Some pawnbrokers also present sale and buy-back schemes, under that you sell an item to the lender and will then buy it back at a higher price after a few weeks or months, or by instalments known as set aside or lay bys. But like cheque cashing, there isn’t the same level of consumer protection for most of these deals as there are on regulated credit agreements, because they’re not loans actually.
When you take out a cash advance, it is possible to repay in instalments between 65 and 100 days. On your own due date, the repayment will become debited automatically from your own bank account. As long as you have the funds available in your bank account, there is absolutely no further action that you can take. You can learn more by visiting our glossary also .
A few years ago, the common loan would be around $120, says the director of Agents. Today that averages around $150. Customers are borrowing slightly more but that’s partly because the value of gold has gone up. The loan value is just about 50 percent of the worthiness of the item usually. So if we had been to market a $200 necklace in our window, the loan we offered to the customer will be around $100. Continue reading