Pawn Depot opens in LaPlace – The Observer
LAPLACE – Now open at 509 W. Airline Highway, LaPlace’s Pawn Depot is a one-stop shop for lending, selling, trading and buying merchandise.
The new business celebrated its soft opening on June 30. A grand opening is planned for later this summer.
LaPlace marks Pawn Depot’s seventh location in the Greater New Orleans area. The first store 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 bit of everything in the store, from jewelry and sporting goods to guns, electronics, musical instruments , luxury handbags, home and garden tools, etc.
Smith said there was a need for another pawnshop in the community to provide people with loan options when needed.
“The majority of our clients are hardworking blue collar workers who need extra funds, whether it’s for an emergency or just checking in,” Smith said. “There is only one other place in the community. We believe competition is healthy and we provide an alternative to give people a choice. We look forward to the opportunity to serve people here and win business. We will treat customers the way we want to be treated. Everyone is welcome.”
Before receiving a pawn loan, the customer and Pawn Depot staff will first agree on the value of an item using factors such as age, current condition and the value they hold on the retail and reseller markets. The item will then be left at Pawn Depot in exchange for a short-term cash loan until the customer returns, pays off the loan and interest, and collects their item.
All collateral is securely stored for the duration of the loan agreement. An alarm system and CCTV are in place 24/7, and all items are guarded by Pawn Depot employees who have passed background checks to obtain employment. While most items are stored in air-conditioned warehouses, jewelry will be stored in safes.
If the loan agreement expires before a customer renews the agreement or repays the collateral, the items will be placed in Pawn Depot’s inventory and offered for sale.
Extension options are available if customers are unable to repay a pledge loan in full by the loan’s due date.
According to the Pawn Depot team, pawn loans are more beneficial than payday loans because non-payment means the collateral will simply become a stock item in the store. Meanwhile, non-payment of a title or payday loan affects the credit store and can give loan companies the power to seize funds from an individual’s bank account. While title and payday loans typically have terms of 14 to 60 days, pawn loans have terms of 60 to 90 days, often with lower interest rates.
Rather than getting a loan with collateral, customers can choose to sell their items to the pawnshop in exchange for funds.
Pawn Depot also offers retail services at affordable prices and a selection of like-new products. Warranty, layaway and online purchase options are available.
Pawn Depot is committed to keeping guns out of the wrong hands. According to the Pawn Depot website, “We are a federal firearms dealer and are regulated by federal, state, and local authorities.”
Pawn Depot will be open 9 a.m. to 6 p.m. 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 LaPlace’s Pawn Depot Facebook page or at pawndepot.net.