•  
  •  
How loans work

Our goal is to enable people to quickly obtain a cash loan should that need arise, there are no credit checks involved.
To recieve a loan, as required by law, one must be at least 18 years old, have a valid state issued photo id (A state id, drivers license or passport)
An accepted item of value is required as collateral. Once this item is brought in and examined, then an amount is offered based on the value and condition of that item. If that offer is accepted then a contract is created. The terms of that contract vary depending on the type of item.
For jewelry loans we give 60 day contracts with options to renew with an additional 30 days grace period after the initial due date.
For electronics loans we give 30 day contracts with options to renew as well as an additional 30 days grace period after the initial due date.
There is a finance charge starting at 20% of the loan amount per month (this is a combination of a 3% usury rate as well as storage and other fees). This fee can become lower depending on the amount loaned. With all fees included this works out to an Annual Percentage Rate of 240%.
Payments are due monthly on electronics loans and every other month on jewelry loans.


Chatham Pawn

645 East 79th Street

Office: 7734879595
______________________________________________