Answers to Frequently Asked Questions
What are the terms of the loan?
New Liberty Loans Pawn Shop offers (4) four month collateral loans with a monthly interest rate between 2% (24% APR) and a maximum rate of 4% in accordance with New York State law for collateral loans. New Liberty Loans Pawn Shop also offers loan extensions and renewals as permitted by New York State law. We have no hidden costs or fees and your pawn ticket will clearly indicate all details of the loan.
Sample Repayment Schedules
Example #1: For a 4% loan, if you borrow $1,000 dollars and pay within the first month, you will pay back $1,040.
Example #2: For a 4% loan, if you borrow $10,000 dollars and pay in full at the end of two months, you pay back $10,800.
New Liberty Loans Pawn Shop also provides loan extensions if you need more time to pay back your loan.
Example #3 (with loan extension): For a 4% loan, if you borrow $1,000 and pay the $160.00 interest due at the end of the 4th month, you then have the option to extend the loan for an additional 4 months.
Repayment required between 61 and 120 days although you can pay back the full loan plus interest at anytime before (4) months.
Do I need to make an appointment?
No. You are welcome to Walk-in or Call anytime durning normal business hours. We are open 7 days a week including SUNDAY.
What is the best way to get to New Liberty Loans Pawn Shop?
Our office is easily accessible by bus, subway or car. See the Contact Us section for directions. We provide free valet parking (call in advance please) and parking ticket validation.
What are the requirements to make a pawn loan?
You must be at least 18 years old and have a government issued ID (driver’s license, passport, etc.) to obtain a pawn loan.
What types of collateral do you accept?
We primarily lend against jewelry, gems and precious metals like gold, silver and platinum. We also accept luxury items including watches, unique sports/entertainment memorabilia, handbags, silver flatware, rare coins and Apple products.
Will you purchase my item?
Yes. If your valuables meet our requirements, we are happy to offer a loan against your collateral or an outright purchase.
Will my valuables be safe?
New Liberty Loans Pawn Shop makes the security of your valuables a top priority. Your merchandise is sealed and secured either in our safe or in a secure vault. We treat all of our clients’ valuables with the utmost care.
How does a pawn loan work?
A pawn loan is another term for a collateral loan. Pawnbrokers lend money on items of value including gold, silver, jewelry, watches, diamonds and other luxury goods. Loans are based on the value of the collateral. When a customer pays back the loan, their merchandise is returned to them. A customer may also choose to give up their collateral as payment for the loan in full. Pawn shops may also offer extensions/renewals as permitted by state and local law.
Why would someone go to a pawnbroker to get a loan?
Pawnbrokers offer consumers a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. In short, a pawn loan is a simple, safe and fast way to get a cash loan for your valuables.
How much should I expect for a loan?
Loan amounts will vary depending on the value of the item as well as any maximums set by state laws. Your loan amount will also be determined according to other factors such as demand and condition of the item.
How do you determine the value of the item?
New Liberty Loans Pawn Shop provides free appraisals. We determine the value of your item based it’s current condition and the ability to sell the item. We use a variety of sources to determine the current market value of your items including prices available locally and online. The appraisal process varies depending on the type of item. For example, jewelry and precious metals are tested for purity and weight. In other cases, we may test your item to ensure it works properly.
Are pawn shops regulated?
Yes, pawnbrokers are governed by federal laws that apply to financial institutions. States and local governments also regulate the pawn industry to ensure consumers are protected.
New Liberty Loans Pawn Shop is licensed by the New York City Department of Consumer Affairs. Our license number is: 130417.