Consumers and small business owners can now use an online tool to pawn items for short-term, asset-based loans without leaving their office or home.
“We’re building a brand,” Nathaniel said. “We’re addressing a new group of people who may have never stepped foot into a pawn shop before.”
Elliott Herzlich, owner of Elliott’s Jewelers in Tyler, is responsible for iPawn’s assessment, appraisal and evaluation processes.
Through iPawn, people can gain access to immediate financing who may have experienced difficulty in obtaining a new line of credit, a home-equity loan or a basic cash loan from a bank.
“Everyone has gold, diamonds and other family heirlooms that sit in a safe deposit box collecting dust,” Ben De-Kalo, co-founder of iPawn, said in a prepared statement. “iPawn is making it possible for consumers to put those valuables to work as collateral for low-interest rate loans.”
Interested customers fill out an online questionnaire regarding their item and submit a high resolution photo. An agent is available via phone or instant message to answer questions. Within an hour, an iPawn appraiser evaluates the item and provides loan terms and a buy price, along with a pre-paid FedEx label. If the customer agrees, they ship the item to the iPawn offices where it is physically evaluated. Payment is sent to the customer on the same day the package arrives. If the customer chooses to pawn the item, they repay the loan over a prearranged schedule. As long as the customer continues to make interest payments, the loan can be extended up to one year. If the client decides to sell the item, the terms of the arrangement can be amended. iPawn is registered and licensed by the Texas Office of Consumer Credit Commissioner and 100 percent insured. For more, visit www.ipawn.com.