FREQUENTLY ASKED QUESTIONS

WHAT IS A PAWN LOAN?

Pawnbroking is a loan made against gold items and is a simple, fast form of financing with no red tape, offering a lower interest rate than those charged by banks or other lending institutions.

The advantage of pawnbroking is that you receive the money on the spot, with no need for a review of your banking history or other bureaucracy. What's more, your items are kept safely in the bank, in fully secure vaults. Once you finish paying off your contract, we return your items to you.

 

HOW CAN I PAWN MY GOLD?

To pawn your pieces, simply go to one of our branches and bring your gold assets. Your pieces will be appraised in person and, upon receipt of the appraisal value the amount for the loan proposal is determined.

If you agree to the loan proposal, it will be made immediately and for this you need to take your citizen card or, in its place, your ID and taxpayer number with you to take out the loan .

 

HOW DOES THE LOAN WORK?

The loan is set for a period of 1 month, renewed for equal, successive periods, up to a maximum limit of 12 months. Each month, the customer must pay the corresponding interest, to avoid incurring late payment interest for delayed payment. Interest payments can be made via Multibanco or bank transfer, to the Loja do Ouro and Gold Store Premium bank account (IBAN), which is indicated on the contract. Alternatively, the customer may visit one of our stores and make the payment in person. The customer may, at any time and free of charge, make a partial repayment or redeem their loan in full.

 

WHAT ARE THE INTEREST RATES?

 

HOW MUCH WILL I RECEIVE FOR MY GOODS?

Only through an in-person appraisal — in store — are we able to assign an exact value to your items. Gold items are appraised based on their karat and weight. Gold is quoted on the stock exchange daily, so its price is constantly changing. To determine the value of your item, we therefore take into account the quotation in effect on the day the appraisal is carried out, so as to give you the most accurate valuation possible. In addition to these criteria, we also take into account the item's craftsmanship, its age and condition.

 

WHAT IS THE MINIMUM AND MAXIMUM LOAN AMOUNT I CAN RECEIVE?

The minimum financing amount is €100 and the maximum is determined by the assessment of the object to be pledged.

 

DO I RECEIVE THE LOAN AMOUNT IMMEDIATELY?

If you agree to the loan proposal, it will be processed immediately. Payment can be made in cash (up to €999.99) , by bank transfer, or by check, which can be deposited or withdrawn.

 

WHAT DOCUMENTATION IS REQUIRED?

To sign the loan agreement, you only need to bring your citizen card or, in its place, your ID and taxpayer number .

 

WHERE ARE MY PARTS STORED?

Especially when the pieces are heirlooms, many customers question where their pieces are stored. All pawned items are stored at the bank in high-security vaults . Furthermore, all pawn contracts signed with Loja do Ouro include insurance on the pawned pieces.

 

ON WHAT DATE SHOULD I PAY MY MONTHLY FEES?

Your loan agreement's monthly payment is due on the day you signed the loan . This means that if you signed your agreement on January 1st, the next monthly payment is due on February 1st. If this day falls on a weekend or holiday, it will be due on the next business day.

 

HOW CAN I AMORTIZE MY LOAN?

You can repay your loan at any time without penalty. When you do, your interest charges decrease accordingly. All loan repayments (partial or full) incur no additional costs.

 

WHEN CAN I RECEIVE MY ITEMS?

To redeem the pledged items , that is, to get your items back, you must pay off the full amount of the loaned principal as well as the interest. To do this, you can either pay off your loan gradually (paying back part of the loan) or pay off the entire amount at the end of your contract.

If you wish to collect your items , you must notify Loja do Ouro at least 5 business days in advance so that we can schedule your collection with the bank administrator where we have our safe deposit boxes. You will then be contacted to confirm that your items are already at the store where you signed your contract and that you can collect them.

 

IF I DON'T PAY THE INTEREST, CAN I LOSE MY PIECES?

After three months without interest payments, the object given as collateral may be sold at auction in accordance with current legislation*.

However, no item will ever be sold without prior contact from Loja do Ouro to find a solution tailored to the customer's needs. We never want you to lose your items.

*Applicable legislation: Decree-Law No. 160/2015, of August and complementary legislation

 

CAN I TAKE OUT A LOAN WHEN I HAVE CREDIT FROM OTHER ENTITIES?

Yes , you can take out loans even if you already have credit with other lenders. Loja do Ouro won't review your banking history or question your obligations to other lenders.