1-How does a pawn loan work?
A pawn loan is a quick and easy way to borrow money.  The amount of the pawn loan is based on the value of the collateral (the item that you bring in as security for your loan).  A pawn loan has a term length of 5 months and is renewable upon payment of interest, in case you can’t pay back the loan in full.  You can renew for as long as you desire, or you can select to surrender your collateral as payment in full.

2-What do you accept as collateral?
Gold jewelry in any condition, Gold Coins, Fine Watches, Diamonds, Computers, Laptops, and general Electronics (Digital Cameras, Camcorders, TV’s, DVD Players, Ipods, Sound Systems, etc.)

3-How do you determine my loan amount?
The pawn loan amount is determined by the value of the collateral and how much we would be able to sell it for.  Every item that you bring in will be thoroughly tested and assessed with a value.

4-How do you determine the value of my gold jewelry?
We base the value on the weight and purity of the gold.  We test the gold using a special acid and stone that determine the karat/purity of the gold.  This is done in order to maximize your loan amount and to make sure that you are receiving an accurate pawn loan in relation to your collateral.

5-What is a renewal?
If you are unable to pay back the loan by the maturity date, you may elect to pay the interest only and receive a new loan for an additional 4 months.  The principal balance and the interest rate will remain the same on the renewal.  Also, there is no limit to the amount of renewals you may make.

6-What are the requirements to redeem my loan?
Only the original Pledgor (the person whose name appears on the contract) may redeem the collateral.  If the original pledgor is unable to appear personally, a Power of Attorney will be required.

7-What is the loan going to cost me?
 The state of California dictates how much a Pawnbroker may charge for a collateral loan. 
Monte de Piedad offers major discounts and charges significantly less than what is permitted by California law.  For example, some set-up fees are discounted by up to 60% and other fees are discounted by over 80%. Click here to see the 2009 California Rate Table.