Looking for the best Pawn Shops in Grand Rapids, MI to buy or sell jewelry, antique items, exchange coins etc? There are several such shops that fulfill the need of many people for quick cash.
When the borrower repays the principal borrowed along with the entire accumulated interest thereon, he/she can claim back the article pawned – also known as collateral.” However, failure on the part of the borrower to successfully repay the loan would result in the pawnshop selling the concerned collateral and recovering the loaned money.
Mode of Working
Once you bring the valuable item to the pawnshop, the people there would conduct a valuation of the article. Thereafter, it will determine the pawn value and issue you a pawn ticket. This ticket contains the details of the loan along with a ticket number.
Options for you Within the Stipulated Period
You can repay the entire obligation and claim back the item pawned. Alternatively, you can simply pay the monthly dues and extend the tenure of the loan. If you can’t pay anything, then after the stipulated period the pawnshop will sell off the article pawned.
Benefits of Pawn Shops
Banks don’t provide a loan below a certain amount. And they also have a lot of documentary formalities. On the contrary, pawnshops provide loans of smaller amounts at almost zero documentation and without any formality. This makes pawnshops the favorite loan providers for a large section of the population.
Also, many people visit pawnshops to pick up articles that the borrowers haven’t been able to claim back. And these articles, while being fairly functional, are available at a price much lesser than the market rates.
Pawnshops in the US are regulated by the state laws where they operate. There are no central guidelines regarding the same. And the laws differ from state to state. In every state, however, the police keep a watch on these shops so that these outlets are not used as conduits to pass on stolen/fake items. Without verifying your identity, no pawnshop would accept any article offered by you.
Pawnshops have to submit a list to the local police at the end of each day regarding the articles they have accepted. The police compare this with the list of reported stolen goods. Pawnshops also conduct a detailed valuation of the articles for their genuineness before they accept it.
Interest Rates Charged by Pawnshops
While there is no centralized interest rate across the US, the average yearly interest rate varies between 15% and 20%.
Top Pawn Shops Grand Rapids, Michigan
A large number of pawnshops are spread across the state, here is the top 10 amongst them in the Grand Rapids area.
West Michigan Jewelry Exchange
For more than two decades, West Michigan Jewelry Exchange (WMJE) is counted among the best Pawn Shop Grand Rapids, MI and has been providing ready cash and prior free estimate for a range of items including gold, diamond, and a variety of rings, necklaces, earrings, coins, and watches. Looking for a trustworthy pawn service provider? Step into WMJE.
Rating: 4.9/5 out of 253 Google reviews
Phone: +1 616-214-7801
Cash for Goods Outlet & Jewelry
The company has been in service for just over 7 years. But it is already quite a popular pawnshop. It aims for a long-term business relationship with its customers by providing prompt and efficient service. It also provides 2 weeks’ warranty on used items. It also guarantees higher prices than most of its kind in the area. Besides jewelry, musical instruments, and artifacts, the company also gives cash against gift cards (up to 70% value).
Rating: 4.9/5 out of 153 Google reviews
Phone: +1 616-808-7090
The Gold And Silver Exchange
In business since 1979, The Gold And Silver Exchange has been in West Michigan for just over a decade. Its service levels can be established by the fact that it has in its kitty over 60,000 satisfied customers. Rated A+ by the Better Business Bureau, the company buys and sells jewelry made of gold, silver, diamond, and platinum.
Rating: 4.8/5 out of 114 Google reviews
Phone: +1 616-575-9157
Kent Cash Outlet
For a number of years, Kent Cash Outlet has been a major player in the pawn shop segment of Michigan. With a strong online presence, the company buys and sells various antiques and valuables, including jewelry. The service is fast and courteous that ensures a happy experience for the customers.
