How to Get an Easy Loan at GEM Pawnbrokers:
Cash Loans are based on the appraised “loan value” of your collateral. Gold and diamond jewelry, fine watches and gold coins is what we specialize in. We also lend on high quality musical instruments and professional grade camera equipment.
GEM offers loans from Twenty Five to One Million Dollars, and all loans are held for four months. If you are not ready to take your item(s) out after four months, you may pay the interest and other lawful charges due on the loan and receive another four months. Interest charges are calculated at the NY State regulated rate of 4% per month. You may also chose to surrender your collateral as payment in full. Bring us your jewelry items along with valid state, government ID and we will be happy to help. Most loans only take about 5 to 10 min to get cash in your hand.
Are my items insured while they are in your care?
YES. It is our responsibility to keep your items safe and in the same condition . All items in pawn are insured by a nationally recognized insurance company.
YES. GEM takes special care to seal all of our customers’ precious valuables in individually wrapped and labeled packages. Then, they are transported by armored truck accompanied by armed guards to our private, state of the art, bank vault, which is under constant 24 hr surveillance.
GEM tries very hard to give our customers sufficient time to pay the amounts due. All loans have a 30 day grace period. If you need time beyond that day please call the branch number on your ticket. If you cant reach a Gem agent, call our info line at 718-CALL-GEM.
Over 90% of our customers repay and redeem their loan. If a customer chooses not to repay the loan it will be forfeited. The customer has no further obligation to the loan contract.
If your loan was made in any of our outer branches you will need to call the number on your ticket 48 hours before you wish to pick up your item. When you get to the store you will need your ORIGINAL YELLOW TICKET to make your payment and redeem your item.
We use the industry standard “Rapport Report” to determine diamond loan values. We count every stone to insure the maximum loan value. Colored stones are a different story though and most are counted into the weight of the gold, unless they are higher quality rubies, emeralds, sapphires or larger tanzanite stones, etc.
GEM is licensed by the City of New York Department of Consumer Affairs, the Town of Hempstead and the Town of Oyster Bay to lend money at the rate allowed by the State of New York. We charge 4% per month or any part of a month. This is one of the lowest pawning rates in the country. Each State has a different rate as prescribed be their legislature (Florida charges as much as 25% for one month.) There is also an insurance charge and other small legally permissible fees, all of which can be found on your pawn ticket.
Any loan redeemed before its due date is charged only for the time used. Remember, each month is billed fully as it begins, so you must be a full 30 days early to be eligible for the discount. For example, if you redeem your item within the first 30 days, you will only pay one month.
All of our loans are renewable. If you are arriving at the due date of your loan and cannot pay back the money borrowed and interest due, you do not have to lose your valuables. Simply call and bring in your yellow ticket and the amount due. We will process your payment and issue you a NEW loan receipt good for four additional months. This can be done as many times as you need.
YES. We would be happy to accept part of your original loan back when you are paying off your interest. This will help reduce the amount of interest due on the next payment. NOTE: You can only reduce your loan when paying your interest in full.
YES. GEM will make you as many loans as you need. Each transaction is considered a separate loan and will be due based on the date which each loan was made.
If you are unable to repay your loan in full on its due date, you may pay for a renewal. You only pay for the accrued interest and a new pawn loan is written . The principal amount and interest rate stays the same for the duration of the loan.
Have more questions? We would love to answer any question you may have.
CALL 718-CALL-GEM 24HR Info Line