Pawn Loans

Pawn Loans in Waukegan

Family Jewelry & Loan is Waukegan’s premier pawn shop. Do you need an immediate cash loan to pay off a bill, fund an emergency, or cover yourself until your next payday? No matter the reason, Family Jewelry & Loan is here for you. We also have the lowest rates in Waukegan and beyond. We guarantee no hidden fees and no surprises!

What is a Pawn Loan?

Pawn loans, also called collateral loans, are a quick and easy way to get the money you need. Because you don’t need a credit check, pawn loans are hassle free. At Family Jewelry and Loan, your loan amount is based on the collateral you bring in. That is, the merchandise you bring in for the loan determines your line of credit. You receive a percentage of the value the pawnbroker believes the collateral would bring in if you defaulted on the loan and the item went up for sale.

When you repay the loan, your collateral item is returned to you. All pawnbrokers are subject to Illinois law. Therefore, a typical pawn loan has a term length of 30 days. In addition, you are generally allowed  a 30-day grace period. If you are unable to repay the loan, you surrender the item and the loan is considered paid in full. It really is that easy!

Why Choose a Pawn Loan?

Pawn loans from Family Jewelry and Loan are a great choice for a variety of reasons. First of all, they’re fast and easy to get. Pawn loans are also based on the value of the collateral you bring in rather than a credit rating. This means you don’t have to worry if you have bad credit or no credit.  While pawn loans are often used for large denomination loans, they’re also great for smaller amounts. A typical bank, for example, won’t give you a loan for $200 to cover an emergency tire replacement.

You still own your item while the loan is out. When you give us an item for your pawn loan, we keep it in a secure area where only employees of Family Jewelry and Loan are able to access. It stays in this secure area until you repay the loan or until you default on the loan. We are also fully insured for the loan value of the merchandise we keep.

If you’re in need of a fast and easy loan, visit Family Jewelry & Loan in Waukegan today. Don’t forget, we also do more than just pawn loans! We buy and sell gold, silver, diamonds, and fine jewelry. Sell us your old televisions, digital cameras, video games or other digital equipment. We’ll give you cash on the spot for almost any and every type of item!