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How Pawn Shops Work

A pawnbroker makes loans on personal property left as collateral. The property can be redeemed when the loan plus interest is repaid. The interest rates for pawnshops, which may be regulated by state or local laws, may range from 5% to 6% a month. Loans can usually be renewed, but only if the interest for the original period has been paid. Pawnbrokers will accept a variety of personal property as collateral. Usually, items that are small or of modest value (jewelry, clocks, computers, camcorders, silverware, etc.) Brokers won't lend more money than they think they can get if the pledged item is not redeemed and has to be sold. When a pledged item is not redeemed, brokers are required to notify pawners that the loan period has expired and to give them a final opportunity to redeem their personal property before the broker has the right to sell the item. In some jurisdictions, brokers may keep all the money received from the sale of the unredeemed pledge. In other cases, the broker may only keep the original loan and any interest due, but must turn any excess over to the pawner. In many states, pawnbrokers are required by law to file with the local police a daily list of items that have been pledged. They must report and give a description of the object along with serial number and other points of identification. This gives the police an opportunity to check these pledge items against any list of reported stolen items. In somebody buys a stolen item from a pawnbroker, it must be returned, and the broker must refund the purchase price to the customer. DEBT LIMIT. Installment debt should not exceed 10% of take-home pay. A debt ratio of 20% indicates trouble ahead. However, when computing for your debt ratio, you must not include mortgage payments in the amount of debt. Pawn Shop Of America is a collateral loan company that makes loans on your personal property. The personal property you give the pawnshop is called a "pawn" or "loan". These loans will be held by Pawn Shop Of America up to five months. At that point, the customer can redeem the loan or renew the loan for another 5 months. All loans that are not redeemed or renewed will be sold. Pawn Shop Of America has a 95% redemption rate, which proves most people redeem or renew their loans. Pawn Shop Of America is in the business of keeping its customers, not losing them.

THIS PLEDGE MAY BE SOLD AFTER FOUR (4) MONTHS - ADDITIONAL TERMS AND CONDITIONS OF LOAN
  1. This ticket contains all of the terms and conditions of our contract. No extension of time to redeem or waiver or modification of any term of this contract shall be valid unless in writing, signed by us.
  2. RATES OF INTEREST: Four percent per month, or any fraction of a month (48% per annum.) A minimum interest charge of twenty five cents per month may be made on any loan.
  3. This pledge may be sold by us after FOUR (4) MONTHS from the date of pawn, provided at least thirty (30) days before the sale we send you, by mail, to the address given at the time of pledge, a written notice that we intend to sell.
  4. Should this ticket be lost or mislaid, you must notify us in person at once, find the entry for this ticket, upon our books, give us an exact description of the article pawned, identify yourself and apply for the issuance of a stop ticket. Anyone presenting this ticket before you so apply and obtain the issuance of a stop ticket may redeem the pledge and we will not be responsible to you.
  5. You cannot redeem the pledge without this ticket unless you also furnish to us, at or before the time of the redemption, a surety company bond in an amount twice the value of the pledge as determined by us, indemnifying us against loss, damage or expense by reason of any claims by the holder of this ticket or by the alleged owner of the pledge, the form of the bond and surety to be approved by us.
  6. If any third person makes a claim upon us for the pledge, you cannot redeem it unless you furnish a surety company bond, the form, amount and surety to be as provided in paragraph "5" hereof.
  7. For the purpose of determining any claims against us, this pledge shall be deemed to have a value of not exceeding twice the amount of our loan stated on this ticket and in no event or suit shall we be liable on any claim in excess of that amount unless a higher value has been agreed upon between us and has been stated in writing upon this ticket signed by you.
  8. No civil action or special proceeding upon any claim arising from or in any wise connected with this pledge shall be brought after two years from the date of this ticket.
  9. We are not responsible for loss or damage by fire, water, riot, burglary, robbery, hold up or theft of any kind nor for any loss or damage caused by any other casualty, Act of God, or public enemy in excess of our insurance coverage which is set at twice the amount of the loan stated in accordance with the terms of paragraph "7" hereof.
  10. No notice to us by you shall be binding upon us unless in writing and sent to us at the address appearing herein by registered or other mail for which receipt is obtained from the postal authorities.
  11. No suit or any claim concerning any redeemed pledge with respect to identify, condition or otherwise may be brought against us unless such claim is made before the goods delivered by us are taken from our premises.
  12. The pawnbroker in the event of retirement from business or change of ownership is authorized to transfer the pledge and his interest therein to any licensed pawnbroker in the State of New York.
  13. NOTICE OF ELECTION
    1. The holder of this ticket may redeem the article pledged at any time prior to sale at private sale or public auction first following default. The article pledged may not be sold at private sale or public auction until it has remained four months in the collateral loan broker's possession.
    2. If the article pledged is sold at private sale or public auction, money, if any, in excess of the amount of the loan, interest, lawful auctioneer's commission, if applicable, lawful extra care charges, lawful ticket charges, lawful insurance charges and the expenses of the advertisement of sale, if applicable, shall be paid to the holder of the pawn ticket.
    3. If the collateral loan broker shall purchase the article pledged at auction the holder shall have an additional ten days to redeem the article pledged by paying to the collateral loan broker the amount of the loan, interest, lawful auctioneer's commission, lawful extra care charges, lawful ticket charges, lawful insurance charges and the expense of the advertisement of sale.
    4. A holder may sell this ticket to a third party at any time prior to private sale or public auction, or he may sell this ticket to the collateral loan broker any time ninety or more days after the article was pledged.
    5. If this ticket is sold to a collateral loan broker the holder may redeem the ticket within ten days after the sale by paying to the collateral loan broker the amount paid for the ticket.

CASH ONLY ACCEPTED AS PAYMENT FOR REDEMPTION OF PLEDGES
NO CHECKS, MONEY ORDERS OR CREDIT CARDS
PLEDGES MAY NOT BE EXAMINED PRIOR TO REDEMPTION
REDEMPTIONS ONLY IN PERSON WITH ORIGINAL TICKET
NO REDEMPTIONS BY MAIL

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