Pawns and Loans
Pawns and Loans
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Rare Coins and Collections
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Trusted Pawn Services
If you don't want to sell something valuable that also has a sentimental value attached to it, don't worry. At Riverhead Gold & Silver, we offer pawn services to give you cash without having to sell your items. Get a collateral loan against your item and you can be sure your valuables will be safe, secure, and insured. Call
us today!
Things to remember:
- Due to the sensitive nature of information pertaining to active loans, such information cannot be discussed over the phone
- Any inquiries on the pledge can be made by physically visiting our store
More Information About Our Pawn Services
Our policies:
- In general, our borrowers have a predetermined dollar amount they would want to borrow. Our appraiser will do all evaluations regarding the collateral at disposal value based on the current market. After mutual agreement, the borrower must present proper photo identification. Borrower information is entered into our computer system along with the complete description of the item pledged. A signed contract or pledge receipt and the amount is issued to the borrower.
- A pledge receipt comes with an expiration date of four months from the date of borrowing. The loan can be redeemed at any time. Upon expiration, the same can be renewed by paying the interest and any ticket charges due. After renewal, the process begins again. Loans can be renewed as many times as you want.
- The state of New York regulates interest rates and charges at 4% interest per month. The ticket fee and vault and handling fees are $10 per ticket. The insurance fee is 2% of the loan amount, 1% of the insured value.
- New York law needs a 30-day notification prior to the disposal of the pledged item. The notice will be sent through certified mail to your address listed in the front of your pawn receipt. You are not obliged to repay the loan.
- After every 15 months, active loans must be given a new ticket number. During this time, any late interest must be paid in full, and the loan will automatically expire four months from the date of new number issuance.
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