Loans
How Much Can I Borrow?
There is no limit to loans as long as you have the collateral. With secured indoor storage, anything you provide as collateral is safe. Many people get small loans on high-end watches and valuable jewellery when going on vacation to ensure their valuables are safely stored while they are away.
Loan Requirements
Unlike a conventional bank of financial institution, your collateral is your credit. As long as you have the necessary identification and we agree on a dollar amount, you've got the cash. There are no credit checks, no background checks and no waiting period - most loans and transactions are done in less than 5 minutes.
The City of Edmonton Bylaw requires that we must record two pieces of ID.
- One piece of valid photo ID (drivers license, passport or FAC)
- One other piece of ID (birth certificate, SIN card, treaty card, credit card etc.)
This information, along with the details of the item(s) you are pawning or selling will be recorded by us and transferred to the City of Edmonton Police Dept. at the end of the day. All items are then sent to a database where they are cross-referenced with items that have been reported lost or stolen. Any item with the serial number altered or removed cannot be accepted at any of our locations.
Pawn vs. Payday Loan
Pawn shops have been around for hundreds of years helping people get cash when they need it. Pawning is not a last resort – it is just another option – and it has its perks!
| Pawn | Payday / Bank Loan |
|---|---|
| Leave collateral up front | Pledge collateral that they may take later |
| Default, lose your stuff | Default, lose your stuff and/or your wages |
| Interest rates from 5% to a maximum of 25% (per month) with 30 days to pay (plus 5 day grace period) |
Interest rates up to 46% (per month) Interest calculated bi-weekly, compounds |
| Does not affect credit rating | Bad credit rating if defaulted…collection agencies hounding you… |
Terms and Conditions
- All loans are written up for a 30 day term plus a 5 day grace period.
- A typical loan is based on 5% interest plus 20% storage and administration.
- Larger loans over $500.00 can often be discounted depending on the type of collateral.
- Some storage fee may apply on large items.
- You also have the option at the end of the 30 day term to renew it for another 30 day term. The cost for an additional 30 days is 20% of the amount borrowed (may vary).