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Pros and Cons of a Pawn Broker - USA Pawn

Know the Pros and Cons of a Pawn Broker before deciding about thie things you plan to pawn<br>

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Pros and Cons of a Pawn Broker - USA Pawn

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  1. Pros and Cons of a Pawn Broker • We know you can get the amount instantly whenever you want by pawning your unused items against finance. • But as we all know, every coin have 2 sides. • Hence here we have stated few pros and cons of a Pawn Broker

  2. Pros of a Pawn Broker • If you have a poor credit rating it might be easier to borrow from a pawnbroker than another lender, and there might be fewer credit checks. • It’s quick – normally you will have your money the same day. • A pawnbroker should let you redeem your goods at any time and only charge interest for the period you have borrowed the money. • If the item is sold and there is a shortfall, the pawnbroker will usually not pursue you for this (but check whether that will be the case).

  3. Cons of a Pawn Broker • Using a pawnbroker can be a relatively expensive way to borrow. • You can usually only borrow a percentage of the value of the item you want to pawn. So if, for example, you have some jewellery worth £200, you might only be able to borrow £100.

  4. What to do if you can’t pay them back • If you can’t repay your loan by the deadline and you don’t want your item to be sold, you can ask the pawnbroker if they are prepared to extend the deadline, but they’re not obliged to agree. • If you borrowed up to £75 and you cannot repay the loan, ownership of the item will pass automatically to the pawnbroker. • If you borrowed more than £75, the pawnbroker can sell it and keep the proceeds - but they have to try to get the best value for the item, and if there’s any surplus (after the debt is paid and costs deducted such as auction costs) they have to return this to you. • If the loan is for over £100 the pawnbroker has to tell you in advance, they they are going to sell it. • This gives you a chance to pay them and get your goods back.

  5. What happens if you lose your receipt • If you borrowed up to £75 you can ask the pawnbroker for a ‘standard form’ which you sign to say the property is yours. • If you borrowed more than £75, you will need to sign a statutory declaration. • This might involve going to a magistrate or a Commissioner for Oaths, or a Justice of the Peace if you live in Scotland. • You can also go to a solicitor, but they are likely to charge a fee for this.

  6. We purchase and sell anything of valueContact Us Website:https://www.usapawnms.com Email:Info@usapawnms.com

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