What is a pawn?

A pawn is a simple, flexible, short term cash loan that is given in exchange for an item of value. Simple as that! If you don't want a loan and would like to sell the item instead, you can absolutely do that.

If you are in need of cash now, then check out our simple process below!

Step 1: Getting to know our terms.

Monthly Interest Rates
- 10% interest on loans redeemed within 10 days. Example:
  - You get a loan on an item for $100. If you come back within 10 days, you would pay $110 total to get the item back. Not bad at all!
- 25% on loans redeemed betwen 11 and 30 days. Example:
  - A loan is given for $100 and is picked up one month later for $125. If you don't want to pick it up after one month, it can be renewed for another month for $25.
- Flat 10% interest on loans over $1,000. Example:
  - You receive a loan for $1,500.Your interest rate never changes for the life of the loan.
There is no limit to amount of items pawned or loan amounts, but please don't over extend your budget. We do not ask about your budget as it is none of our business.
There are no credit checks. Pawn loans do not affect your credit score.
However, Great Plains Pawn does use an in house credit score called a Redemption Ratio. The more loans you redeem(get back), the higher your redemption ratio will be. A higher score gets you more cash on your loans, a low score reduces loan amounts.
Your principal (loan balance) can be paid down by paying your monthly interest plus any additional amount.
Items can be redeemed at any time, meaning you can get a loan for minutes, or months, or years although we do recommend that pawn loans stay very short term.
Loans can be renewed(extended) by paying your monthly interest rate. There is no limit to the amount of times you can renew a pawn loan.

Step 2: Choosing an item of value.

We take anything that sells well in Sioux Falls. This includes jewelry, electronics, tools, musical equipment, sporting goods, etc. The best places to get an idea as to what we loan on, please take a look at our Online Shop By Clicking Here.

Great Plains Pawn specializes in clean, high quality, perfectly functioning items. Keep this thought in mind while taking pictures or bringing items to the store. Dirty items will always get class cash than clean items, and broken items are almost always passed on unless we fix them easily.

Step 3: The Estimate

There are a few options when it comes to getting an offer for a pawn.

Call Us @ (605) 799-4770

- This is a quick way to get a rough idea on the amount we can loan on an item. Keep in mind, we can't see the items condition so a rough idea is the best we can do with this option.

Text Us @ (605) 799-4770

- If you want a much better idea as to what you may get for an item, send us a couple pictures that represent your items overall condition.
- Note: While we generally get to messages quickly, we prioritize in store customers before text messages. If you need an immediate offer, please please give us a call.

Stop Into the Store

- This option skips the estimate entirely and we will give you an offer right away. However, without any information on the item before hand you won't really know if we will take the item, or how much we would offer.

Step 4: Cash In Hand

Now that you've gotten your estimate, it's time to head to Great Plains Pawn!

When you get to the store, please let us know if you've sent us a text so we can look up the specifics to speed things along.

Once we have agreed on a deal, you will leave with cash 9 out of 10 times. The only variable to this is very large transactions amount in which it would be unsafe to send you out the door with that much cash.

Maintaining The Loan

After you've been given your cash and the ticket, please keep in mind that you have 30 days your loan will be due. Once due, you have a few options.

Renew

If the due date of your loan is approaching and you'd like to get a little more time, you can renew (extend) the loan for 30 days by paying the interest amount. There is no limit to the amount of times a loan can be renewed.

You may do this by LOGGING INTO YOUR ONLINE ACCOUNT or dropping by the store.

Redeem

When you want to pick up your loan, stop by the shop to redeem it. You'll pay the interest + principle and it's all yours!

Sell or Forfeit

One of these is definitely better than the other. If you decide that you don't want your item, please give us a call before the loan expires and let us know that you no longer want it back. This way, the item doesn't forfeit.

If the item forfeits, it lowers your redemption ratio (our companies version of a credit score) within Great Plains Pawn and can affect future loan amounts.