5 top tips for using legal pawnbrokers in New Zealand

by Admin · January 12, 2023

When you need to borrow money, a legal pawnbroker can be a good option. Here are five tips for using pawnbrokers in New Zealand:

1. Check that the pawnbroker is licensed

All pawnbrokers in New Zealand must be licensed by the Ministry of Justice. You can check whether a pawnbroker is licensed by searching the Pawnbrokers Register.

2. Get an itemized list of charges

When you pawn an item, the pawnbroker will charge you interest and other fees. Make sure you get an itemized list of all charges so that you know how much you will need to pay back.

3. Get a receipt

When you pawn an item, the pawnbroker must give you a receipt. The receipt must include the pawnbroker’s name, address, and license number, as well as the amount of money you borrowed and the interest rate.

4. Know when your loan is due

Most pawnbroker loans are for a period of six months. Make sure you know when your loan is due so that you can pay it back on time.

5. Pay back your loan on time

If you don’t pay back your loan on time, the pawnbroker can sell your pawned item. If you want to keep your item, make sure you pay back the loan on time.