Loan FAQs

At Windy City Jewelry and Loan, we pride ourselves on being the leading lender of short-term, low interest loans in Evanston and the surrounding North Shore area. With nearly 30 years of experience and history as a member of the Evanston community, we believe we have an obligation to educate our customers, as well as provide them with collateral loans of the highest possible value. The following are a list of Frequently Asked Questions related to the types of loans we provide.

Q: How Do Pawn Loans Compare to Other Short Term Alternatives

A: Collateral Cash Loans, or Pawn Loans, are much more affordable than most other short term alternatives.
For example, a $75 Pawn Loan, at 20% interest over 30 days, equals $15.
Here are other short term alternatives:

  • Bank NSF fee $28
  • Credit Card Fee $29
  • Credit Card over-the-limit fee $35
  • Utility Bill late fee $25
  • Utility Bill reconnect fee $58
  • Mortgage Company, average late fee $53

Q: Are Pawn Rates Excessive?

At Windy City Jewelry and Loan, all interest rates are highly regulated by the State of Illinois.
This means there are no surprises. In order to offer collateral cash loans in Evanston and throughout Illinois, lenders’ rates must commensurate with the loan amount, duration of the loan, collateral, risk, and recourse. This formula ensures no hidden charges. At Windy City Jewelry and Loan, all details of your cash loan will be explained and agreed upon at the onset.

Q: Do Most Pawn Customers Lose Their Merchandise?

No. In fact, about 97% of all collateral pawn loans are repaid.
At Windy City Jewelry and Loan, the majority of our business comes from our longstanding relationships with repeat customers. Many times our customers will take out a cash loan against the same items again and again. For this reason, we can offer low-interest loans with no recourse. We only keep the item for resale if the borrower decides not to repay the loan.

Q: What is a Collateral Loan?

A Collateral Loan, or a Pawn Loan, is a low-interest, non-recourse loan taken out by a borrower against items of value.
At Windy City Jewelry and Loan, we offer cash loans against a wide range of valuable items. Customers have received cash loans against jewelry, coins, precious metals, musical instruments, televisions, game consoles, cameras, watches, electronics, tools, artwork, and more.
Loans are paid based on the value of the collateral item, determined by our professional staff of experienced, GIA certified appraisers. When the loan is repaid, the item is returned to the borrower.

Q: What Happens If I Miss The Payment Due Date?

Windy City Jewelry and Loan is always willing to work with our customers to help with payments.
Repeat customers are the majority of our business. We want to help you get the cash you need without having to sell your valuables. Call us or stop in today to discuss your options.

Q: How Much Can I Expect For A Loan On My Item?

Loan amounts vary based on the value of your items.
Our staff is expertly trained to evaluate your items according to current market rates, appraised values, condition, demand, and the ability to resell.
We guarantee our customers that at Windy City Jewelry and Loan, we make every effort to get you the amount you need.

Q: I Lost My Loan Ticket. Do I Lose My Merchandise?

You can still make payments and retrieve your items by coming in with your ID. Our friendly staff will take care of the rest.