LAPLACE — Now open to the public at 509 W. Airline Highway, the Pawn Depot of LaPlace is a one-stop shop for lending, selling, trading and buying merchandise.
The new business celebrated its inauguration on June 30. A grand opening is planned for later this summer.
LaPlace marks Pawn Depot’s seventh location in the New Orleans metro area. The first location opened in February 2015 in Hammond and was followed by stores in Slidell, Gretna, Metairie, Covington and Chalmette.
Pawn Depot co-owner Stewart Smith said customers can expect to find a little bit of everything in the store, from jewelry and sporting goods to firearms, electronics, musical instruments, luxury handbags, home and garden tools. and more.
Smith said another pawn shop was needed in the community to provide people with loan options in a time of need.
“Most of our customers are manual workers who need additional funds, whether it’s for an emergency or just to pay check for check,” Smith said. “There is only one other place in the community. We believe that competition is healthy and we offer an alternative for people to choose from. We look forward to the opportunity to serve the people here and win business. We will treat customers as we want to be treated. Everyone is welcome.”
Prior to receiving a pawn loan, the customer and Pawn Depot staff will first agree on the value of an item using factors including age, current condition, and its value on the retail and resale markets. The item will then be left at the Pawn Depot for a short-term cash loan until the customer returns, pays off the loan and interest, and picks up their item.
All collateral property is securely stored for the duration of the loan agreement. There is a 24/7 video surveillance and alarm system, and all items are protected by Pawn Depot employees who have passed employment background checks. While most items are stored in climate-controlled warehouses, jewelry will be stored in safes.
If the loan contract expires before a customer renews the contract or redeems collateral, the items will be placed in Pawn Depot inventory and offered for sale.
Extension options are available if customers are unable to pay a pawn loan in full by the loan’s due date.
According to the team at Pawn Depot, pawn loans are more favorable than title payday loans because failure to pay means the collateral will simply become an inventory item in the store. Meanwhile, nonpayment of a title or payday loan affects credit standing and can give loan companies the authority to garnish funds from an individual’s bank account. While title and payday loans typically last 14 to 60 days, pawn loans last 60 to 90 days, often with lower interest rates.
Instead of taking out a secured loan, customers can choose to sell their items to the lender for funds.
Pawn Depot also offers affordable retail services and a like-new selection of products. Online purchase, reservation and guarantee options are available.
Pawn Depot is committed to keeping firearms from getting into the wrong hands. According to the Pawn Depot website, “We are a federally licensed firearms dealer and are regulated by federal, state, and local authorities.”
Pawn Depot will be open from 9 am to 6 pm Monday through Saturday and closed on Sunday.
For more information on the new Pawn Depot at LaPlace, call 985-359-7296. The latest product selections can be viewed on the Pawn Depot of LaPlace Facebook page or at pawndepot.net.