Simply put, a pawn is a loan. It does not mean selling or otherwise disposing of your items. It only has to do with creating a loan, based on the item as collateral. Pawning is the process of using collateral to obtain a loan. When you sell your items to someone, that is NOT considered a pawn, it is a simple sale. Many businesses who buy things advertise under PAWN in the Yellow Pages or online, but they ONLY purchase, they do NOT lend. These companies are not pawnbrokers. They merely bait you into coming in with your belongings and try to buy them.
We receive calls on a regular basis asking "Are you a REAL pawn shop that does loans?"
Yes, we are a Real Licensed Pawn Shop.
Businesses can ONLY LEND money with special licensing. In Wisconsin, the maximum loan a pawnbroker with municipality licensing can give is limited to $150 by statute. Further licensing is required for a pawnbroker to give larger loans. We do hold such a license and can loan up to $25,000. A pawn loan is for a period of 30 days, (a legal month) and are calculated that way, per diem. Interest is required on a monthly basis and the loan can be renewed for up to one year, maximum, again, by statute.
We are a family operation. We LEND MORE and CHARGE LESS than any other pawn shop in Milwaukee.
If you're looking for a short term loan, give us a call.
Benedons, Inc is licensed, triple bonded and insured.