We get the question of “how does a pawn loan work?”
Well it is pretty simple….
You bring in an item that we hold for collateral. We then give you up to 70% of the retail value of the item that you bring in. The item is then placed in safe keeping until the end of your loan terms. At the end of the loan terms, you may do one of three things.
- You can pay to extend the time period of the loan.
- You may pick your item up for the amount loaned PLUS the interest that has incurred on the loan.
- You may forfeit the item, without having to worry about negative credit reports.
The great thing about a pawn loan is that you have ZERO obligation to pick the item up. That is why it is called a collateral loan. We hold the collateral and if you decide not to pay the loan back then we sell the item. There is no negative credit reporting for not paying the item off or for you losing it.
If you have additional questions please contact us at 318-688-8310, or click here to send us an email.