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Exactly what does it cost to borrow money at a pawnshop?

April 26, 2017borrow COST money pawnshop

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Exactly what does it cost to borrow money at a pawnshop?

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A. Not all pawnbrokers charge the same but all are regulated by the Indiana Department of Financial Institutions regarding finance charges. At Red’s Pawn Shop it depends on how much you borrow. Examples of finance charges at Red’s are: $25.00 borrowed will cost an additional $5.00 within the first month $75.00 borrowed will cost an additional $11.25 within the first month $300.00 borrowed will cost an additional $45.00 within the first month $1000.00 borrowed will cost an additional $100.00 within the first month $5000.00 borrowed will cost an additional $400.00 within the first month There are no other charges related to your loan and finance charges at Red’s are always pro-rated after the first month of your loan.

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A. It depends on how much you borrow and how long you take to come back in to redeem the property. All charges are specifically defined before you close on your loan.

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Not all pawnbrokers charge the same but all are regulated by the Virginia’s Department of Financial Institutions regarding finance charges. At The Cash Store it depends on how much you borrow.