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How Pawn Loans Work (Short-Term Collateralized Loans)

How Pawn Loans Work (Short-Term Collateralized Loans)

Pawn transactions are transactions in which you “PAWN” a personal item in exchange for an amount of money for a 30 day period of time. Your item(s) serve as guarantee for the money borrowed. On your due date you have the option to pay your transaction in full and redeem your item(s); or you may choose to extend the transaction (if applicable) by simply paying the interest/fees due.

Another option is to not pay the pawn transaction in which you will forfeit the items presented for pawn.

To redeem your pawn, you only need two things:
  • A valid ID (such as a driver’s license or passport).
  • The item you want to pawn.