Opening of the pawn shop in LaPlace – L’Observateur

LAPLACE – LaPlace’s Pawn Depot, now open at 509 W. Airline Highway, is a one-stop shop for renting, selling, trading and buying merchandise.

The new store celebrated its soft opening on June 30th. A grand opening is planned for this summer.

LaPlace is Pawn Depot’s seventh location in the greater New Orleans area. The first location opened in Hammond in February 2015, followed by stores in Slidell, Gretna, Metairie, Covington and Chalmette.

Pawn Depot co-owner Stewart Smith said customers could expect to find a little bit of everything at the store, from jewelry and sporting goods to firearms, electronics, musical instruments, luxury wallets, household and garden tools and more.

Smith said there is a need for another pawn shop in the community to provide credit options for people in times of need.

“The majority of our customers are hard workers who need additional funds, whether for an emergency or just to check it out,” Smith said. “There is only one other location in the community. We believe competition is healthy and we offer an alternative to give people choice. We look forward to the opportunity to serve and do business with the people here. We will treat our customers as we would like to be treated ourselves. Everyone is welcome.”

Before receiving a pawn loan, the customer and pawn shop staff first agree on the value of an item, taking into account factors such as age, current condition and the value it has in the retail and reseller markets. The item is then deposited with Pawn Depot against a short-term cash advance until the customer returns, repays the loan and interest, and collects their item.

All collateral is kept safe for the duration of the loan agreement. An alarm system and video surveillance is in place 24 hours a day, and all items are protected by Pawn Depot staff who have passed background checks to gain employment. While most items are stored in air-conditioned warehouses, jewelry is stored in vaults.

If the loan agreement expires before a customer has renewed the agreement or redeemed the collateral, the items will be placed in the pawnshop’s inventory and offered for sale.

Extension options exist if customers are unable to repay a mortgage loan in full when it falls due.

According to the team at Pawn Depot, pawn loans are cheaper than payday loans because non-payment means the collateral simply becomes an inventory item at the store. Meanwhile, non-payment on a title or payday loan affects Credit Store and can give lending 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.

Instead of receiving a loan with collateral, customers can sell their items to the pawnbroker for funds.

Pawn Depot also offers retail services at affordable prices and a selection of like-new products. Warranty, intermediate storage and online shopping options are available.

Pawn Depot is committed to keeping firearms out of the wrong hands. According to Pawn Depot’s website, “We are a federally licensed firearms dealer and are regulated by federal, state and local agencies.”

The pawn shop is open Monday through Saturday from 9 a.m. to 6 p.m. and is closed on Sundays.

For more information about the new Pawn Depot in LaPlace, call 985-359-7296. The latest product selection can be viewed on the Pawn Depot of LaPlace Facebook page or at pawdepot.net.