What are the charges for a collateral loan and how long does it stay as an active loan?
A loan is written on a thirty (30) day note. You have thirty (30) days to come in and either redeem (get out) your item or to renew the loan (pay the finance charges). Our charges are 24.66% interest for every thirty (30) days. After the first thirty (30) days, you receive a thirty (30) day grace period. During your grace period your charges are accrued daily. At any time during the sixty (60) days (first thirty days plus thirty days for the grace period) you may either redeem your merchandise or pay the finance charges to extend the loan. If you do not pay anything in the sixty days, then on the sixty-first (61st) day the merchandise becomes property of Best Pawn & Exchange and you forfiet all rights to the merchandise.
