Pawn Loan Charges
American Jewelry and LoanWelcome to American Jewelry and Loan.? If you need short term cash quick we can help.
We know the struggles of getting a loan.? If you go to a bank for a traditional loan the time it takes just to get the paperwork filled out and go through the approval process can be weeks if not months.?
Short term check cashing / payday loan offices can process a loan quickly but at what cost?? The interest can be substantial and typically not worth the risk.?
Collateral loans are a solution to both challenges.? Collateral loans have a quick turn around on the approval process as well as low-interest payments and no penalty to pay off the loan early.??
Give Us a call at 714-850-0233 and see how we can help you TODAY!
The charges listed below are set in California law. They are for loans up to $2,499.
1. Loan Set-Up Fee?It is permissible to charge a fee of 3%, with a $5 minimum, and a maximum of $30.
2. Interest Charges for the First 3 Months
The loan period is a minimum of 4 months. You may pay the loan back at any time. You may be charged a fixed interest rate for the first 3 months based upon how much you borrow. If you cannot repay the loan within 3 months, you will be charged additional interest for the 4th and subsequent months.
| Loan Amount | Total Interest Charge |
|---|---|
| $0 – $19.99 | $3 |
| $20 – $49.99 | $6 |
| $50 – $74.99 | $9 |
| $75 – $99.99 | $12 |
| $100 – $174 | $15 |
| $175 – $2,499.99 | 9% of the Loan Amount |
3. Monthly Interest for the 4th and Subsequent Months
After the initial 2 months, you will be charged additional interest.?These charges can be up to $3 per month for any loan up to $100, 3% per month for loans that are $101 or more. You may be charged a full month’s interest for any portion of a month used, even if the loan is repaid prior to the end of the month.
Your loan is due on the last day of the contract period. The loan, however, may be extended by mutual agreement between you and the pawnbroker. This agreement must be in writing.
The interest rates on loans $2,500 or over are not regulated and can be negotiated.
4. Storage Fee
You may be charged a fee, per loan contract, to store your item. The fee, based on the item size, is determined by the total number of cubic feet need to store the item.
| Item Size | Fee |
|---|---|
| Less than 1 cubic foot | $1 |
| 1 – 3 cubic feet | $5 |
| 3 – 6 cubic feet | $10 |
| 6 – 7 cubic feet | $20 |
| Each cubic foot greater than 7 cubic feet | + $1 |
Other permissable fees you may have to pay…
5. Ten Day Notice Fee
If your loan and interest go unpaid past the contract, you may be charged a $3 fee for the required 10-day notice. Within 30 days of the expiration of your loan, the pawnbroker will issue you this notice. If you do not pay the loan, interest, and charges due as shown on the contract within the 10-day period, all rights, interest, and title to the collateral that you have pledged will be transferred to the pawnbroker. The pawnbroker will then own the property and may elect to sell or otherwise dispose of the property. You may request the notice of termination of the loan period be sent by mail, electronically if the pawnbroker offers that service,? or by registered or certified mail, with return receipt requested, upon prepayment of these mailing costs.
6. Lost Ticket Fee?The pawnbroker may charge you up to $10 if you lose your pawn ticket.
7. Firearms Fee?You may be charged a $4 fee for any you pawn.
8. Redemption Receipt?When the loan is paid in full, the pawnbroker shall provide the borrower with a receipt that correctly states all of the fees and charges paid by the borrower to the pawnbroker.
9. APR The “Annual Percentage Rate” (interest) includes all of the costs of the loan known to be applicable to the loan at the time the loan is written. You can use the APR to compare the costs of this loan with other types of loans. The formula for APR is The Interest + Fees and Charges?? Amount Loaned?? Number of Months of the Loan x 12 x 100.
10. Insurance Pawnbrokers do not have a legal obligation to insure your pawned items. Your item is not insured.