Frequently Asked Questions

Question: What are your shop hours?

Answer: We are open Tuesday through Friday from 10:00 am until 6:00 pm. Saturdays from 10:00 am until 4:00 pm.

Question: What are the loan rates?

Answer: All rates and fees are strictly limited by Tennessee state statute. The rates for a pawn loan are 2% per month, plus 1/5 the amount of the loan; equaling an effective percentage rate of 22% interest per month (or any portion of a month.)

Question: Can I pawn more than one item?

Answer: There is no limit to the items or transactions you can have at one time.

Question: Is Elk River Trading Company state licensed?

Answer: Pawn shops in the State of Tennessee are licensed by their local County Clerk. Pawn shops are strictly regulated by State, City, County, and Federal regulatory agencies. Pawn Brokers have state, regional and national industry associations which work diligently toward self-policing the industry.

Question: Can I get prices over the phone?

Answer: Due to many variations and condition of items, specific prices can only be obtained in person, however, we encourage you to contact us. Frequently we are able to offer a “ballpark” price on your item.

You may send pictures of your item(s) via our Facebook page or text our store number at 931-297-2170

General Pawn FAQ’s

History of Pawn

Pawn lending is not a new business. In fact, some reports trace pawn loans back at least 3,000 years to ancient China, as well as Greek and Roman civilizations. Pawning has long been a source of capital for people, as well as a way to finance business ventures. According to the National Pawnbrokers Association, even Queen Isabella of Spain pawned her royal jewels to finance Christopher Columbus’s voyage to the New World. Pawnbrokers loan money to people based on the value of the item(s) they pledge as collateral. Historians differ on the origin of the pawn symbol of three gold balls. Some contend that balls represent the rocks that Charles the Great used to slay a giant; others contend the balls represent gold coins or bags of gold. No one knows for sure, and the symbol remains the trademark of the industry.

Question: How does a pawn loan work?

Answer: Pawn is another word for a collateral loan. Pawn loans are a quick and easy way to borrow money without a credit check or hassle. Loans are strictly based on the value of the collateral, not your credit rating or pay schedule. In Pennsylvania the loan term is 30 days, plus a 30 day grace period. If you cannot pay back your loan in full, including the applicable grace period, we offer renewals to provide you with extra time. You may choose to surrender your collateral as payment. With a renewal, you pay the interest that has accrued on your loan in full, and a new loan is written. The principal loan amount remains the same as does the interest, and the due date is reset for the full loan term.

Question: Why would someone go to a pawnbroker to get a loan?

Answer: Pawnbrokers offer the consumer a quick, convenient and confidential way to borrow money. Licensed, regulated independent pawnbrokers offer consumer credit secured by personal property. Pawn loans do not require a credit check and never negatively affect a customer’s credit.

Question: Should I pawn or sell?

Answer: The decision of whether to pawn or sell is entirely up to you. Your decision should be based upon whether or not you want to retain the item. When items have emotional value, using the item as collateral for a loan makes sense. The option of a collateral loan on your property is an option that isn’t provided by gold buyers, jewelry stores or second-hand stores.

Question: Will I lose my merchandise?

Answer: More than 90% of our customers repay their loans and retain their collateral. When the customer chooses not to repay the loan, their loan collateral is forfeited. Safe and secure. While your item is in pawn, you still retain ownership of it. Your item is fully insured and safely stored until you pay off your loan in full and claim your collateral. As long you keep your service/interest charges paid up-to-date, your item will remain in our storage, waiting for you to pay the balance of your loan and retrieve your item. If you have a situation that prevents you from paying on time, please contact us and we will see if we can provide you a courtesy extension on your pawn loan.

Question: What if I can’t pay my entire loan balance, can I pay the interest/service charges only?

Answer: Absolutely, you may pay the service charges due. The loan is then considered renewed, and you now have 30 more days before your next payment is due.

Question: Can I pay more than service/interest charges?

Answer: Yes, any money paid that is greater than the current service/interest charges is applied to the loan principal. Future interest/service charges will be decreased due to the lower loan principal balance.

Question: How do you determine an item’s value?

Answer: We base the loan amounts on the value of the item, its current condition, and our ability to resell the item. We use a variety of resource tools to determine value and strive to get you the most money we can. We test precious metals and diamonds to determine purity and authenticity.

Question: Are pawnshops regulated?

Answer: Yes, pawnshops are highly regulated. The following agencies have regulatory over pawn shops: CFPB – Consumer Financial Protection Bureau, State Banking Authorities, DOD–Department of Defense, Bureau of Alcohol, Tobacco, Firearms & Explosives, City, State & County Law Enforcement

Question: Are pawnshops stocked with stolen merchandise?

