Ted's Pawn Shop in Norwood, OH

Ted's Pawn Shop has operated continuously in Norwood, Ohio since 1970, initially opening as Ted's Market before transitioning to pawnbroking in 1984. The business remains family-owned and holds an Ohio pawnbroker license (PB.100101.000), operating under state regulation and inspection by the Ohio Division of Financial Institutions. The shop maintains daily reporting of all transactions to local law enforcement to prevent the pawning of stolen goods.

Ted's offers collateral-based loans on a wide range of personal property including jewelry, diamonds, watches, firearms, musical instruments, tools, electronics, vehicles, designer handbags, and collectible toys. The shop also buys items outright, provides jewelry and watch repair services, and maintains inventory of preowned merchandise from premium brands like Rolex, Gibson, Fender, Apple, and Makita. Loan terms are renewable on either a 4-month or 7-month basis depending on item type and loan amount, with interest capped at 6% per month and storage fees at $6 monthly—rates set by Ohio state law.

Ted's distinguishes itself by explicitly marketing "longer loan terms than the state minimum" and "extra fast cash loans." The business caters to customers seeking immediate liquidity without selling valuable items, emphasizing flexible payment options including the ability to extend loans by paying only interest and storage fees rather than redeeming the full principal. Their diverse collateral acceptance and secondary repair/refurbishment services create additional revenue streams.

As a legitimate, licensed pawnbroker operating transparently under state regulation, Ted's provides a legal alternative to payday loans or credit-based borrowing for consumers with valuable collateral. However, the 6% monthly interest (72% APR) is substantial, storage fees add ongoing costs, and customers risk losing possessions if loans are not repaid—making this primarily suited for short-term emergency situations rather than long-term financing.