In the Florida Pawnbroking Act, state law declares, “[A] pawnbroker may charge any amount of pawn service charge, so long as the total amount... does not exceed 25 percent of the amount serviced for each 30-day period in a pawn transaction.” Did you catch that? 25% is the maximum service charge allowed by law that a pawn shop can charge a customer per pawn loan. It is not uncommon to see most pawn businesses maximizing on state regulated limits. If you are getting your pawn loans from any place other than Queen of PAWNS in the state of Florida, chances are pretty great that you are not getting the best deal for your precious collateral.

Queen of PAWNS is home to the 10% pawn service charge - that is the lowest rate in the state of Florida. What exactly does 10% pawn mean? Let us break it down for you... Imagine you need a quick loan and you have a valuable item that you bring to QoP as collateral. We offer you a loan for, let’s say, $100 and you accept. Your item is then protected in a locked safe and we give you the cash along with the contract. After 30 days the only thing you need to be re-united with your belonging is the money we loaned you plus a service charge of $10 per month. If you come back for your valuables anytime within those first 30 days, you would only need $110 to pay off the loan. That’s not all that makes us better - as a standard, loan contracts from any QoP location mature after 60 days versus the 30 days mentioned above. So with us, you also have the option to wait until the default date which matures after 60 days for a final payment of $120. If you still need more time after 60 days to repay your loan, we can renew your contract for yet another 30 days and may continue to do so for as long as you need.

For those of you who are new to pawn, click here for a simple explanation of the 3 step process. Most pawn loan contracts are for 30 days. But you now know, ours is twice the length of time. Why is this important? Because after 30 days, if the monthly service charge is not paid, the collateral legally belongs to the pawn shop. At least, that is entitlement of pawn shops according to the Florida Pawnbroking Act. It reads, “Any personal property pledged to a pawnbroker... which is not redeemed within 30 days following the maturity date of the pawn... is automatically forfeited to the pawnbroker... by operation of law... and no further notice is necessary.” And that is how most pawn shops in the state of Florida operate, but not Queen of PAWNS.

You may find other pawn brokers in the Sunshine State that advertise 10% pawn. If so, we urge you look closer - there are usually other hidden fees attached. The law also states that the pawnbroker, “...is entitled to receive a minimum pawn service charge of $5 for each such 30-day period.” At QoP there is no pawn service charge. Also, we have come across other places where you can get a 60 day contract, but none that we found for 10% every 30 days.

Next time you are in need of instant money, come to Queen of PAWNS. We are home of the true 10% pawn. With us there are no extra charges, no hidden fees, no ticket fees and it has been that way since we opened our doors in 1995.