Frequently Asked Questions
Pawn loans are an simple and painless way to get cash without undergoing a credit check, and based on collateral. The amount of cash borrowed is based on the value of items you leave in the pawn shop’s care. Your credit rating, monthly income, or perceived ability to repay are not taken into consideration when determining how much you receive. Each pawn loan is due for repayment in 90 days. If the loan cannot be repaid at the end of the 90-day grace period, you may exercise your right to an extension, or surrender your collateral as full payment of the loan.
Not necessarily; most customers repay the pawn loan within the allotted time period. When a loan is paid the belongings used as collateral are returned. A customer can, however, choose not to repay the loan and instead surrender the property. Some customers may also choose to sell the item outright instead of taking a loan against the property.
If you are unable to pay a loan back in full on the day it is due, you can apply for an extension. That means that you pay all of the interest that has accrued on the loan, and set a new due date, usually 90 days later. The principal of the loan is not reduced when an extension is taken, and the loan continues to interest at the same daily rate. You may extend the loan, by paying the monthly interest, as many times as you need to before paying the loan off.