PawnBroking 101: Don't Get Burnt! - Zinny's Blog
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PawnBroking 101: Don't Get Burnt!

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I'm not here to bore you but to make sure you don't get burnt when pawning your valuables to a broker. Pawnbroking is an interest bearing loan secured against items of value. Pawnbroking is money lending not a method of acquiring stock. 

Classifications:

  1. Pledge (Gold, Jewelry)
  2. Brokerage ( Classic musical instruments, Vintage cars, paintings...)

Always remember:

  • Pawnbroking are items of value that are held as security on money loaned
  • Items left as security are at all times the property of the customer
  • The term of the loan is 6 months
  • All pawnbroking loans are held for a minimum of 180 days (6 months) before they can be put on sale
  • Goods may be redeemed at anytime but only with receipts 
  • Loans can only be made to a person over the age of 18
  • Goods will be tested for working condition
  • Interest is charged monthly unless early withdrawal notice.

Right to withdraw
  • You as a customer have the right to withdraw, but you must give 14 days notice, written or oral and within 14 days of transaction.
  • Borrower must pay loan amount plus interest which will be charged daily
  • If you want to withdraw from the agreement early then you must pay within 28 days  of withdrawal notice
  • Partial repayment notice may also apply, within 28 days
  • Partial repayment may be written or oral.

Before you take a step further, think and rethink your actions so that you can reduce any risks to a minimum because after 180 days has expired, your pledge becomes the property of  the pawnbroker and may be sold without due notification. 

Look after yourself and don't let them rip you off! be smart!!!




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