Frequently asked questions

We want you to be comfortable and be able to deal with confidence at Double Eagle Pawn. We have tried to address the most common questions people have below, but you should always ask us any question you might have about pawn loans, merchandise, or any aspect of our business. 

How do pawn loans work?

Pawn loans are the quickest way to borrow money without a credit check. Loan amounts are based solely on the value of your item that is used as collateral. Subject to individual state laws, a typical pawn loan has a term length of 30 days/one month, with a 60-day/two month grace period. If you cannot pay back your pawn loan in full, including any applicable grace period, we offer extensions/renewals (where permitted by state law) to give you extra time. You may also choose to surrender your collateral as payment in full.

We can provide pawn loans on a variety of items, including gold and diamond jewelry, electronics, firearms, collectibles, antiques, and more. Simply bring us an item of value, along with a valid state issued ID and we’ll get you cash within minutes of your loan approval. 

What is a loan extension?

If you are unable to pay back your pawn loan in full on its due date, you may be able to make a short extension on your pawn loan by giving us a phone call or text message in regards. A late fee will apply, though this keeps your item from being pulled and gives you a little more time to get in to make a rewrite or redeem your pawn loan. Requesting an extension is a courtesy and does not rewrite your pawn which will still require one to come in and “rewrite” or pay down the interest that accumulated on your pawn loan. Only then will the length of your pawn loan have a full term again. 

What is a loan rewrite?

If you are unable to pay back your pawn loan in full on its due date, you are able to re-write/renew the loan. With a renewal/re-write you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written on the same item. The principal pawn loan amount remains the same, as does the interest rate, but the due date now is reset for the full loan term of 90-days.

Will I lose my pawned item?

Well, we sure hope not. The majority of customers repay their pawn loans and pick up their items. If a customer chooses not to repay the pawn loan, the merchandise/collateral for the loan is forfeited. Double Eagle Pawn also purchases items of value if you do not wish to pawn your item and would prefer to outright sell it.

How do you determine an item's worth?

Double Eagle Pawn bases pawn loan amounts on the value of the item being pawned. We research the item’s current appraised value, the item’s current condition and our ability to sell the item. We also do extensive research by reaching out to niche appraisers in our large network of partners when a certain item may require that little extra. 

How do you determine the condition of an item?

The condition of an item is always taken into account during the appraisal process for a pawn loan. If one 32-inch television comes in that is in perfect condition and one 32-inch television comes in with a crack in the case, we may not be able to lend on the damaged television but between the two would loan more on the TV that’s in better condition. All merchandise is tested and checked to ensure it is in working condition. The better the condition of your pawned item, the more money we are able to loan you. 

How do you determine the value of jewelry?

When jewelry is the collateral for a pawn loan, we test the precious metals and diamonds to determine its worth. Diamond testing includes a visual inspection with a jeweler’s loupe. We also weigh the item, determine the approximate size, cut, color, and clarity of each stone. From our visual inspection, we may also test the gold using a special acid that determines the karat of gold. 

How do you determine the price of gold?

The price of gold changes every few minutes due to a variety of factors. Some common factors include the following:

  • Market speculation
  • Currency valuation
  • Worldwide demand
  • Gold production
  • Energy Prices

Our staff updates the gold pricing every couple of hours using APMEX- a trusted resource for spot pricing precious metals.  

Do you give quotes for items over the phone?

We are not able to give quotes over the phone; however, if you are unsure about whether or not your item qualifies for a pawn you are encouraged to give us a call at any of our locations. We must see the item in person and conduct full testing before giving out a quote accurately. 

Why does the loan amount differ from the selling price at retail stores?

Our pawn loan values are based on pre-owned retail prices, not what the actual item cost when it was new. Any collateral that is turned over to us and made available for sale is pre-owned and will be priced accordingly on our sales floor. The loan amount we give you is based on that selling price- and our ability to sell the item.

We offer you as much as we can while still allowing room to pay for the cost of storage, employees insurance and other costs of doing business. 

Am I able to get a loan on my guns?

Yes. We accept firearms as collateral for pawn loans and sell firearms in all three of our locations. We are registered as a firearms dealer and comply with all federal regulations. In addition, Double Eagle Pawn furnishes local law enforcement with information on every transaction. Firearms require a Federal or local law enforcement background check on redemption which can cause a delay on delivery after the pawn is paid in full. 

Is my collateral safe while in Double Eagle Pawn?

While your item is in pawn, you still own it and it is our responsibility to keep it safe and in good condition while it is in our care. When you give us an item for pawn, we keep all accessories (remote controls, cables, etc.) with your item and place it in our warehouse, vault or safes. Your item is safely stored here until you come back to pay your pawn loan in full and claim your merchandise. All Double Eagle Pawn locations are fully insured for the loan value of the items we keep.

Are Pawn Shops full of stolen merchandise?

No! Less than 1 percent of items are identified as stolen goods. Pawn shops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawn shops are highly regulated, work very closely with local and federal law enforcement officials, and train their staff to be on the lookout for and identify stolen property. In addition, Double Eagle Pawn provides local law enforcement agencies with a copy of every loan transaction we do including a description and serial number of the item we have loaned on.

Are Pawn Shops regulated?

Yes. States have regulated the pawn industry for decades, and Washington State pawnbrokers are licensed and regulated by local authorities as well. We are subject to such federal laws as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, Burea of Alcohol, Tobacco & Firearms (ATF) as well as the Federal Trade Commission Rules on Data Privacy and Security Transfers.

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