How much does a title pawn cost?
Under Alabama law a pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, cost, and losses of every nature. This charge can be as much as 25% of the original loan amount PER MONTH. Charges like this mean you are paying fees equal to an annual interest rate of 300%.
How can pawn rescue help?
Title pawn loans usually renew every 30 days. If you are not able to pay the original loan amount the loan rolls into a new loan and you pay the interest and fees only. This is how you get trapped in a title pawn loan – never being able to reduce the original loan amount. We will give you a loan to pay off your title pawn. This loan will have a fixed interest rate and a fixed payment schedule where you reduce the amount of the loan every month. When you make your last scheduled payment your debt is paid in full.