Frequently Asked Questions

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What is a pawn?
Customers pledge property as collateral in return we loan them cash. When customers pay back the loan, the property is returned.

What can I pawn or sell?
We accept most items of value. Some of the more popular items include jewelry, musical instruments, electronics, tools, and firearms.

Do you pay in cash or check?
We pay in cash.

How long can I leave my item in pawn?
A pawn is initially a 90-day loan. (72 hours minimum) and can be extended monthly. The extension payments allow you to leave your item in pawn longer if needed.

What is the difference between pawning or selling my item?
A pawn allows you to redeem your item held as collateral and if you do not want to borrow against your item, simply sell it to us. We offer slightly more to purchase your item.

What happens if I decide not to reclaim or extend my pawn?
The collateral is then offered for sale.

Will defaulting on my loan affect my credit score?
Defaulting on a pawn will never impact one’s credit rating. Since the item is the collateral, you can forfeit an item and still continue to pawn with us in the future.

What is the minimum/maximum amount I can borrow on my item?
There is no minimum or maximum amount.

What are acceptable payment methods?
We accept all major credit cards, cash and checks as payment on your finance charge. Cash payment is required to redeem your pawn.

How does Kohn’s – Money Vault store my item?
We have climate controlled environment for storage and bank vault security.

Can I have more than one item pawned at a time?
You may pawn as many items as you like and do as many pawn transactions as you need.

What do I need to bring when I pawn my item?
You must be a minimum of 18 years of age and have a valid government issued photo ID. Please bring all necessary accessories for tools and electronics to function. Electronics will need to be charged before bringing in. Apple products will need the cloud turned off.

Can anyone get information about my pawn?
Kohn’s – Money Vault follows privacy laws set by the state and federal government. We do not release your information to anyone but you, except in the case of law enforcement as required by law.

Can anyone pick up or reclaim my pawn?
Only the original pledger may reclaim their pawn and only with the proper paperwork and identification and the signed, original contract. In transferring the rights to the contract, can someone other than the original pledger reclaim a pawn ticket.

Do I need my pawn ticket to pick up my item?
No, it is not necessary to provide your pawn ticket upon redemption.

Will I get a notice before my item forfeits?
If no payments are made within two months, we will send a reminder letter to the address we have for you on file. The letter is mailed by the USPS with proof of mailing. The “late notice” gives you a thirty day reminder to pay your finance charges to extend your pawn or reclaim it before the date it would forfeit and be for sale.

What do I do If I had an item stolen?
If you had an item stolen file a police report as soon as possible. As required by law we furnish the local police departments with a description of each item taken in daily. Law enforcement will contact us and we will provide them with all necessary information.  Due to federal privacy laws we can only disclose information to law enforcement. There are hold periods for all pre-owned items before being offered for sale to aid in any investigation.

Can I pawn a firearm?
Yes, in our Colerain Ave. or Lima location, you must be at least 18 years of age to pawn a hunting long gun and at least 21yrs of age for all other types of firearms. Please check the chamber to reassure that the firearm is not loaded. You must have a valid government issued photo ID.

Do you do a background check when I reclaim my firearm?
Yes, as required by law a background check must be performed at the time of redemption. Generally, there is no waiting period but there is the possibility of up to a three day wait period.

Does Kohn’s – Money Vault want to forfeit my item?
We will purchase your merchandise outright if you wish, but we are happy to loan you money. Just like a bank, the finance charge is our profit and we are always eager to extend your pawn. Like all loans, if the finance charges are not paid then Kohn’s – Money Vault will need to reclaim its investment and forfeit the pawn.

Do most pawns become the property of Kohn’s – Money Vault?
On the contrary, nationwide 80% of pawns are redeemed leaving only 20% to forfeit and be offered for sale. The forfeit redemption rate a Kohn’s – Money Vault is slightly better about 90% is redeemed leaving 10% to forfeit.

How can I be assured that my item is safe and that Kohn’s – Money Vault is trustworthy?
The pawnbroker trade is highly regulated by state and federal laws. Kohn’s – Money Vault is a lending institution, much like a bank, and as so, is governed by the same federal laws. We are licensed by the state and are audited annually. Kohn’s – Money Vault is also a licensed firearm dealer and we are audited annually by the ATF. Not to mention, we know that without our satisfied repeat customers we wouldn’t continue to grow over the ninety-eight years we have been in business.

What are the finance charges or how much does it cost for a pawn?
The finance charges vary from state to state. Fortunately, Ohio has one of the lowest interest rates in the nation. We charge 5% interest plus a $4 storage charge per month. So for a $100 loan the finance charge would be $9/month. There are a couple of other minimal fees that may be associated with a pawn but can easily be avoided. $2 for a lost ticket. $2 for a late notice when it is sent.

Does the merchandise on the showroom floor belong to people?
No. Every item on display in the showroom is saleable inventory clearly and reasonably priced and offered for sale. All pledged merchandise currently in pawn is not seen by the public and is kept in a secure area.