The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.
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A pawn loan is for 30-days at the cost of 30 per hundred dollars borrowed (5 interest plus 25 storage fee). Other optional charges such as insurance could apply. In our example the client who pawned the guitar will come back in 30 days and pay back 260 and have his guitar returned to him. If they cant pay the full amount, they have the option to pay by the day for the extra time needed.
What happens if the pawn loan is not paid back. We make every attempt to have each and every item that is pawned picked up by the person who pawned it.
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