Pawn Setup- A pawn is a loan between a pawn broker and customer, in which a customer will bring items they wish to use as collateral for a cash loan. These loans come with a set interest rate and period of time in which customers can recover their items.
Pawn Items- A variety of different items can be brought in to do a pawn transaction. The main items that we accept in pawn are jewelry, watches, guns, and electronics. The terms of the pawn loan can vary based on the item pawned and the value of the item will be determined by the pawn broker.
Pawn Interest Rate/Payments- The interest rate for a pawn is agreed upon at the time of the transaction and will represent the monthly cost of the pawn loan. A pawn loan for $100 with an 10% interest rate will cost the customer $10 per month. The interest fee is charged each month, on the day of the month the pawn was created.
Pawn Completion- In order for a customer's pawned items to be returned, they must fulfill two financial obligations. The first is for the customer to pay all of the interest owed on the pawn. The amount owed can be determined by the date the pawn was created and the date the customer desires to recover their items. After all of the interest owed has been paid, the customer must then also pay back the original amount of the loan. The pawn broker will then return the exact items the customer originally pawned.
Pawn Expiration- A set period of time established by the pawn broker determines how long without payment a pawn can go before the items are forfeited. Items that pass the set period of time become the property of the pawn shop.