Is it Possible to Renew a Pawn Loan?

Here’s generally how it works; if the customer gets a loan of $100 and comes back to take the item out within the first 30 days, they would pay $111.00 to redeem the loan and take the item out. However, customers do not have to do anything for up to 4 months (3 months in Rhode Island), at which point they would need to pay $120.00 to redeem the loan and take the items back. If they don’t have the money to redeem the loan, they can simply pay the interest and fees due in order to renew the loan for another 4 month period. Customers can renew their loan as often as they would like with no penalty. It’s really that simple!

If at the end of the loan term the customer can’t pay the interest or decides they no longer want the item, they don’t need to do anything. After a legal waiting period, the item will be foreclosed on and become the property of the pawn shop. The good news is that there is no penalty for the customer. No affect on their credit, no harassing phone calls, and no penalties of any kind. Best of all, the customer is always welcome to come back with other items to offer as collateral to do another loan!

Since 1985, Empire Loan is proud to say that over 90% of our customers who take out a loan on their items end up redeeming the loan and get their items back. In the end, we’re happy when our customers get their stuff back!