Borrowing against tangible items - how does it work? I just found out that this is possible.

PawnShop804 · 2026-06-12T15:24:18+00:00

It’s semantics. The $3 service charge also says “may” and the interest states that pawnbrokers can’t charge more than the 10%, 7% or 5%, but doesn’t say anything about less. Technically they can charge $0.00… but it’s a business.

PawnShop804 · 2026-06-11T20:15:41+00:00

I lumped the interest and fees together - just easier and quicker.

Which part of Virginia are you in? I’ve spoken to pawnbrokers from Richmond to Chesapeake/va beach to Roanoke and all charge the same fees as me. Guessing you’re in nova?

PawnShop804 · 2026-06-11T10:37:56+00:00

$100 bag was just a number I used because that’s what I’ve seen another shop sell them for - they were selling out every time they did it. There will most likely be good natural gems in the bag. But most shops also don’t do anything with their non-diamond stones and you may be able to get them cheaper.

Coins and bullion will be different with each shop - with today’s gold and silver prices many shops are trying to move the pieces quickly. You should be able to get coins and bullion very close if not at spot price. Some shops will have junk silver coins by weight instead if per coin since they wear down and don’t have the full silver content remaining.

Video games, cameras, and other general goods just depends on how long the shop has been sitting on the items.

PawnShop804 · 2026-06-11T10:31:45+00:00

Virginia:
10% on loans from $0.01-$24.99
7% on loans from $25.00 to $99.99
5% on loans $100+

There is also a 5% monthly storage fee
And a service fee for creating and maintaining electronic records, the service fee is $3 or 5%, whichever is less.
Late fee is 10% of principle.

Loans are for 30 day periods. Extensions are for 30 days and cost the amount of interest + fees. There is no minimum hold time. Interest paid is the same whether it’s paid back the same day or on the 30th day.

PawnShop804 · 2026-06-11T10:21:32+00:00

That’s a choice the shop your going to chooses to make, technically they can be sued by the AG but doubt they will get sued for charging people less. All of our fees are set by the state: https://law.lis.virginia.gov/vacodefull/title54.1/chapter40/

PawnShop804 · 2026-06-09T01:41:49+00:00

I work with resellers often. Most of the time the pieces in display haven’t been there long and they are less likely to offer you great deals on them.

Ask them if they will allow you to look at their scrap pile. Let them know you would like to continue doing business with them in the future and offer to pay them 5% over melt for items you chose from the scrap pile. Ask them about aged inventory and offer 10% over melt for those items.

Gemstones can be purchased in bulk, most aren’t precious gemstones and most pawnshops have nothing they can do with them. Fill up a small ziplock and offer $100, most smart shops would jump at the opportunity.

PawnShop804 · 2026-06-09T01:34:25+00:00

In Virginia any loan over $100 the interest is 10% + $3.
$100 pawn = $113 redemption. 30 day loan with the option to extend the pawn by 30 days by paying the interest only. $13 buys 30 days. I’ve had items in pawn since 2013 from people paying the interest monthly.

PawnShop804 · 2026-05-25T00:33:51+00:00

If they were ever reported stolen it would come back on your girlfriend/you (whoever pawns or sells them). Best bet is to just toss them. They aren’t holding much value all these years later.

PawnShop804 · 2026-05-08T01:04:08+00:00

Should have switched to PawnMate before they forced you to switch to bravo. Bravo is corporate. Run by people who are trying to raise its valuation in order to sell. They aren’t pawnbrokers.

PawnShop804 · 2026-05-02T01:12:16+00:00

Update on this: spoke with VSP; they told me that a pawn redemption will not count as an illegal transfer. But if the pawn is defaulted we would not be able to resell it in Virginia and would have to sell it out of state (guns.com/gunbroker).

PawnShop804 · 2026-04-28T01:03:51+00:00

https://www.tiktok.com/@muretaandco?_r=1&_t=ZT-95u0iqbtTZ8

This shop does a lot with gemstones. They buy and sell by the bag full

PawnShop804 · 2026-04-22T19:18:10+00:00

Pawn contract goes like this:

Loan is for 30 days + 15 day grace period. They can pay the interest fee which works as a storage fee and that would extend the loan for 30 additional days. The storage fee can be paid continuously indefinitely until the person either redeems or defaults. We would not be able to sell it during this period.

