The typical pawnshop mortgage is about $100, a great deal smaller compared to an average financing received from a payday loan provider
Pawnshop financial loans will often have an expression of just one month and a typical fee of $20 for every single $100 borrowed, which equals an APR around 250 per cent (Avery and Samolyk 2011; Drysdale and Keest 2000). 4 If a pawnshop visitors is unable to repay their mortgage, she forfeits the pawned items to the loan provider, just who may sell it. Read more