Frequently Asked Questions...

What does Pawn even mean?

    A Pawn is essentially a collateral loan. If you bring in an item of value, we will determine a possible loan amount, and exchange your item for cash. From there, we offer a 1-month grace period to redeem your item by paying the loan amount plus the service charge. After 1 month, you can choose to extend the loan for an additional month(s) by paying a small fee, or forfeit the item.
    The forfeit date is when we are allowed to put the item out for sale. This only occurs if we have not received payment to extend the loan and you haven't contacted us within the agreed upon grace period of the loan.
    All items "on Pawn" are safely stored in our back rooms, completely out of view from the Public.
    Almost anything! We frequently deal in Jewelry, Gold & Silver (any form except plated), Electronics, Musical Instruments & Equipment, Tools, Sporting Goods, Collectables, Car Audio... and so much more! As long as we have room and can agree on a price, we'll take a look and do our best to estimate a fair value.
    For loans over $100, we charge 15% on top of the initial loan amount for redemption of the item within 30 days, and for loans under $100, we charge 20%. Whereas, all loans can be extended for an additional 30 days for 10% of the initial loan. (Example: Initial Loan of $100... Redemption Cost = $115 ... Extension Fee to add 30 days = $10)
    We use a number of factors when valuing your items: condition, resale value, missing parts, market trends, our current inventory level, customer payback history, season, 22 years experience, and more. We treat every item, customer, and loan on an individual basis.
    We take all measures to avoid this problem. Every purchase is immediately uploaded into RAPID (Regional Automated Property Information Database) used by the RCMP. This program performs Real-time alerting based on search criteria and the latest information available. In addition, we hold all items for a minimum of 30 days before releasing them for sale.
    At Mike's Pawn, we pride ourselves on being fair, honest, and organized, with a friendly and clean atmosphere that you'll notice as soon as you walk in the door. Since being in the business for over 20 years, we've always strived to keep our interest rates low, and to offer you top dollar on your merchandise, as we believe in selling high quality, hard to find items that other shop's in the valley simply don't stock.


... Still not sure?

You're welcome to Contact Us by phone or email and we'll do our best to answer any other questions.