- 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 borrower’s throughout the agreed upon time period and only after default does the property become the lender’s.

 - How long is a loan good for?

Our company’s loans are for 30 days with a state mandated grace period of 30 days, for a total of 60 days.

 - 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 after 61 days the borrower fails to pay either the finance charge or the principle and finance charge, 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 before a 5-month extension. This 5-month extension begins from the date of the borrower’s original loan and with a 30 day grace period results in a minimum 6-month loan.

 - How can you reduce your interest payments?

Holders of Preferred Customer status pay only 15% interest monthly as opposed to 20%. 

 - 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.

Ask your Loan Officer if you qualify.

 - What are verbal commitments?

Verbal commitments are verbal promises

or statements from employees that vary

from these written guidelines and are

absolutely not binding.