How to choose a consumer credit pawnbroker in New Zealand

When it comes to choosing a consumer credit pawnbroker in New Zealand, there are a few things you need to take into account. Here are a few tips to help you choose the right one:

1. Make sure the pawnbroker is licensed and regulated.

You can check this by asking for their registration number from the Financial Service Providers Register.

2. Ask around for recommendations.

Talk to friends, family, or colleagues who have used a pawnbroker before and see who they would recommend.

3. Do your research.

Once you have a few names, take the time to research each one. Look at their website, read online reviews, and give them a call to ask any questions you have.

4. Compare interest rates and fees.

Interest rates and fees can vary significantly from one pawnbroker to another, so it’s important to compare them before you make a decision.

5. Make sure you understand the terms and conditions.

Before you agree to anything, make sure you understand the terms and conditions of the loan. This includes the interest rate, repayment schedule, and any fees or charges that may apply.

6. Read the fine print.

Once you’ve decided on a pawnbroker, take the time to read the contract carefully before you sign it. This way you’ll know exactly what you’re agreeing to.

7. Keep your belongings safe.

Once you’ve pawned your items, make sure you keep them safe. Keep them in a secure location and insure them against loss or damage.

8. Be aware of your rights.

As a consumer, you have certain rights when it comes to pawnbroking. These include the right to cancel the contract within five days, and the right to have your belongings returned to you if you can’t repay the loan.

9. Get everything in writing.

When you pawn your items, make sure you get a receipt. This will help you keep track of the loan and will be useful if you have any problems.

10. Know when to walk away.

If you’re not comfortable with the terms of the loan, or the fees and interest rates are too high, don’t be afraid to walk away. There are plenty of other pawnbrokers out there, so you’re sure to find one that’s a better fit for you.