National Collateral Loans

More Loans/FAQ

LOANS WITH NO CREDIT CHECK

National Collateral Loan Company in Highland Park purchases and loans on a wide variety of valuables and collectibles. Get a quick loan with no credit check with the help of our creative and friendly staff.

  • Bullion
  • Coins: Silver & gold
  • Sterling: Flatware, Tea sets Etc
  • Crystal
  • Objet d’art
  • Cars
  • Boats
  • Designer Leather Goods

 

FREQUENTLY ASKED QUESTIONS         847-926-3399

We want you to be comfortable and be able to deal with confidence at National collateral Loan. 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 DOES A PAWN LOAN WORK?

Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are based on the value of your collateral, not your credit rating or pay schedule. The rates on Pawn loans are much lower than those of a Payday Advance Loan or credit card and bank over-draft fees. If you cannot pay back your loan in full, including any applicable charges, we also offer extensions/renewals to give you extra time. You may also choose to surrender your collateral as payment in full (no credit report).

We loan on a variety of items, including gold and diamond jewelry, silver, objects of art, crystal, and more. Just bring us your item or items, along with a valid photo ID and we’ll do the rest. We promise to treat you with the respect you deserve and the privacy you need.

WHAT IS AN EXTENSION?

If you are unable to pay back your loan in full on its due date, you may choose to get an extension on your loan. With an extension, you will be required to pay a portion of the interest owed, then you may extend the length of your loan for as many days as allowed by state law. You may extend any loan you have with us for as long as you like and we will continue to hold your item and care for your valuables as if they were our own. Keep in mind, we are fully insured for your protection.

WHAT IS A RENEWAL?

If you are unable to pay back your loan in full on its due date, you may also choose another option to pay your interest called a renewal. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.

WILL I LOSE MY MERCHANDISE?

The majority of our customers never lose their merchandise–they choose to repay their pawn loans and pick up their merchandise. If a customer chooses not to repay the loan, the merchandise/collateral for the loan is forfeited.

If you forget about your loan and we still have it in our possession, we will do our best to help you get the item back without any hassle.

IF I DO NOT REPAY MY LOAN, WILL MY CREDIT BE AFFECTED?

No your credit is never affected by a loan with us. If you can’t repay or do not wish to repay your loan, it will be forfeited after the term. If you do forfeit your loan with us we will simply place your item out for sale and nothing is ever reported to a credit agency.

ln fact you may continue to bring in merchandise new for additional loans anytime you need it.

HOW DO YOU DETERMINE THE VALUE OF AN ITEM?

We base pawn loan amounts on the value of your item. Our expert employees have decades of experience in appraising the value, based on its current condition and market value. We use all the research tools we have at our disposal to determine an item’s value and get you the most money we can. The appraisal process varies depending on the type of items. We use many tools to help determine the value of your items and get you what you need. We work hard to ensure that our loan values are in line with the general marketplace for pre-owned merchandise.

WHAT ABOUT THE VALUE FOR GOLD AND JEWELRY?

Our brokers have access to the latest prices paid on precious metals and Diamonds-so we can get, you the highest value on your item at any given moment. When jewelry is the collateral we test the precious metals and diamonds to determine their value. The diamond testing includes a visual inspection using a jeweler’s loupe, weighing the item, sizing (determining carat weight) any stones, and noting the cut/color/clarity of each. You may know this as the 4 Cs. In addition, we test the metal using a special acid that determines the karat of gold. This is done to ensure a clean test so there are no false readings on your item that may detract from what we can loan you.

ARE MY ITEMS SAFE WHILE THEY ARE IN PAWN?

While your item is in pawn, you still own it. It is our responsibility to keep it safe and in good condition while it’s in our care. In many cases your item is safer with us than in your own home. National collateral has a state of the art security system that is locally monitored 24 hours a day, National collateral has the highest rated safes to ensure the highest security possible. When you give us an item for pawn your item is safely stored here until you come back to pay your loan in full and claim your merchandise. National collateral is fully insured.

ARE PAWN SHOPS REGULATED?

Yes. States have regulated the pawn industry for decades, and most pawnbrokers are licensed and regulated by local authorities as well. National Collateral is regulated by the Illinois Department of Financial and Professional Regulation/Division of Banking. We work closely with state and local officials to ensure everything we do is correct and lawful.

ARE PAWN SHOPS FULL OF STOLEN MERCHANDISE?

No! Less than 1 percent of items are identified as stolen goods. Pawnshops are actually the worst place to try and get rid of stolen merchandise, despite what you see on television or in the movies. Pawnshops 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, National Collateral provides local law enforcement agencies with a copy of every loan transaction we do including the description and serial number of the item we have loaned on.

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