At Center Gold, we receive a lot of questions from clients regarding our collateral loan services. We've compiled our answers into a group of policies for you to get a complete understanding of our process, rules, and terms when deciding if our services are right for you.
If you have any questions or would like to receive a collateral loan through us, please get in touch with us at either of our locations in Centereach
or Rocky Point, NY.
Generally, our borrowers have an approximate dollar amount they're asking to borrow. Your Center Gold loan appraiser will evaluate your collateral at disposal value, based on the current market. If both sides are in agreement, the borrower should present proper photo identification.
The borrower's information is entered into our computer system with a complete description of the merchandise. A signed contract/pledge receipt and the cash are issued immediately.
A pledge receipt has an expiration date of 4 months from the borrowed date. The loan is redeemable at any time and can be renewed upon expiration simply by paying the interest and any ticket charges that are due.
Once renewed, the process begins anew. Loans may be renewed as many times as you need. There is no maximum time allowance.
Interest rates and charges are regulated by the state of New York. New York allows 4% interest per month. Our ticket fee and vault/handling fee is $10 per ticket. The insurance fee is 2% of the loan amount (1% of the insured value).
4. A 30-day notification is required by New York state law prior to the disposal of the pledged merchandise. A notice is sent by way of certified mail to your address, listed in front of the pawn receipt. You are under no obligation to repay the loan.