The release of funds can be staggered (every month, qua...
Pawn credit is a loan in line with new lifestyles characterized by the simplicity of the request and the speed of disbursement of the loan, which takes place in a secure and confidential manner without the need for any asset investigation on the customer. The amount disbursed is based on the value of the asset pledged, and the duration is flexible, 3, 6, or 12 months with the possibility of renewal up to 3 years.
The customer subscribes to a bearer policy and immediately obtains the agreed sum of money, leaving his assets (gold, silver, branded watches, jewels) as a guarantee and safe, which he can repossess by repaying the loan, including interest and expenses.
What is pawn credit, and how does it work?
Pawn credit is a form of financing that both finance companies and banks can grant. The pawn loans are low-value loans secured by a pledge, a real-type guarantee, on an asset. In practice, the consumer delivers an object in exchange for money, with the possibility of repossessing it by returning the estimated value of the object plus the established interest and any expenses.
What items can be pledged
In general, valuable objects (gold, precious coins, jewels, watches, silverware) with more definable market prices are pledged. However, some pawn loan providers also accept other goods, such as paintings, carpets, and furs.
How do you obtain a pawn loan? How does a pawn loan be disbursed?
The pawn loans do not provide for the presentation of any particular documentation; on the contrary, it allows for immediate financing to be obtained through the only guarantee represented by valuables, such as for example gold, jewels, stones, and watches, which are valued and estimated based on their commercial value.
On the basis of the estimate made for the guarantee presented, the amount of the loan will be defined, and the interest rates will be unchanged for the entire duration of the contract.
However, pledge loans do not provide for the disbursement of exceeding certain amounts that may vary for different service providers and provide for a duration that usually does not exceed twelve months, although in special cases, it can also be postponed.
The bureaucratic process necessary for granting the pledge loan is not very long, as only the technical times are foreseen to ascertain the legitimacy of the asset to be pledged and for the signing of the bearer pledge policy.
How long can the pledge last, and how to redeem it
The duration established by law ranges from a minimum of 3 months to a maximum of one year. From the information sheets that we have analyzed, it appears that the duration is generally six months and can be renewed one or more times according to the bank’s policies. When the policy expires, the customer has two alternatives:
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