call: 250-717-0234 or email: sales@premierpawn.com
 
 
 

 Pawn Services FAQ

Premier Jewellery and Loan

 How pawns work:

Pawnshops offer loans based against the value of collateral instead of credit history or employment status. This makes us very open-ended lenders as nearly anyone with an item of value is qualified to borrow! It's kind of like taking out a mortgage but instead of using your house to secure the loan you could use jewellery, a musical instrument or any of a variety of items.

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 How much can I get?

Our loans are based on the collateral at hand. Unlike a bank or payday loan company who judge you based on your income, our evaluation is purely based on the merchandise. We lend a percentage based upon the current resale value of an item.

There are a variety of things you can do to achieve maximum value for your merchandise: clean the item, make sure you have all necessary attachments and accessories, bring any substantiating documentation such as receipts or appraisals etc.

We will give you the greatest pawn amount possible working with the following conditions:

Condition of the item:

Is the item clean? Does it have all of the necessary cables, attachments, controls, etc? Has the item been abused or seen heavy use - scratches and damage affect how much we can give.

Age of the item:

Is it still desirable or has a new product made it obsolete or decreased it's value? For example: computer systems out-date very quickly, a product that was worth $500 3 years ago may be practically worthless because no-one will purchase an outdated platform.

Are there outside issues effecting the market value of the item?

Such things may include hookup fee's for cellular phones, account transfer fees, programming charges for VHF radios. This also includes any possible repair or appraisal costs. These issues reduce the possible resale value of an item and as such lower the possible loan amount.

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Premier Pawn

 Can I have more than 1 pawn?

Of course, we'd be happy to help you with your additional financing needs.

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 What if I need more time?

If you need more time you can extend the due date by paying the monthly service charge listed on your ticket. Unlike many payday loan companies, Premier has no hidden 'late' or 'penalty' fees. Nor do we charge revolving or compounding rates for extension - it's the same simple fee declared in advance for as many months as you need.

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 What if I can't pay it off?

We offer a variety of services to suit your needs. You can extend the duration of your pawn for another month by paying the interest and charges outlined in your contract. There are no additional penalty fees, no refinancing fees and no compounding charges. The only costs are those already outlined to you in your contract.

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 How much does it cost?

Premier has the lowest pawn rate in Kelowna, as well as the most generous terms. We are often half the price of comparable payday loans. Contact us for details.

Our rates are all inclusive with no hidden fees. Compared against banks which require you to pay $5+ monthly to have an account as well as upfront loan processing fees the costs become quite reasonable.

Due to our already aggressive pricing we cannot pro-rate our cost structure for early redemption.

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 You said I could get more for my item but I didn't need it at the time. Now I do - can I get a top up?

Of course. Because pawns are based on the value of the merchandise presented we're happy to top you up to the maximum at any time during the duration of your pawn. However, once an item is due (or past due) we are no longer able to do any increases.

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 Do you issue reminder phonecalls / letters?

Not at this time. In order to keep our rates as low as possible we trust that each client is capable of marking their due dates on their calendars. Each client receives a full copy of the contract with all due dates and information listed on it.

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 Can I have someone else redeem my pawn?

For security and safety reasons most pawn contracts can be redeemed by the original pawner only. This is done to ensure that no-one else can take your goods without your consent. We do have special procedures in place to allow you to authorize someone else to redeem your goods on a case-by-case basis - please inquire if you need details.

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 I lost my ticket - what do I do?

In most cases this is not a problem - we do not charge any kind of 'lost' ticket fee. However, if you have authorized someone to redeem your goods via the pawn ticket you should contact us immediately to prevent unauthorized redemption.

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 Will my items be safe?

We take security and safety very seriously. All of our owners, staff and management have had criminal background checks done. We are also carefully monitored and regulated by the RCMP and City of Kelowna bylaw services.

Premier utilizes state-of-the-art security to protect our (and your) valuables. These include but are not limited to high-resolution digital video surveillance, alarm systems, and bank-level vault storage. We are the only alternative financial provider in the interior of BC to store jewellery in an on-site bank vault.

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 Can I get information about my pawn over the telephone?

In most cases the information requested is available on the slip provided at the time of the pawn. For the sake of client security we would need to confirm your identity before releasing any information over the telephone. Kindly have your driver's license ready.

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 What services are available to help me pay out my pawn?

As a responsible lender we offer the following services to help reduce your debt burden:

  1. Principle reductions: When renewing a pawn for more time you can elect to pay down the pawn balance to reduce the final pickup cost next month. This reduces not only the amount borrowed but the interest and charges as well.
  2. Partial payments: To help ensure financial responsibility you can partially pay your pawn at any time during the duration. This helps avoid the temptation to 'spend it' when you have it.
  3. Purchase: We buy a great variety of merchandise. You can sell us unwanted merchandise to help redeem items in pawn.
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 What are your pawn policies?

Pawn/Purchase Policies

You must be 19+ years of age to pawn or sell any item.

We require valid (original and not expired) photo identification: photo driver's license, Provincial Identification Card, Citizenship ID, passort etc. Photocopies or renewal stubs are not acceptable.

You must be the legal owner of the items. This means that any item on 'monthly payments', 'rent to own', or other time based and conditional sales agreements is not acceptable for pawn. Pawning these items is a type of fraud and may result in criminal charges.

Pawn redemptions (pickups) are restricted to the original pawner only - this is for your security. You can elect to designate someone else to redeem the items but we advise against this.

As a courtesy, overdue pawns have a 14 day grace period (charges applicable). Pawns are subject to sale (without notice) after the grace period.

We do not split up or divide loan tickets, any items pawned together must be redeemed together. If you need to pick items up separately please notify the clerk and he/she will issue you separate tickets for each item.

We will not show or demonstrate items in pawn to a potential buyer.

Pawns must be paid in advance before they are retrieved from storage.

Partial payments or deposits towards pickups cannot be refunded.

We accept cash or interac for pawn payments - sorry no credits cards or cheques.

Premier Jewelry & Loans does it's best to insure the privacy of all transactions. Transaction information is only discussed in the following circumstances:

  1. With the person who pawned the item.
  2. With law enforcement/municipal bylaw as mandated by law.

Privacy laws prevent us from discussing transactions with anyone other than the client or law enforcement. Sorry - there are no exceptions.

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