How does a pawn loan work?

Pawn loans are a quick way to borrow money without needing a credit check. They are based on the collateral's value rather than your credit rating, typically having a loan term of 30 days with an option for renewal if necessary.

Are pawnbrokers regulated?

Yes, pawnbrokers are regulated at federal and state levels. They must comply with several laws, including the Truth In Lending Act and are subject to oversight by various federal agencies.

A renewal allows you to pay just the interest that has accrued on your pawn loan to reset the loan's due date while keeping the principal amount unchanged.

What is an extension?

An extension allows you to lengthen your loan's due date. You'll be required to pay a portion of the interest owed and can extend for the number of days allowed by state law.

Will I lose my merchandise?

Most customers repay their loans and retain their items. If not, the collateral will be forfeited unless the customer chooses to sell the item outright.

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