What is a Pawn?

A pawn is a loan secured by personal  Property that is held until the borrowed amount and a finance charge has been repaid to the lender. The ownership of the personal property remains the borrowers throughout the agreed upon time period and only after default does the property become the lenders.

How long is a loan good for?

Our company’s loans are anywhere from 1 month to 11 months with a state mandated grace period of 30 days after the due date.

How is the loan amount determined?

Loaned amounts are a combination of property value and the borrowing history of the customer. The more often a customer borrows and repays, the more we loan.

What must the borrower pay?

A borrower can pay the finance charge only and receive a new loan with a new due date or can pay the finance charge and the borrowed amount in order to reclaim their merchandise.

What happens if a borrower fails to pay?

If the borrower fails to pay either the finance charge or the principle and finance charge 30 days after the due date, we have the right to sell the property to recover our funds.

What is offered if a borrower’s merchandise is sold due to failure to pay?

Our company offers a 20% discount on any merchandise in our inventory to help the borrower replace the merchandise lost due to forfeiture.

What happens if you lose your ticket?

In order to pay the finance charge or reclaim their merchandise the borrower must:

  • Present a picture ID
  • Make a $5 charitable contribution

How can a loan be extended?

Paying only the finance charge creates a new loan with a new date. If you make a charitable contribution, the company will guarantee that they will not sell your merchandise until 6-months past the loans origination. This 6-month extension begins from the date of the borrowers original loan including 30 day grace period which results in a minimum 6-month loan.

How can you reduce your interest payments?

Holders of Preferred customer status pay discounted rates of interest and you can reduce your interest rate by borrowing more money.

Regular        Preferred

1. Loans from $50 – $199

  •     Ticket Amount          20%                    15%
  •     Stamp Amount *        15%                    10%

2. Loans from $200 – $499

  • ‘     Ticket Amount          20%                   15%
  •      Stamp Amount *        10%                   10%

3. Loans $500 & Up

  •   Ticket Amount             10%                    10%
  •   Stamp Amount *           5%                      5%

*Loans must be renewed or redeemed within 60 days.

How can you become a Preferred Customer?

Preferred Customer status is available to any customer who:

  • Has ten or more redeemed loans with a 90% redemption rate.
  • Has four or fewer outstanding loans, none of which are past due.
  • Has not defaulted on a loan in the last three months.

What are verbal commitments?

Verbal commitments are verbal promises or statements from employees that vary from these written guidelines and are absolutely not binding.