What are the terms of the loan?
The terms of the loan are printed on the pawn ticket. The pawn ticket will have your personal information, the ticket number, the amount you are borrowing, the date the loan is made, the date when the loan is due and the rate of interest charges in percentage and in dollar amount.
The loan is written for 30 days. You either have to redeem your merchandise on or before the due date written on the pawn ticket or pay the interest and other charges due (usually 20% of the loan amount) to renew or extend your loan for another 30- day period. There is no limit as to how many times you renew or extend your loan.
