Who can apply for a Pawnbroker Loan?
In order to qualify for a pawnbroker loan you must meet the following criteria:
- Be 18 years old or over
- Be the legal owner of the items you wish to borrow against, or have valid permission from the legal owner to use the items for a loan
- Provide proof of your identification and address, including either your passport number or your driving licence
- The items you wish to borrow against must free from any other claims that might adversely affect their value, such as a hire purchase agreement
As your items are used as security for the loan, we do not need to rely on a credit check to approve you for your pawnbroker loan. This is good news if you have a poor credit history or have been refused credit elsewhere.
How much can you Borrow?
We can loan from between $20 and $100,000 with adequate security. The amount of money you can borrow will depend on the value of the items you wish to borrow against. Once your item has been professionally valued you will be provided with the maximum amount you can borrow using that item and you can choose how much you want to borrow up to that amount. Remember you can take out more than one pawnbroker loan at any time, and you can get a loan against multiple items.
What collateral can I use?
The most popular items used as security are gold, diamonds, laptops, mobile phones, musical instruments and power tools. We offer mobile cash money for large items that are stored off premises. For larger loans we accept cars, boats, bikes, land etc.
What are the terms?
Loans in general are charged at 25% a month or part thereof, on the amount borrowed.
The interest rate for large loans varies depending on the amount required.
Items a generally pawned for 3 months, however longer terms can be arranged upon request.
All loans are to be paid for on or before the agreed time but we understand things happen and if you keep us informed we can work with you if problems arise. All contracts are confidential and all items are kept under the utmost tightest security.
What happens to unredeemed goods?
If you are lent more than $100 for the goods you pawn and you don’t redeem them in the three month period (or an agreed longer period), the pawnbroker must sell the goods in a way that will reasonably attract the best price possible. This could be either off the shelf in their premises, at auction in their premises, or by auction elsewhere. If any article you pawned is sold for more than the full amount of your loan and the interest that was due, the surplus amount less any reasonable costs associated with the sale must be paid on demand to you (or a representative claiming on your behalf), if claimed within 12 months after the sale. If the surplus is more than $50 then the pawnbroker must send you a notice by registered mail within 21 days of the sale, notifying you that you have a surplus to collect and 12 months in which to do it.
Can I extend the loan period?
It is possible to extend your pawnbroker loan, subject to approval. If you are approved you will need to repay the interest which has accrued at the end of the initial 3 month period. We will then create a new agreement based on the amount that you have borrowed.
What if I have problems making my repayment?
If you think you will have any problems with making a repayment you should contact us as soon as possible to discuss your situation. Remember that if you default on your pawnbroker loan, you are at risk of losing your item as it will be sold on your behalf to settle the loan. If there is surplus money following the sale we will return this to you.
When will I receive my item back?
As soon as your final repayment on your loan has been cleared we will return your item.
How can I be sure the merchandise I purchase at a pawnshop isn’t stolen?
Less than one half of one percent of all loans are identified as stolen goods. Thieves and robbers are a pawnbrokers worst enemy. Pawnbrokers work closely with local law enforcement to catch and prosecute these perpetrators. A customer must provide positive identification to show evidence of the transaction. This information is then presented to the police department, therefore decreasing the likelihood that a thief would bring stolen merchandise to a pawnshop. Pawnbrokers are trained to look for signs of stolen property to avoid these costly mistakes. It is not in the interests of the pawnbroker to accept potentially stolen merchandise because the police can seize the merchandise and the pawnshop owner loses the collateral and the loaned money.