Local Business News on the Southern Oregon Coast
Local Businesses on the Southern Oregon Coast Featured in the South Coast Shopper
BUSINESS OF THE WEEK:
World Pawn Exchange
By Annette Langenstein, Staff Writer 

I walked into World Pawn Exchange, located at 1980 Sherman Avenue in North Bend, and found the co-owner, Richard Sinatra, standing behind one of the many counters full of merchandise.  This is an organized (but very full) store where you can find anything for sale from computers to musical instruments to guns and jewelry.  I was amazed at the variety of jewelry alone.  There’s literally no room to spare and the display cases were all full of an amazing assortment of valuables.  

Richard Sinatra co-owns the store with his son Steve. They’ve been in business since 2008, and employ five people. I asked Richard what he sells the most of, and he replied that it would be a combination of firearms, jewelry, electronics and video games.


Father and son co-owners Richard and Steve Sinatra in one of the very full back rooms at World Pawn Exchange.
I asked Richard to explain the process of pawning an item. “We do loans on equity of an item that you own. So we would value your item, and then loan you a percentage of its value. The loan is for 60 days, with a 30 day grace period.  You can redo the loan over and over again. Generally you are loaned 50% of your item’s worth.  Retail jewelry values are really inflated, so we would have to bring the value down to actual value. My son Steve is accredited through the GIA (Gemological Institute of America) to evaluate gemstones, but we’ve all had experience evaluating jewelry.”

World Pawn Exchange is a member of the Oregon Pawnbrokers Association, and abides by their rules and regulations. They offer the consumer a quick, convenient and confidential way to borrow money. A short-term cash need can be met with no credit check or legal consequences if the loan is not repaid. Pawn loans do not cause people to overextend credit or go into bankruptcy.  Oregon state law sets the interest at 3%. They also charge a set-up fee of 10%, and a storage fee.

Richard wants people to know that there are a lot of shady-looking pawnshops. “But our shop is very clean and organized. You can get a great deal on items here, and if you need a loan, it’s a good way to tide you over to your next paycheck.  It’s certainly more affordable than a payday loan place,” he said.

There are certain rules when pawning an item. For instance, you cannot pawn a firearm for somebody else, even your husband or wife.  The pawn shop will ask if you are the owner, and when you come to pick up your firearm, they will then do a background check to make sure you can legally own it.

Richard says, “We’ll treat you well as a customer and give you a good deal on your merchandise, whether you’re pawning it or buying something.”

World Pawn Exchange is open 10 am -5:30 pm Monday through Saturday, and they can be reached at 541-756-2789.  It’s a friendly place where you might just find that amazing deal you’ve been looking for!

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