Collateral Loans (Pawning)

 

 

Collateral loans (pawn loans), unlike pay day loans, are based on the value of your collateral, not your pay cheque. 
Collateral loans are a quick way to receive a small, short term loan, without a credit check.  And we have NO hidden fees or charges. 
Duration of our collateral loans are typically eight weeks. 

How does pawning work?

You bring in your item as collateral and we provide a loan based on the value of the product.

 

 

How old do you have to be to to get a collateral (pawn) loan?

You must be 18 years of age.

 

 

Why would someone get a collateral (pawn) loan?

A pawn is a quick resolution when you need some quick cash for a bill or purchase.

 

 

When is my loan due?

We have 3 different pawn terms available:

  • 1 week (Loans from $0.00 - $24.99)
  • 4 weeks (Loans from $25.00 - $49.99)
  • 8 weeks (Loans from $50 and up)

How much you borrow will determine which pawn term you receive.

 

 

How much can I borrow?

There is no maximum amount. It all depends on the value of the products you bring in.

 

 

How do you decide what my item is worth?

We use online new and used prices to value your items. However, having clean and complete products that are fully functional, and have no defects will get you the best price.

 

 

Can I have more than one loan?

YES! There is no maximum number of loans that a person can have.

 

 

What if I can't pick up my loan by the due date?

If you are unable to fully pay for and pick up your pawn by the Due Date, you can always come in to make an extension payment at any point throughout the term. The minimum payment to extend your pawn would be $5 or 1 weeks worth of interest, whichever is greater.

 

 

Is my item safe with you?

ABSOLUTELY! Your item is tagged with your name and contract number. It is then placed in a specific location that is documented on that contract. The item does not move until you return to pick it up. If you bring in jewellery it is placed in a locked safe for the time it is in store.

 

 

What items do you accept as collateral?

The following is some of the many items we accept:

  • Gold & Silver
  • Cell Phones
  • Electronics (TVs, Home Stereo, Digital cameras etc.)
  • Computers / Laptops / Tablets
  • Musical Instruments & PA Gear
  • Video Game Systems & Games
  • DVD Movies & Box Sets

 

 

Can I get more money?

If you decide to not borrow the full pawn amount of your item, you can always return and get a principal increase up to the maximum value.

 

 

What do I need to bring pawn or to pick up my loan?

We only ask that you bring 1 piece of government issued photo ID OR 2 pieces of government issued non photo ID. Your pawn contract is not needed in order to pick up your pawn.

 

 

What happens if I can't pay back the loan?

Not picking up your item does not negatively impact you or your standing with the store. Once your items default they are sold on the sales floor. You are welcome to get a loan on another item at any time.

 

 

Do I have to come in to make payments?

We only request that you come in to make your extension payments before the due date. At this time, we are unable to accept payments online, over the phone, or electronically.

 

 

Can someone else make extension payments for me?

Yes! However, we will not be able to release any information regarding the pawn to someone who is not listed on the account. 

 

 

Can someone else pick up my loan?

The only way someone else can pick up your pawn is if you have visited the store with your ID and requested to add someone to your account. This person will be able to receive information or pick up pawns from your account. That person will have to present a government issued photo ID or 2 pieces of non photo ID at the time of inquiry or pickup.

 

 

 


Phone 506-652-2274
8 Bayside Dr, Saint John
Map and Directions

Copyright © 2020 Beats & Bytes All rights reserved.