Rating: 4.7/5 out of 59 Google reviews
Phone: +1 616-490-4651
Gold and Diamond Zone
Since 1993, the family-owned Gold and Diamond Zone has been serving customers in the locality. Ensuring personalized service for every customer, the organization provides high value for money and lays a lot of stress on ethics, honesty, and promptness. Besides providing loans against valuables, Gold and Diamond Zone is also into jewelry & watch repairs, jewelry appraisal, customizing engagement rings, and jewelry engraving.
Rating: 4.7/5 out of 35 Google reviews
Phone: +1 616-245-7115
West Michigan Pawn
West Michigan Pawn is another notable pawn shop in this area. Offering competitive prices and courteous service, the shop has built a strong customer base steadily over the years. It handles valuables of every kind including jewelry and artifacts.
Rating: 4.2/5 out of 33 Google reviews
Phone: +1 616-935-7087
St Vincent de Paul Resale Store
With a mission of coming to the aid of people who need fast cash for an emergency, St Vincent de Paul Resale Store (SVDP) has been providing quality service to its customers of the Grand Rapids neighborhood. It accepts a range of items like jewelry, antique furniture, clothing, housewares, etc. and offers them for resale at highly competitive rates. SVDP also facilitates online transactions.
Rating: 4.1/5 out of 87 Google reviews
Phone: +1 616-452-1408
In spite of their name, CRAP Store offers good quality refurbished products for resale and accepts valuables of different kinds for pawning against cash. It continuously upgrades and refurbishes the stock that further endears itself to its customers.
Rating: 3.8/5 out of 121 Google reviews
Phone: +1 616-272-4212
Plato’s Closet Grand Rapids, MI
Plato’s Closet has made a name for itself as one of the premier pawn shops of the area, dealing in a variety of articles but focusing mostly on clothing. It accepts used clothes in a moderate condition against on-the-spot payment, refurbishes them, and resells it in very good condition at up to 70% fewer prices than the regular retail ones! Besides regular clothes, Plato’s also buys accessories, footwear, and heavy outerwear.
Rating: 3.4/5 out of 248 Google reviews
Phone: +1 616-957-6622
Rogers & Hollands® Jewelers
Welcome to one of the oldest pawnshops of the locality. Rogers & Hollands has been serving customers of this area for more than a century! The immense goodwill that it has built up – courtesy prompt, polite, and ethical service – has ensured that it’s still going strong. Rogers & Hollands has a robust presence in several locations and deals in a wide range of jewelry items. It also does jewelry insurance, jewelry cleaning & care provides military discounts, and also custom design services.
Rating: 3.1/5 out of 57 Google reviews
Phone: +1 616-940-8300
List of Top 10 Pawn Shop Grand Rapids MI
|Sl. No.||Company Name & Address||Website|
|1||West Michigan Jewelry Exchange
Address: 4364 Division Ave S, Grand Rapids, MI 49548, United States
|2||Cash for Goods Outlet & Jewelry
Address: 3151 Breton Rd SE, Kentwood, MI 49512, United States
|3||The Gold And Silver Exchange
Address: 3323 Mall Dr SE, Grand Rapids, MI 49512, United States
|4||Kent Cash Outlet
Address: 3922 W River Dr NE, Comstock Park, MI 49321, United States
|5||Gold and Diamond Zone
Address: 865 28th St SE, Grand Rapids, MI 49508, United States
|6||West Michigan Pawn
Address: 228 Washington Ave, Grand Haven, MI 49417, United States
|7||St Vincent de Paul Resale Store
Address: 1314 Division Ave S, Grand Rapids, MI 49507, United States
Address: 624 28th St SE, Grand Rapids, MI 49548, United States
|9||Plato’s Closet Grand Rapids, MI
Address: 2650 E Beltline Ave SE, Grand Rapids, MI 49546, United States
|10||Rogers & Hollands® Jewelers
Address: 3195 28th St SE, Grand Rapids, MI 49512, United States
Whenever you are going to visit any Pawn Shops near by Grand Rapids, MI, make sure to check their reviews to get the maximum price while selling and minimum price while buying.