Pawn Loan Calculator

A pawnbroker quotes a finance charge per ticket rather than a rate, so this converts one into the units every other loan has to be quoted in. Enter the amount pawned, the charge per period, any storage or ticket fees and how many periods pass before you redeem, and it returns the total to get the item back, the cost per hundred dollars borrowed, the annual percentage rate and the effective rate if the ticket keeps being extended. A second action starts from what the item is worth, applies the share a broker lends, and works out where the charges of keeping it overtake the extra cash an outright sale would have paid. Every rate and fee here is one you read off your own ticket, because pawn charges are set by state law and range from a couple of percent a month to twenty-five.

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Off your own ticket. Pawn finance charges are set by state law and differ enormously: a few states cap them near 2 or 3 percent a month, others allow 20 or 25, and some allow a lower finance charge with separate storage and handling fees on top. There is no national figure and none is assumed here.
Anything charged every period on top of the finance charge. Some states fold these into the finance charge and forbid them separately; others allow both.
A pawn ticket usually runs 30 days, with a grace period after it.
One means you pay it off at the end of the first ticket. Each extension is another period at the same charge, and the loan itself does not go down.
Roughly what you could sell it for. Used to show what forfeiting costs you beyond the loan.
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What it would actually fetch second hand, not what you paid for it. Check completed listings rather than asking prices.
Brokers commonly lend somewhere between a quarter and a half of what they believe they can resell it for, and higher on gold, where the metal has a quoted price and no resale risk. This is a figure to test, not a figure to trust: ask two shops.
A shop will usually pay more to buy than to lend, because buying carries no risk that you come back for it.
Off your own ticket. Pawn finance charges are set by state law and differ enormously: a few states cap them near 2 or 3 percent a month, others allow 20 or 25, and some allow a lower finance charge with separate storage and handling fees on top. There is no national figure and none is assumed here.
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