Once the customer pays back the loan, the pawn broker ships the item back.
FORBES: Could Online Pawns Fund Your Business?
If the customer defaults, the pawn broker keeps the item and sells it to satisfy the loan balance.
If the customer accepts the offer and signs the contract, the pawn broker sends the customer funds via bank transfer.
Most recently, he signed on as spokesman for a new mail-in service called Gold Promise, backed by NYSE-listed pawn broker Cash America.
FORBES: Mr. T's Softer Side
Finally, check with the regulatory agency of the state in which the pawn broker is operating and the Better Business Bureau to see if any complaints have been filed against the company.
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