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Loans

Loans / Pawn Policy

1.All loans / pawns are valid for a term of 30 calendar days. For example, a loan created on January 17/20xx will be due in 30 days on or before February 17/20xx.

2.If monthly fees are paid on time, all loans are extendable unless specific agreements were made.

3.Our minimum loan is $50.00 and a maximum ($50,000.00+) would be determined by the collateral and availability of funds.

4.Loans less than $100 will incur a 5% simple interest fee, a 5% administration and 5% storage fee. Totaling 15% per month.

5.Loans over $100 will incur a 5% simple interest fee, a 2.5% administration fee and a 2.5% storage fee. Totaling 10% per month.

6.All payments are to be made in cash, interact or e-transfer. No Credit cards can be used for payments or redemption. See details here

7.If you wish you may pay more than the monthly fee and if all fees are paid you can apply the extra funds towards the original principal in $5 increments. In the next months term you will only be charged fees based on the remaining balance.

8.We require current photo identification to create or redeem a loan. ID such as a B.C. driver’s license, provincial government ID card, Canadian passport with address.

9.All items on one loan must be redeemed together. We cannot separate items listed on the same loan contract.

10.All loans are sealed until redeemed. We will not show a friend or potential buyer your collateral.

11.We will not accept items that have been modified (serial numbers) or altered to make unrecognizable.

12.It is illegal to use as collateral items that you do not have clear title or ownership. Items that are on payment plans or conditional sales agreements are not usable as collateral until paid in full.

13.loan tickets are NOT bearer receipts. ONLY the individual whose name, signature and ID used to create the loan may redeem the loan.

14. Interest may be paid to extend your loan without the original receipt. However you will be charged $5 for the issue of a new receipt.

15.If you cannot make your minimum loan(s) interest payment by the current due date. By request you may receive a maximum of a 7 day hold past the original pawn due date. This will result in the next month’s fees being added to the total due. Old ‘N’ Gold retains the right to deny this request.

16.If the loan elapses past the 3 day grace period without the minimum payment of the months fees being paid on time. The loan is in default and your collateral is forfeited to Old ‘N’ Gold.