Pawn customers in the state of New Hampshire can expect to pay almost twice as much for a pawn loan as customers at Empire Loan in Lowell!
Rules and regulations on pawnbrokers and pawn loans are determined by local, state and federal governments throughout the country. The fees and interest rates charged are set by authorities and the pawn shops operating in those communities must adhere to those rules.
As a result, pawn shops in Nashua NH and elsewhere throughout the state, charge 20% for a 30 day loan. Just a few miles down the road in Lowell Massachusetts, Empire Loan of Lowell only charges 3% per month and offers a four month loan. Based on a $300 loan, a New Hampshire pawn customer will pay $60 for interest, while a customer at Empire Loan in Lowell will only pay $9 in interest per month. Why pay almost 7 times as much interest in New Hampshire, when just over the border you’ll save $51 at Empire Loan of Lowell!?
New Hampshire pawn shops offer loans that are only 30 days in length with a one month grace period. That means that at the end of the loan period, you will have another 30 days to redeem or renew your loan. You will be charged another month’s interest — yes, another 20% in interest! In contrast, Empire Loan in Lowell would only be charging 3% because our loans are for four month periods. Let’s do the math. A New Hampshire pawn shop loan for $300 will cost 40% in interest — a total of $120. over The same loan at Empire Loan in Lowell would cost you a total of only 6% in interest – a mere $18 in comparison.
If you like giving your hard earned money away, keep visiting pawn shops in Nashua NH! If, on the other hand, you need to borrow cash and want to pay less, visit Empire Loan in Lowell. It’s worth the trip!
Comments are closed.