The process of obtaining a pawn loan from Chicago Loan Company is easy, dignified and painless. Upon entering our waiting room, you will be directed to a private office to meet with one of our loan officers. The amount you will be able to borrow is based upon the loan officer’s determination of the value of your collateral. Once the pawn loan amount has been agreed upon, a pledge agreement will be prepared for you to approve and sign. The terms of the pledge agreement have been established by Illinois state law. After you have signed the pledge agreement, you will be given the full amount of your pawn loan. There are no upfront fees or costs charged. All jewelry held as collateral is stored either in one of the safes on site, or in Chicago Loan Company’s very own safe located inside of a local bank vault.
At the end of four months, we will mail a notice to you at the address on your pledge agreement informing you of the date by which you must either pay total balance due on your pawn loan to redeem your collateral, or pay the interest and costs owed and renew your pawn loan for another four months. It is important that you respond to this notice; if you do not respond by the stated date, your collateral can be foreclosed upon at our discretion.
We employ experienced gemologists, trained at the Gemological Institute of America (GIA), and specialists in the field, who are prepared to give a fair and competitive valuation of your collateral. Due to the nature of our size as a company, we our interest rates are lower and we often charge less than our competitors. If available, please remember to bring your box and papers for any watches, as well as your GIA certificates for any diamonds or colored stones.
Chicago Loan Company understands that anyone can suffer a cash flow problem. We are here to help.