An unstable financial situation sometimes makes a person turn to a pawnshop. This is an opportunity to pawn valuable things, having received a sum of money for them. But then these items can be redeemed.
Instruction manual
1
The conditions in different pawnshops are their own. At the conclusion of the contract, employees are required to familiarize you with all the rules. The interest rate is usually indicated by months, and not per year, and a payment term is assigned. The client is obliged to pay a fee every month if he cannot buy the pledged item. Usually a period of 30 days is given. When paying on the last day (renewal), you give a certain amount. If you are late that the thing can be picked up within 30 days, but in addition to the indicated amount, interest will also be calculated for each delayed day.
2
You need to buy items from the pawnshop within 2 months. Or every month to renew the contract. If during this period you do not have time, then the pawnshop has the right to put up a thing for sale. It happens that the term of the pledge is not 30 days, but seven. But in any case, you need to carefully read the contract, and try to meet the deadline.
3
You can buy an item any day. You will be required to pay a security deposit and interest. But it so happens that you can’t immediately pay everything. In this case, a partial payment can be made. At the same time, a new contract will be drawn up each time. If you decide to make a small payment, it is better to make it at the time of renewal. In this case, you pay interest for a month and redeem part. If you do this in the middle of the specified period, then you will pay the amount for the whole month. And from that moment a new treaty will begin. It turns out that you will overpay interest for a period that has not yet passed.
4
Payment at a pawnshop is different from a loan. If you give money to a bank, you know that sometime these payments will stop. In the pawnshop, this does not happen. You pay for the storage of gold or other items, and one day you will have to bring the amount of the deposit. And the money you paid will simply disappear. Therefore, it is more profitable to take out a loan and pay off their collateral, and then pay the amounts to the bank than to carry them to a pawnshop. Think about this option, it is more economical.
5
To buy things from a pawnshop, start saving. Remember that this institution charges huge interest. The minimum rate is 6% per month, which is 72% per annum. The maximum can be up to 50% per month. At the same time, payments are not reduced if you do not pay at least part of the deposit. Try to pay off these obligations as quickly as possible so as not to lose your savings.
