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IMPORTANT NOTICE
Pawn Loan Rates & Terms
Minimum and Maximum Period for Repayment
- Minimum Repayment Period: 4 months
- Maximum Repayment Period: 4 months (as mandated by NYC regulations for the initial term)
- Note: Loans may be extended or renewed after the initial term, subject to local laws.
Maximum Annual Percentage Rate (APR)
* Our Maximum APR: 51.81%
| Component | Cost |
|---|---|
| Monthly Interest Rate | 4% |
| Total Interest over 4 Months | 16% |
| Setup & Other Fees | Included in the first month’s charge (varies by loan amount) |
Representative Example of the Total Cost of the Loan
Representative Example: $100 Pawn Loan (4-Month Term)
| Month | Principal | Interest Due (4% of $100) | One-Time Fees | Total to Redeem Loan |
|---|---|---|---|---|
| 1 | $100.00 | $4.00 | $13.00 | $117.00 |
| 2 | $100.00 | $8.00 | $13.00 | $121.00 |
| 3 | $100.00 | $12.00 | $13.00 | $125.00 |
| 4 | $100.00 | $16.00 | $13.00 | $129.00 |
Total Principal: $100.00
Total Cost of Loan (Interest + Fees): $29.00
Total Repayment Amount at 4 Months: $129.00