Your Mindful Pawn Shop
Interest rate discount for low income customers
ready × set × pawn
We offer collateralized loans, giving you an easy way to borrow money without any credit checks or financial disclosures. You can use valuable items you already own to quickly obtain the cash flow you need, whether you pawn or sell your item.
Even though the usual monthly interest rate (plus fees) in Illinois for pawn loans is 20%, we are offering discounts to the customers who need it most. Please see the table below for details.
1. Fill out our description form online
2. Accept our immediate price quote
3. Stop by our store to finalize transaction
4. Bring proof of income if you qualify for a lower interest rate
The monthly interest rate (including all fees) is determined by your income or the loan amount, according to the following rules:
|Annual Income or Loan Amount||Rate + Fees|
|$0-$15,000 (or loans over $1000)||10%|
|$15,000-$30,000 (or loans between $500-$1000)||15%|
|No Proof of Income (or loans under $500)||20%|
|*Rates may vary according to item type||10-20%|
For example, if your annual income is less than $15,000 (or the loan amount is over $1000) and you are looking for a $1000 loan, you will have to pay $100 monthly in interest and fees. We strongly encourage our customers to use pawn loans only as a short-term funding option.
Many other Illinois pawnshops have a flat interest rate of 20%, without consideration of your income or loan amount. In this case you would pay double- $200 in interest for a $1000 pawn loan.
Our loans have a term length of 30 days plus a 30-day grace period. As long as the interest is paid, the loans are renewable 100%. The minimum period for repayment is 48 hours.
Interest payment can be made by card. Principal must be paid in cash.
Your valuable items will be stored at our secured location with bullet-proof glass, solid metal doors and reinforced walls.
Our burglary-resistant, TL- rated heavy-duty safe is commonly used in major banks. The entire facility, including the safe, is monitored by ADT 24 hour burglar-alarm protection.
All items held in pawn are fully insured through Lloyd's of London. In the unlikely event that any items are lost or stolen, they will be replaced with identical items.
Acceptable proof of income:
- Pay stubs (no more than 30 days old)
- Bank statement showing source of income
- Copy of last year's federal tax return
- Wages and Tax Statement (W2 and/or 1099)
Worry less, your personal information will be safe with us. We will not share, post or use the information you provide to any other third party services or in any other purposes than to fulfill your one time quote request.
1. Your item will be carefully evaluated by one of our professional appraisers.
2. You will be offered top value for your item whether you decide to take a loan or sell.
3. You will get a cash payment on the spot.
4. Your item will be deposited in our secured storage room.
Your valuable item and a valid Driver's License or State ID.
That means No Social Security Number, No Credit Check and No Collection Action (in case of default).
On average, the whole process takes less than 15 minutes.
1741 E Central Rd
Many of the customers who help us, pawnbrokers, flourish and be successful, go through difficult times when walking into our stores, whether it's financial struggle caused by health problems, recent divorce or other hardships.
This is why, more than in any other industry, it is our responsibility to treat every customer with care, respect and support, in the moments when they may need it most.
At Pawn in Private, we are trained in mindfulness meditation, with consistent daily practice. This resulted, as reported by our customers, in better listening skills, more compassion, less judgement and especially, increased overall fairness.
We offer lower interest rates for our pawn loans to customers with low income, free drinks and candy (sometimes food), free jewelry cleaning, polishing, free verbal appraisals and occasionally, free introductions to mindfulness.
Through these actions and further ones to come, we hope to set an example and bring awareness to the fact that we need to be more than pawnbrokers, looking to turn a profit...