Rates and Terms:

At Long's Pawn our contracts are transparent and we are upfront in regards to all cost associated with your sale or purchase. 

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Loans:

All loan periods are customized for each customer.

No mandatory repayment periods or principal payments.

Service fees vary depending on amount of transaction.

Fees range from 2% to 22% (adjusted for transaction amounts).

Customers choose whether to pay interest-only or interest and principal.

No hidden fees or upfront charges unless customers choose to pay in advance.

No shipping, storage or insurance charges.

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Loan Example:

A customer gets a loan of $1,000 for merchandise pawned and he/she has plans to keep the loan for 2 months.  If the rate is 6% per month, the maximum payment to cover the 2 months of interest and repay principal is $1,120.

Contracts can renew every 30 days. No minimum or maximum repayment period.

No Annual Percentage Rate (APR) as customers choose the length of the loan, which can be as short as 48 hours. 

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Default Policy:

30-day period between loan payments due dates (e.g. monthly payments).

Loan is in late status 2 days (grace period) after due date.

We will try to communicate over the next 45 days with customers and urge them to come in to discuss payments.

Only after 90 days and no communication from a customer would a loan default.

Merchandise can be sold if 60 days past a signed contract date.