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LITTLETON, Colo. and CHICAGO,
Dec. 11, 2012 /PRNewswire/ --
Ultrapawn.com, the first online pawnbroker that also features a full service retail shop launches today. Ultrapawn.com offers a safe and convenient online destination to exchange personal assets for loans at the lowest interest rates available.
Ultrapawn.com makes turning valuables into cash quick and easy. To get an estimate of their item's value, customers fill out an online form describing the item. After receiving an estimate, customers use a pre-paid shipping label provided by Ultrapawn.com to send in the item for appraisal. Ultrapawn.com fully insures the customers' items for up to
$1 million. Once the item is appraised, customers get a final offer and complete an online contract if they accept. Finally, the customer chooses how they want to get paid -- Ultrapawn will either wire money to a customer's bank account or send the customer a pre-paid debit card. The process usually takes less than 24 hours, and customers never leave the comfort and privacy of their homes.
Customers can choose to repay the loan in 30, 60 or 90 days. Once the loan is repaid, Ultrapawn sends the item back to the customer. If a customer does not repay a loan, Ultrapawn merely keeps the items and sells it; there are no collections and the customers' credit is not affected.
Ultrapawn.com is the first online pawnbroker to offer a full service online retail shop, which currently features jewelry, including rings, bracelets, and watches. Ultrapawn.com's ecommerce retail portal will gradually roll out collections, including musical instruments, coins, collectibles and electronics.
Ultrapawn.com was designed to provide savvy consumers a quick and easy way to turn their valuables into cash. The site offers loans of up to a
$1 million and purchases jewelry, watches, collectibles, designer merchandise, and electronics with no credit check or bank statement required. Interest rates will be as low as 2% per month for anybody who needs quick cash, has a medical emergency, needs a short-term business loan, wants to buy a house, needs to pay bills or just wants to get rid of some old stuff. Unlike traditional brick and mortar pawn shops, Ultrapawn specializes in the premium or luxury pawn market.
"Ultrapawn offers a fast, secure and risk free way to put money in your pocket at comparably low interest rates," said
George Souri of
Chicago-based private equity firm the Atria Group, Ultrapawn's chief investor. "Many people can relate to needing short term cash. Banks and credit card companies can be difficult to work with, local pawn shops charge very high rates, and many higher end consumers are not comfortable visiting a local pawn shop.
Our goal is to offer the integrity, security, and customer service of a bank, with the convenience of a pawn shop. Our first-of-its-kind retail store will also attract savvy shoppers who will find unique items at bargain basement prices."