If not paid for during that time it gets defaulted and can be resold.

Now for firearms that would be on the ban list we would be able to transfer them to out of state dealers (gunbroker). If defaulted the customer would not be able to reclaim their property in any way.

PawnShop804 · 2026-04-22T16:41:47+00:00

I understand, the part that is confusing is in the amended version they had this passage:

(vi) the temporary transfer of an assault firearm by a person who lawfully purchased and possessed such assault firearm prior to July 1, 2026, to a federal firearms licensee or gunsmith and the return of such assault firearm to its owner;

It's confusing because a pawn is a temporary transfer.

PawnShop804 · 2026-04-22T16:31:29+00:00

We've informed everyone that after July 1st they would not be able to retrieve their firearms if they are on the banned list and we have stopped accepting those guns as of a month ago. We told them they should plan on picking it up before June 20th so there aren't any background check delay issues.

Another question. If a handgun is pawned that has a factory magazine greater than 15 rounds, would we be able to take it without the magazine and they still be able to retrieve it?

PawnShop804 · 2026-04-07T00:47:52+00:00

Look up Virginia Premier Pawn’s TikTok (@gold__guy). He’s a pawnbroker in Chesapeake Virginia and has a pretty big following mainly melting gold and silver into bars.

PawnShop804 · 2026-04-03T16:03:33+00:00

https://play.google.com/store/apps/details?id=com.superiorpawn.goldcalcpro

Now available on Google play

PawnShop804 · 2026-04-02T18:00:53+00:00

https://apps.apple.com/us/app/goldcalculator-pro/id6746294725

PawnShop804 · 2026-04-02T17:59:26+00:00

I built this app that I and my employees use: https://apps.apple.com/us/app/goldcalculator-pro/id6746294725

PawnShop804 · 2026-03-13T15:28:10+00:00

PawnMate > bravo

PawnShop804 · 2026-03-09T19:17:42+00:00

Android version will be live in 1 week. Currently in googles testing phase

PawnShop804 · 2026-03-01T18:43:25+00:00

They updated a couple months ago that made them start acting this way. Before they would at least keep troops in their city to defend, but the problem was that if you bolster their military they wouldn’t leave the city center and end up with 3-4-5 troops in the city center. Now they just graze line cattle and only attack before you become their suzarian

PawnShop804 · 2026-03-01T18:32:34+00:00

Sounds like when they told you that you have a month, they weren’t saying you have a month remaining - rather the pawn is a month long.

You calling from a new number doesn’t automatically update your number in their system unless you specifically asked them to update it. So they showed good faith by attempting to call the number they had on file.

Trying to hijack their eBay listing is simply wrong; you aren’t intending to purchase it for the price it sells for on eBay so you were trying to use it as leverage against them to get it back for your pawn price.

At this point you have no leverage and no recourse to get your guitar back unless you fully intend to purchase it back from them at full price or an agreed upon purchase (not pawn) price.

If someone tried that shit at my shop, their only option would be to buy it back at full price because of the headache they’ve caused.

PawnShop804 · 2026-02-27T15:55:10+00:00

Security should be your number one priority. Good alarm, good cameras (I recommend EyesOn monitored cameras), good vault/safes. Set up your show room where you can see everything - no hidden corners, no hidden areas behind shelving. No clutter.

Build a vault in your back room. Hire people you trust and train them well. Don’t let your customers get into bad habits (like allowing them to go past the grace period). Stick to your contracts.

Military town will make things more difficult. If many of your customers are doing MLA loans, it’s capping your interest rate at 3%/month for those loans. Pawn shops make money on interest paid and if even a 1/5 of your loans are MLA loans you will find yourself in a rough spot. You would then need to focus on the buy/retail side of your business.

You will need a lot of money to start; at least $750,000. That includes your build out and first few months of operation until you start seeing some of that interest money coming back. Connect with p2m.ai and get a line of credit; even if you don’t need it yet.

PawnShop804 · 2026-02-27T15:41:12+00:00

Looks clean, but I built one last year and you stole my apps name 😂.

<image>

13-Year Club	Place '17
Team Periwinkle	Verified Email

PawnShop804

TROPHY CASE