Frequently Asked Questions
Our professional staff bases pawn loan amounts on the value of your item(s) its current condition, and our ability to sell the item. We use all the research tools we have at our disposal to determine the value of an item 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.
All pawns and purchases require you to be at least 18 and have a Valid Government-issued picture ID which isÃ?????Ã????Ã???Ã??Ã?Â required to be presentedÃ?????Ã????Ã???Ã??Ã?Â every time you get a loan.
If you are unable to pay back your loan in full on its due date, you may get a renewal. First, you must pay the interest that has accrued on your loan. The principal loan amount remains the same, as does the interest rate, then we will update the due date for the loan term to one month from the last expiry date.
When you are ready to pick up your item(s), simply return to Nuway Traders with your loan receipt and pay off your loan including principal, interest, and any fees. You will then have your pledged item(s) returned to you.
A customer defaults on a loan by not paying a loan in full or the interest charges due, by the contracted date. 7 days after the loan's expiry date, the collateral becomes the property of Nuway Traders and can be sold.
As per provincial laws, you must be at least 18 with a valid government-issued picture ID.
A pawn broker 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.
Approximately 80% percent of all Nuway Traders loans are repaid. Repeat customers make up much of our business. Some customers borrow against the same items regularly. If the borrower chooses not to repay the loan and interest charges, we must try to recover our investment from the item left in pawn. Nuway Traders prefer that customers return for their items.
Despite what you see on TV or in the movies, pawn brokers are the worst place to get rid of stolen merchandise. Pawn brokers are tightly regulated and work very closely with local and federal law enforcement agencies. We describe everything that is pawned or sold to us in detail to law enforcement. In addition, we must submit the required information from the customerÃ????????Ã???????Ã??????Ã?????Ã????Ã???Ã??Ã?Â¢??s identification with these reports. Reports are mandatory, and we report daily to the police.
Yes, every province has regulated the pawn industry for decades. In addition, local authorities oversee licensing and regulation of most pawn brokers. Most municipalities have their bylaws to govern pawn brokers in their districts in addition to the provincial laws.
Suggested items for loan: - Jewelry is based on Gold/Silver weight and the size, quality, and quantity of stones, if any(we accept gold/silver items that are damaged or in need of repair) - Gold/Silver coins and older currency - Electronics including LED televisions, Home Audio Amplifiers and Receivers, Home Subwoofer and Surround Sound Systems, Home Speakers (no old woodgrain styles, top brand names only), Bluetooth Portable Speakers (Must have charger), iPods, iPads, Tablets, Cellphones, DVD Players(must-have remote), Blu-ray Players(must-have remote), Computers (Newer Generations Windows 10-11), Current Generation Digital and Digital SLR Cameras, Video Game Systems From classic to current models. -Musical Instruments and Equipment including Acoustic, Electric, and Bass Guitars, Amp Head, Speaker Cabinet, Guitar Amps, Guitar Pedals, Effects Pedals -Sporting Goods including Pool Cue (With a case, top brands only), Hunting/Buck Knife, Crossbow or Compound Bow, Pellet or BB Gun, airsoft gun -Tools (Commercial quality brands only) including Sander, Grinder, Router, Jigsaw, Sawzall, Screwgun/Drill, Air Compressor, Table Saw(portable only), Miter Saw, Generator(Must have a Honda or Briggs Motor), Chainsaws(Stihl, Husqvarna, Echo, and Jonsered only), Socket/Wrench Sets(Must be complete and a name brand) No tool bins or boxes full of miscellaneous sockets and wrenches. Kits only. -Media including DVD and Blu-ray Movies (Need Case And Cannot Be Scratched) or Video Games
Loan Procedure (5 steps) : All items must be clean & presentable. All serial numbers must be intact & legible. ***We reserve the right to refuse any articles.*** 1.Ã?????Ã????Ã???Ã??Ã?Â Bring in your item that will be used for collateral and let us how much money you need to borrow. 2.Ã?????Ã????Ã???Ã??Ã?Â We will assess your item and discuss the allowable amount for your collateral loan. 3.Ã?????Ã????Ã???Ã??Ã?Â Present valid, government-issued photo ID. 4.Ã?????Ã????Ã???Ã??Ã?Â Sign the required document and collect your cash and you're done. 5. Finally, we label and carefully store your item where it's safe, and send a detailed report of all pawned items to the local RCMP.