Answer: Pawnshops are actually the worst place to try and turn stolen items into cash. Pawnshops are highly regulated and work closely with local and federal law enforcement officials. At Elk River Trading Company, we comply with all Federal, State and Local laws that relate to items sold or pawned to our store. All sellers must provide photo ID. Also, the serial numbers and description of every item is electronically uploaded to local law enforecement to check for any items that might be listed as possibly stolen. We fully cooperate with law enforcement and regularly assist with their investigations.

Question: What happens to the jewelry people don’t redeem?

Answer: Contrary to popular belief, more than 80% of our customers come back and redeem their items. The 20% who don’t come back supplies us with one of the best selections of jewelry for sale in Southern-Middle Tennessee. More importantly, because our costs are so much lower than our competitors, you can find bargains on diamond rings, watches, bracelets, earrings, gold chains and more at less than half the prices charged by conventional retail jewelry stores.


Question: Is your jewelry real?

Answer: We readily identify all jewelry as to the gold, silver, or platinum content. As we have jewelry in all price ranges, we have selections in steel, tungsten, gold, silver and platinum. We also identify stones that are diamond or synthetic. We have electronic testing devices to identify gold karat, genuine diamond versus moissanite or other synthetic.

Question: Are your diamonds natural?

Answer: We will readily identify all diamonds that are natural diamonds. We currently utilize the Yehuda Sherlock Holmes 2.0 tester. This $6500 tester quickly identifies lab grown diamonds, such as CVD (chemical vapor deposition) and HPHT (high-pressure high-temperature). These lab-grown stones will identify as diamond on a standard diamond tester. Only a specialized tester, such as our Yehuda Sherlock Holmes will quickly identify any lab-grown diamonds, even diamond clusters and diamond covered watches, bracelets and chains.


Question: Do you sell handbags?

Answer: Yes, we always stock a selection of new concealed-carry handbags. These are stylish handbags that are specifically designed for concealed carrying of handgun. This may include a specially reinforced pocket or an easily accessible exterior zipper or flap that provides quick access to the handgun, should the owner feel they are in a situation that they need their handgun.

We also stock a large selection of pre-owned designer handbags and accessories. These pre-owned handbags are from designers such as Louis Vuitton, Gucci, Chanel, Prada, Miu Miu, Celine, Hermes, Michael Kors and many more luxury brands.

Question: Are your luxury handbags and accessories authentic?

Answer: Absolutely they are authentic, and on most bags we can guarantee it with third-party authentication from Entrupy. Entrupy is the world’s first and only on-demand authentication device for luxury handbags. Entrupy uses artificial intelligence and machine learning algorithms to authenticate select luxury branded handbags and accessories. Entrupy customers submit microscopic images of logos, leathers, hardware, and materials via the Entrupy device and app where the algorithms will advise if the item is authentic.

Question: Are you a subsidiary of Larry’s Pistol & Pawn?

Answer: No. However, our owner is the son of Larry and ran Larry’s in Huntsville for more than 20 years. During his tenure at Larry’s, our owner created the concept and design of Larry’s Madison, AL location. After that project was completed, he soon began working on the concept that became Elk River Trading Company.


Question: What do you charge for firearms transfers?

Answer: We do not charge for transfers from either Larry’s Pistol & Pawn locations in Huntsville/Madison, AL. For all other firearms transfers, we normally charge $40 for the first firearm, then $20 for each subsequent firearm received in the same shipment. All transfers are also subject to the $10 TBI Background check fee for each background check. Therefore, a single transfer would be $40 for the firearm transfer, plus $10 for the background check fee, for a total of $50.

Question: Do you have an indoor range?

Answer: At this time, no. However, the Fayetteville City Department of Parks & Recreation has a public outdoor shooting range. It is located on Burklin Street behind the Recreation Center. In your favorite internet browser, search “public range fayetteville, tn” to locate official city page listing or contact the Fayetteville City Department of Parks & Recreation for access and pricing information.

Question: Do you sell Class-3 Firearms or Suppressors?

Answer: Yes, we are a licensed Class-3 dealer. Our primary source of inventory is through Silencer Shop. You may shop their complete inventory, with our discounted pricing at

Once you have made your purchase at, simply drop by our store and utilize our Silencer Shop Kiosk for electronic fingerprint submission.

Question: What is the current wait time for a Class-3 purchase approval?

Answer: Please visit and select “ATF Wait Time” for current average wait times.

Question: Can you help me transfer, sell or buy a Class-3 item?

Answer: Yes, please contact us and we will assist you.