Pawn Shop NYC FAQ

Pawn Shop NYC FAQ

Answers to the Most Frequently Asked Questions

Where are you located?

We are located in the newly constructed International Gem Tower in midtown Manhattan’s Diamond District. Our address is:

50 West 47th St. Suite 319
(47th between 5th & 6th Ave)
New York, NY 10036

If you are in need of our services on the West Coast, our sister store, Beverly Loan Company, is located one block off Rodeo Drive in Beverly Hills, CA, where it has been providing confidential collateral loans since 1938.

How are you different from the many other pawnshops in New York City?

New York Loan Company prides itself on being the number one luxury pawnshop in New York City. We specialize in unique, high-end and one-of-a-kind items that other pawnshops may not have expertise in. Our family-owned business has been in operation for over 75 years and has a stellar reputation. With our expertise and longstanding relationships with buyers on both Coasts, we are able to provide higher loan amounts.

In addition to the types of collateral we accept, our unparalleled customer service and commitment to providing a fast, easy, and confidential experience sets us apart. No matter what the dollar amount of the transaction, New York Loan will always protect our clients’ privacy and confidentiality.

Do I need to make an appointment?

You are welcome to visit, but we do ask that you call or email us before stopping by to ensure a smooth admittance process. We reside in one of the most secure buildings in New York and all guests must be registered before gaining access. You will need to have a valid photo ID with you in order to enter the building.

How does a pawn loan work?

A pawn loan is a loan that is entirely based on the value of your collateral – not your credit score or financial circumstances. We provide short-term, non-recourse loans with a four month term. Arrangements can be made to extend the term should you require additional time. Once the principal plus all accrued interest is paid, your collateral is returned to you, which is always our goal. To learn more about the pawn process, please click here.

What are the requirements to make a loan?

You must be at least 18 years old and have a government issued ID (driver’s license, passport, etc.) to obtain a pawn loan.

In some cases we may require provenance, receipts or certificates of authenticity to make a loan. Each type of collateral is different. Please refer to the individual pages under the “assets” tab at the top of this page, or contact us directly for more information.

What types of collateral do you accept?

We primarily lend against jewelry and gems, but specialize in many high-end items, including watches, contemporary and modern art, and one-of-a-kind sports and entertainment memorabilia. We also work with luxury handbags, silver flatware, auction-worthy wine and rare coins. Unfortunately we do not accept electronics, instruments, or any other household items.

To see a full list of accepted collateral, please see our “assets” tab at the top of this page.

How do you determine the value of jewelry and watches?

We base the loan amount on several factors; we are not the type of lender who simply loans against gold weight. New York Loan Company employs GIA graduate gemologists to evaluate and authenticate diamonds and gemstones. With over 75 years in business we are familiar with market fluctuations and the premium that signed goods carry, whether jewelry (Cartier, Graff, Harry Winston, Tiffany & Co) or watches (Patek Philippe, Rolex, IWC, Audemars Piguet, etc.). With our longstanding relationships with buyers on both Coasts, we are able to pay a premium for many items.

Every transaction is different and each loan is made on a case-by-case basis.

How do you determine the value of art/memorabilia?

We ask that you compile an email with photographs and details about the potential collateral, specifically the provenance. Once we receive the email, we will conduct our internal due diligence and provide you with an estimated loan amount. This is process can sometimes take 24 hours as we must often review auction records as well as consult with other experts in order to provide the highest and most accurate valuation possible.

Again, be aware that we must see the collateral in person before making a firm offer. To see what kind of art/wine/memorabilia we accept, please see our “assets” tab at the top of this page.

Can you give me a quote of an item over the phone?

Unfortunately, in most cases, we cannot. Again, each item is unique and in order to provide the highest loan amount possible, we must review the specific attributes of your collateral and its condition in person prior to making an offer.

Will you purchase my item?

Of course; if is meets our criteria, we can offer a loan against your collateral or an outright purchase.

What are the terms of the loan?

New York Loan Company offers non-recourse, four month loans. Pawnshops in New York State charge 4% per month, and all loans are regulated by the Department of Consumer Affairs. Collateral such as jewelry and watches are also subject to a one-time 2% storage fee, which is also provided for by state and local law. New York Loan prides itself in being completely transparent. We have no hidden fees and your pawn ticket will have a clear breakdown of any costs associated with the loan. We do not take any fees at the front end of your loan. This means we will never reduce the amount given to you, and all interest and fees are paid to us when you redeem your item or extend the loan. Our loan officers are happy to answer any questions you may have.

How long does the loan process take?

We try to make the loan process as quick and simple as possible. A typical transaction takes no more than 15 to 30 minutes; however, the more items that we evaluate, the longer the process will take. When the process takes longer, it’s usually because we are trying to confirm a higher valuation for your collateral.

What security measures do you take? Will be collateral my damaged/switched?

New York Loan Company is proud to be located inside the International Gem Tower, one of the most secure buildings in New York City. We have significant additional security measures in place on premises and all collateral is afforded the highest level of protection either in our safe on premises or in the secure vault in our building.

Keep in mind that our business has been in continuous operation for over 75 years and we have never lost, broken, or misplaced an item in loan. We handle all of our clients’ collateral with the highest degree of respect and care.

What forms of payment do you provide/accept?

The majority of our clients ask to be paid in cash, however we can also pay via check, cashier’s check, money order or wire loan proceeds directly into your account.

We accept payments in the form of cash, cashier’s check, money order, wire or debit.

Do you also sell jewelry?

For those in the market to purchase jewelry, you are in good hands. We offer the public at large prices typically reserved for only dealers in the trade. Visit our office to view our one-of-a-kind showcase and unique merchandise offered at these fantastic prices.