-Sat 10 am-7 pm, Sun 12 noon-6pm
3) Gold Star Jewelry & Pawn
This family-owned pawnshop has been operating since 1988 and has earned the trust of its customers as a reliable provider of financing against pledged articles. They are compliant with all state and national laws and provide loans against a variety of articles.
Address: 6066 Saint Augustine Road, Jacksonville, FL 32217
Business hours: Mon-Fri 9am-6:30pm, Sun 9am-6pm
4) Prestige Jewelry & Pawn Inc.
For more than 20 years, this pawnshop has provided excellent service to its customers, a large section of who are repeat customers. They assure the best rates and the most reliable service.
Address: 2640 Cesery Blvd, Jacksonville, FL 32211, United States
Business hours: Mon-Fri 9:30am-5:30pm, Sat 10am-3pm
5) Cash City Pawn
Since 2006, this pawn shop has been in business and has built a name for itself as a dependable service provider. People pawn and buy/sell a range of items here including jewelry, electronics, outdoor equipment, firearms, and more. They have a wide array of services and are also renowned as one of the highest paying pawnshops in the city.
Address: 1516 Leonid Road, Jacksonville, FL 32218
Business hours: Mon-Fri 9am-6:30pm, Sat 10am-5pm
List of 5 Best Pawn Shops in Jacksonville, FL
|Sl. No.||Company Name||Established||Location||Website|
|1||Jax Jewelry & Pawn||1905||Blanding Boulevard||http://goldnpawn.com/|
|2||Mikal’s Jewelry & Pawn||2013||Dunn Ave Ste||https://www.facebook.com/mikalspawn/|
|3||Gold Star Jewelry & Pawn||1988||Saint Augustine Road||http://www.goldstarjax.com/|
|4||Prestige Jewelry & Pawn Inc.||1992||Cesery Blvd||http://prestigejewelryandpawnjax.com/|
|5||Cash City Pawn||2006||Leonid Road||https://www.facebook.com/CashCityPawn/|