Scottsdale Loan Company (SLC) wishes to ensure that our clients can conduct business with us in the fullest confidence. Therefore, it is prudent to provide a Q&A segment to alleviate any concerns that will arise during the process of loaning through our store. This is a listing of the most frequently asked questions our clients have stated when partnering with us:
Q: Who is SLC?
A: Scottsdale Loan Company is a collateral lender licensed in both the City of Scottsdale and Maricopa County. Our group has been doing these kinds of loans and services for over 20 years. We have literally extended thousands of loans to customers from our 7 valley locations.
Q: Where is Scottsdale Loan Company located?
A: We are located in a secure modern office building, located on the SW corner of Raintree and the 101 in Scottsdale. Our address is 14301 N. 87th Street, Suite 119, Scottsdale, AZ 85260.
Q: Will my loan be confidential?
A: We are located in a quiet, luxury office building. All transactions with us are treated with 100% confidentiality, discretion and trust. Nobody will know about your loan. Period.
Q: Do I need good credit?
A: We do not base our lending decisions on your credit score, your financial situation or any other factor other than the value of the items you pledge for your loan.
Q: How much can I borrow?
A: We value each item separately and try to make the highest loan based on the resale value of the item.
Q: How long before I need to repay the loan?
A: All loans are written out per Arizona statutes for 90 days, but can also be extended well past the 90 days, or paid before. If you need an extension on your pawn loan, you can simply pay the outstanding interest amount at the end of the 90 day term, and we enter into a new pawn loan agreement exactly the same as the other, but for 90 days out from that day.
Q: Can SLC purchase the items, or does it HAVE to be a loan?
A: Scottsdale Loan Company can either extend a loan on the item or purchase it outright.
Q: How much interest do I have to pay?
A: Interest rates are set by the State of Arizona. We will always try to give our customers the most competitive rates in the industry. Depending on the amount of the loan, and the loan-to-value ratio (the amount loaned vs. the value of the collateral), our interest rates can vary anywhere from 5%-32%. On a typical pawn loan, a flat 22% interest rate is charged during the first 60 days, and another 10% prorated over the last 30 days of the loan, for a total of 32%. If given a lower interest rate, the way that the interest scales during the 90 days can vary, so please contact us if you have any further questions about different interest rates.
Q: When is interest due?
A: Interest is due and payable 90 days after the date of the loan. As a courtesy, we will offer a short grace period to accommodate our customers needs.
Q: How will my items be valued?
A: We will use the highest possible value for your items, based on the resale value.
Q: Where will my items be kept?
A: We are located in a secure modern office building. Your items will be kept in individually numbered, tamper-proof bags in our vault. We use the latest security and alarm system, linked to the Scottsdale Police Department, located a few miles from our location. We use 24 hour close circuit TV. In addition, all items are fully insured with Lloyds of London.
Q: Can I pick my items up anytime?
A: You do not need to wait the full 90 days before picking up your item. It would be possible for you to redeem your item at any time prior to the 90 days.
Q: Will SLC contact me before I forfeit my items.
A: Yes. Scottsdale Loan Company will send you a reminder letter by mail (unless you prefer us not to) and call you on the phone, to remind you that your loan is due. We will make every attempt to help you not to forfeit your items.
Q: How fast can I get the money?
A: We can fund your loan as fast as you need the money. No waiting. No approval.
Q: What do I need to bring with me?
A: We require you to be over 18 years old, and have valid government issued picture ID. This includes a driver’s licenses, State or Military ID, passports etc.
Q: Do the items have to belong to me?
A: Yes. You need to be the legal owner of the items, or you will need a notarized letter from the owner giving you permission to do the transaction.
Q: Can I borrow money against my car?
A: Yes. We can offer you a loan against your car, as long as you have clear title. In other words, if you don’t owe any money on your car, and you have the Title, we will lend against it.
Q: Do I keep the car during the loan?
A: Yes. We will allow you to keep your car as long as your loan is current and in good standing.
Q: Will my loan be reported to the Credit Bureau?
A: We do not report the loan to the credit reporting agencies. This loan will not appear on your credit report at all.
Q: How safe will my item be during the loan?
A: If you choose to obtain a loan using one (or a few) valuable items as collateral, you will be required to leave the item(s) with us for safe keeping. When you receive your cash loan and leave your items, you can feel confident that your gold, diamonds, Rolex, and other valuables are safe and secure with established lenders. We are one of the best in the loan and purchase business when it comes to safeguarding your items, by anAy means necessary.
Your item will be put into a tamper proof sealed bag. Each bag is stamped with a unique reference number. You are given a copy of that number and it is matched up when you collect your item.
As an additional measure of protection, the specially designed bag, besides having a unique number, also has an area for a date and your signature.
When you pay off the loan amount owed, you can match the number on the bag with the number you are given at the time of the loan, check your signature on the bag, and make sure it is still sealed. You are then assured that your item has been untouched.
During the duration of the loan, your item is fully insured by Lloyd’s of London.
Your item will be kept in our high security, alarm protected premises, locked in a vault and monitored daily.