How pawning or selling works
A Quick Payment Transparent Process
You can pawn your property and in return, we lend you money. Pawn loans are made on everything from Gold Jewelry | Broken Jewelry | Game Consoles | Cameras | Cellphones and much more. After full payment of loan is made, property is then returned to you. Customers can also extend the loan by paying the accrued charges.
OR
As a customers you can also elect to sell merchandise in exchange for fast cash on the spot.
Both options will quickly leave you with Cash in Hand.
Required Disclosures
- Governed by New York State
- New York City and Federal Laws that apply to pawnbrokers
- NYC Department of Consumer Affairs
- USA Patriot Act
- Truth-in-Lending Act
- Banking Secrecy Act
The Legal Stuff
- Must be 18 years or older
- Loans are 4 months with a 30 day grace period, which in turn brings total loan tenure to 5 months total. Please inquire for more info.
- All loans have a service charge from $4-$10, 2% vault charge(jewelry only), extra care charge(non-jewelry items)
- State issued ID required includes passport
- We offer one of the lowest collateral loan interest rates in NY, at only 4% per month.
We are fully Licensed By New York State to issue Pawn Loans & Buy Property allowed by New York Department of Consumer Affairs. License Can be provided Upon request.
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
Repayment Period Policy Compliance
How does pawn work?
Get a loan in 3 steps:
Bring your item
Get a loan
Pay back your loan and get back your item
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