Frequently Asked Questions
How much is my item worth?
The values of items are highly variable and depend on age, usage, physical condition (including appearance, accessories, etc.), and resale market value. We will try to give you an idea over the phone, though the only real way we can accurately valuate your item is for you to bring it into the store. If you are not sure about the value of your item, it might be a good idea to bring an additional item in order to secure the desired loan amount.
What do I need in order to buy a firearm?
You must provide a valid Arizona State ID Card or Driver's License. Only sell to Arizona State residents. You must be at least 21 years old to by a handgun or at least 18 years old to buy a long gun (rifle or shotgun).
Additionally, you must fill out ATF form 4473 and pass a background check. This check usually takes just a few minutes, but if it needs further review, it can take up to three business days. If you have a valid Arizona permit to carry a concealed weapon (CCW), the background check is NOT required.
What forms of identification do I need in order to pawn my item?
You must provide a valid Driver's License or Arizona State ID Card.
What happens if I don't have the money to pay off my loan by the due date?
If an individual is not able to repay the loan, there are two or three options. The first is that the loan may be extended, sometimes referred to as being renewed or rewritten. This is very common and easy to do. You simply come into the store and pay interest and service fees.
The second option is that you leave the items, or default on the loan. The pawnshop then takes ownership of the items and sells them to recover the cost of the loan and the fees.
The third option is that the pawnshop may hold the item for a predetermined number of days and allow you to either renew the loan or pick up the pawned item for an added late fee. This option is dependent on the policies of each individual store, so be sure to check with your pawnshop.
What happens if I forget to pay my pawn ticket on time?
State law specifies that the item is the property of the pawnshop after the loan maturity date. However, some stores do offer a grace period. The bad news is that even if there is a grace period, there is typically a late fee associated with it. The good news is that you can still pay the loan and reclaim your item. Policy varies from store to store, so if you've forgotten to repay your loan, be sure to check with your pawnshop about its late policies.
What is the difference between a pawn and a loan?
A pawn is a type of loan that is secured by collateral. The individual in need of a loan provides the pawnbroker with a personal item that is valued at as much or more than the desired loan amount. The pawnbroker loans the money and keeps the collateral. The person who receives the loan has a set amount of time in which they may pay back the entire amount of the loan and reclaim their item. If they fail to meet the repayment terms, their item may be forfeited to the pawnbroker, who may then sell the item in order to recoup the loss. However, there will not be any collections activity or credit reporting. If the loan recipient cannot repay the loan at the end of the specified term, there are options to extend the loan if certain conditions are met.
Contact NORTH PHOENIX PAWN, your trusted local pawnshop in Phoenix, Arizona, if you have any more questions about the pawn and loan process.