We offer larger loans with much better lending terms than competitors in N.H. We have been serving customers as a collateral-based lending institution in Lowell, MA, since 1993.
Lowell Jewelery & Loan provides money on items of value ranging from gold and diamond jewelry to antiques, musical instruments, electronics, game systems, power equipment etc. All customers provide collateral, eliminating the need to distinguish high risk from low risk borrowers.
Typically, pawns are small averaging between $70 and $100, although they can be as small as $20 or as high as tens of thousands of dollars depending on the value of the collateral. The pawn contract in Massachusetts is for 4 months and 10 days, renewable any number of times by paying the interest due. Generally, interest rates will vary with the amount of the pawn.
The process is much the same as any other lending institution, with the primary difference being the size of the pawn, the collateral and the holding of the merchandise until the interest or the pawn has been repaid.
Lowell Jewelry & Loan offers the consumer 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 lender was not to return. A customer receives a percentage of the value we believe the collateral would bring in a sale. A pawn of about 50 percent of the resale value of the collateral is typical.
When a customer pawns an item, terms of the pawn are printed on a pawn ticket and a copy is given to the customer. The ticket states the customers name, address, type of identification provided to the pawnbroker, a description of the item, amount lent, maturity date, interest rate and amount that must be paid to redeem the item.
All Transaction are protected!
Lowell Jewelry & Loan has several levels of security including closed circuit TV, a silent alarm that links to the Lowell Police Department, a safe for the jewelry and motion detectors for when the store is closed. And of course our friends, Smith & Wesson, Remington and Ruger provide for hassle-free transactions.
Interests rates are governed by the City of Lowell. The state of Massachusetts governs the basic interest charge laws for pawnshops. These can be found in Massachusetts General Laws, Chapter 140B. Interest charges and fees are applied monthly and accrue at a rate of ten percent per month.