FAQ

If you’re unable to pay back your pawn loan in full on its due date, you are able to get a renewal. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term.

No. The only requirement is a valid government photo ID.

We provide loans on just about everything! Including but not limited to these common items: - Gold and Diamond Jewelry - Watches - premium designer brands and fashion watches - Laptops, tablets and all-in-one PCs - Cell Phones - Cameras, lenses and camcorders - Designer sunglasses & handbags - Musical instruments - Electronics of all kinds - drones, GPS, iPods, MP3, etc. - Home Audio and Video - receivers, power amps, DVD and blue-ray players, CD players, etc. - Tools - power, hand, storage, ladders, etc. - Automotive - car audio, power amps, speakers, subwoofers, auto testing equipment, custom rims, etc. - Household items - small appliances, fans, etc. - Lawn and Garden - mowers, snow blowers, trimmers, blowers, chainsaws, wood chippers, etc. - Firearms - rifles, shotguns and handguns. - Art and Collectibles - Sports and Outdoor - hunting bows, fishing rods and reels, depth finders, camping equipment, knives, binoculars, etc. - Recreational equipment - bicycles, motorcycles, ATVs, snowmobiles, trolling motors, etc.

Yes, Five Star Pawn accepts firearms (only long guns as Michigan doesn't allow handguns for pawn) as collateral for pawn loans, as regulated by Michigan state law. We are a registered firearms dealer and must comply with all federal regulations.

At Five Star Pawn we only charge 3% a month with a $3 storage fee (oversized goods that require special storage needs may have higher storage fee).

The title and ownership of an item remains with the borrower until the loan defaults. A pawnbroker is not able to sell a pawned item until the borrower fails to redeem or renew a loan at the end of the contracted period.

Yes. States have regulated the pawn industry for decades. In addition, local authorities oversee licensing and regulation of most pawnbrokers. We are subject to laws such as Truth In Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Patriot Act, and Federal Trade Commission Rules on Data Privacy and Security Transfer. At the federal level, regulatory authorities include the Federal Trade Commission (FTC), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Treasury Department.

While you are personally responsible for your loan(s) at Five Star Pawn we know everyone's lives get busy. We do however send out a courtesy reminder to the phone number you provided at the end of the 90-day loan term. If you need more time, you can renew your loan by coming into the store or by using our Mobile Pawn app.

Our professional staff bases pawn loan amounts on the value of your item—its current appraised value, its current condition and our ability to sell the item. 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 amount of the loan offered is based on the wholesale, resale/secondhand value of the item, not the new price.

Absolutely! Five Star Pawn pays the highest prices around for gold, jewelry, watches, musical instruments, computers, consumer electronics …almost any item of value!

Our loans are 90 day loans but you can renew your loan as many times as you would like (NO LIMIT!). And since we are a family owned business, we offer the flexibility to work with a customer that needs extra time to pay back their loan that most other pawn shops cannot do.

Pawnshops offer a quick, convenient and confidential way to borrow money when you need it most! Your short term cash needs can be met with no credit check or legal consequences if the loan is not repaid. Five Star Pawn is licensed and regulated by the State of Michigan and the City of Utica, and are long time members of the National Pawnbrokers Association.