So, what is a pawn shop loan? At Hock & Go on the Gold Coast a pawn shop loan is a short-term, secured loan where you borrow money by using collateral. If the loan is repaid within the agreed upon timeframe, you get your item back. If you are unable to pay the loan, your item of value will be kept by the pawnshop and may be sold on to recoup their investment. To ensure this doesn’t happen, Gold Coast pawn shop Hock and Go are going to unpack what to do if you can’t repay a pawn loan and what options and solutions you have.
At Hock & Go on the Gold Coast, we pride ourselves on transparent loan terms. When you take out a pawn shop loan, we always make sure you understand the interest rates, fees, and due dates. If you are ever unsure about your terms or have any questions, don’t hesitate to reach out – we’ve got your back!
If you’re having any troubles making your pawn shop loan payments, don’t wait until the last minute to contact our team. We’d much rather work with you to find a solution than see you lose your item. Options to consider with the Hock and Go team are requesting an extension or adjusting the payment plan.
Alternatively, if you can’t pay off the full loan amount, you might still be able to make a partial payment. At our Gold Coast pawn shop, we’re flexible, and as long as you’re making progress, we’ll do our best to work with you to keep your items safe. At local pawn shop Hock and Go we suggest, even making small, regular payments can prevent your items from being forfeited.
If you need more time, another option would be renewing or refinancing your Gold Coast pawn shop loan. You can simply pay the interest or fees and renew your loan for another period, giving you more time to pay down the principal.
At Hock and Go on the Gold Coast, we understand that sometimes life happens, and you may not have the full amount to repay. If repaying the loan is no longer an option than selling the item to us may be the best solution. If you still want to get some value out of your item, we can offer to buy it outright. This can help recoup part of the loan amount, though it won’t cover the full debt.
If you can’t repay your pawn shop loan, it’s not the end of the world! At Hock & Go, we’re happy to work with you and find a solution that works for both of us. Whether it’s extending your loan, negotiating a payment plan, or even selling the item, we want to help you keep your items and make your financial journey a little easier.
If you’re in a tough spot, don’t hesitate to reach out to us! Together, we’ll find a way forward.
