A pawn loan is a form of short-term lending. As a rule, there is no credit check, as you are only liable for your loan with collateral. You deposit collateral (your pledge) as security at the pawnshop and receive a loan in return. The amount of the pawn loan is usually a partial value of your item.This is how your pawn loan works at CASHY:1. Valuation: You enter your deposit item in the search window or select it from the categories. CASHY will show you an offer including fee information for many items straight away. For individual requests, you will normally receive your offer within one working day. The amount paid out depends on the partial value of your item.
2. Pawn item: You hand over your item to CASHY. It will be stored there in the insured warehouse for the duration of the term until you retrieve it.
3. Interest and fees: The interest and fees for your pawn loan are calculated per half month. If you redeem your item earlier, you only ever pay the current fees up to the due date.
4. Repayment period: You can extend, reduce or repay your pawn loan at any time. After the fixed term, you also have the option of repaying or extending your pawn loan during a grace period. This may incur additional fees.
5. Return of the pledge: As soon as you have repaid your pawn loan in full, including interest and fees, you will get your pawned item back.
6. Keep the money: You also have the option of simply keeping the money you have borrowed. In this case, your item will be auctioned off and you will be debt-free in any case. If the auction results in a higher amount, minus fees, than the amount you borrowed from CASHY, you will be paid out the surplus.
CASHY accepts collateral such as electronics, jewelry, luxury watches, designer bags and many more.