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Your Mindful Pawn Shop

Interest rate discount for low income customers

ready × set × pawn

 

How It Works?

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. 

 

Process

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

 

Rates and Terms BreakDown

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%
$30,000+ or No Proof of Income 20%
Special Offer (call for details) As low as 3%

For example, if your annual income is less than $15,000 (or the loan amount is over $1000) and you are looking for a $500 loan, you will have to pay $50 monthly in interest and fees. We strongly encourage our customers to use pawn loans only as a short-term funding option. 

Most other Illinois pawnshops have a flat interest rate of 20%, without consideration of your income. In this case you would pay double- $100 in interest for a $500 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.

 

Security & Insurance

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)

Get a Quote

 
Name
Name
How would you like us to contact you? *
Phone
Phone
If you would like to speak to us, please provide your phone number.
I'm looking to *
Are you willing to part ways forever or just for a while?
Tell us what it is in a word or two. The Brand and Model Name are very important.
How does it look like today? *
We need to know if it stood the test of time.
Please describe it in the space given.
 

confidentiality

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.

 

Loan Benefits

  • Receive your valuable item back when the loan is paid off.
  • Re-use your item to secure more cash loans in the future.
  • Earn more if your item appreciates in value over time.

Sale Benefits

  • Receive cash for an item that you don't use anymore.
  • Don't worry about interest payments.
  • Get the best deal now selling an item that depreciates in value over time.

At The Store

 

what happens here?

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.

 

WHAT SHOULD I BRING WITH ME?

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).

 

HOW LONG DOES IT TAKE TO GET THE LOAN?

On average, the whole process takes less than 15 minutes.

 
 

Phone

(847) 979-8660

 

Location

1741 E Central Rd
Arlington Heights,
IL 60005

 

Hours

Mon-Fri 10am–8pm
Sat 10am–6pm

 

What others are saying

 
The gentlemen here are always extremely helpful and welcoming. I’ve been into other pawn shops in the past that were dimly lit and I felt as if eyes were always on me. But at Pawn in Private, they not only offer more money when selling items and low interest rates on loans but they also make you feel completely welcome and assist in any way possible. I’ve come here several times and know that I’ll keep coming back!
Daphne K.
I went here to sell my movado watch and they were very nice and reasonable. I felt very comfortable with my transaction and they even offered us water while we waited. Highly recommended and will be back for more business.
Jade Cheney
Very nice place. Just recently went there to buy few things and I was very surprised. The staff was extremely nice and helpful. As a matter of fact I found what I was looking for and beside that I’ve got the best deal ever from the owner of that place. While you r there ask Vasil, the owner, to help you with any question you get about your purchase. He is really cool guy!!
Igor Matsygon

Our Vision

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We hope to bring mindfulness into the pawn industry

 

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...