Services

Collateral Loan
Collateral loans are our primary business. For a loan, a customer must bring in an item of value to be assessed by one of our loan officers. Once a loan value is determined, a loan contract is drawn up. State law requires that the customer be at least 18 years of age with a valid state driver's license or state identification card. The interest amount calculated for the loan is standard throughout the state of Washington. All loans are written for a 90 day period of time and the customer has the right to pick up their merchandise at any time during the 90 days by paying back the principle plus accumulated interest. At the end of 90 days, we typically offer the option of a loan "rewrite" which consists of a payment of the accumulated interest and an extension of the current loan value for another 90 days.

Buy
A "buy" is similar in procedure to a loan. The customer must be 18 years of age with proper identification as defined by state law. A value is determined for item brought into the store. At this time a contract is drawn up in which the customer surrenders his/her right to their merchandise for a pre-determined amount. The customer may not return to redeem their items.

Trade
Often times, a customer is interested in trading in a item of theirs for one which we have for sale. This, too, requires that the customer be at least 18 years of age and possess a valid state issued piece of identification. The customer must bring in the item, the value must be assessed, and a credit is given to the customer at which time he/she may use their credit toward their purchase.

Consignment
Ben's Loan offers the unique service of consignment. This is an alternative to a "buy" in which we offer the customer cash upfront. A consignment item may be brought in by the customer at which time a sale value is assigned and the item is held for 30 days according to state law. After the 30 days, the item may be displayed for sale. Once the item is sold, the original owner is contacted and paid 80% to 85% of the sale price. Ben's Loan withholds 15% to 20% as a consignment fee. The percentage varies according the nature of the item.