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LAPLACE — Now open for business at 509 W. Airline Highway, Pawn Depot of LaPlace is a one-stop shop to loan, sell, trade and purchase merchandise.

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

LaPlace marks the seventh Pawn Depot location in the Greater New Orleans area. The first location opened in February 2015 in Hammond and has been followed by stores in Slidell, Gretna, Metairie, Covington and Chalmette.

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

Smith said there was a need for another pawn shop in the community to give people loan options in a time of need.

“The majority of our customers are hardworking, blue-collar folks who need extra funds, whether it be for an emergency or just making it check to check,” Smith said. “There’s only one other location in the community. We think competition is healthy, and we offer an alternative to give folks a choice. We look forward to the opportunity to serve the folks here and earn business. We will be treating customers the way we want to be treated. Everyone is welcome.”

Before receiving a pawn loan, the customer and Pawn Depot personnel will first agree on an item’s value using factors including age, current condition, and the value it holds on retail and reseller markets. The item will then be left at Pawn Depot in exchange for a short-term cash loan until the customer returns, repays the loan and interest, and collects their item.

All collateral property is securely stored for the duration of the loan contract. An alarm system and video surveillance are in place 24/7, and all items are protected by Pawn Depot employees who have passed background checks to gain employment. While most items are stored in climate-controlled warehouses, jewelry will be stores in safes.

If the loan contract expires before a customer renews the contract or redeems the collateral, the items will be placed into the Pawn Depot inventory and put up for sale.

Extension options are available if customers are unable to pay a pawn loan back in full on the loan’s due date.

According to the Pawn Depot team, pawn loans are favorable over title payday loans because failure to pay means the collateral will simply become an inventory item at the store. Meanwhile, failure to pay a title or payday loan affects credit store and may give loan companies authority to seize funds from an individual’s bank account. While title and payday loans typically have a 14-to-60-day duration, pawn loans have a 60-to-90-day duration, often with lower interest rates.

Rather than obtaining a loan with collateral, customers may choose to sell their items to the pawnbroker in exchange for funds.

Pawn Depot also offers retail services with affordable pricing and a like-new selection of products. Warranty, layaway and online shopping options are available.

Pawn Depot is committed to keeping firearms from reaching the wrong hands. According to the Pawn Depot website, “We are a Federal Firearms Licensed dealer and are regulated by federal, state and local authorities.”

Pawn Depot will be open from 9 a.m. to 6 p.m. Monday through Saturday and closed on Sunday.

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