Online pawnbrokers in New Zealand – FAQs
If you’re looking to get a quick loan in New Zealand, you might be considering using an online pawnbroker. Here are some frequently asked questions about online pawnbroking in New Zealand.
What is online pawnbroking?
Online pawnbroking is a way of borrowing money against the value of your possessions, without having to go through a traditional pawnbroker. Instead, you can simply send your items to the pawnbroker and they will assess the value and offer you a loan.
How does it work?
Once you have found an online pawnbroker that you want to use, you simply send them your items and they will assess the value. They will then offer you a loan based on the value of your items. If you agree to the loan, you will need to provide them with your bank account details so that they can transfer the money to you.
What items can I pawn?
Most online pawnbrokers will accept a wide range of items, including jewellery, electronics, musical instruments and even antiques. However, there are some items that they will not accept, such as weapons, illegal drugs and stolen property.
How much can I borrow?
The amount you can borrow will depend on the value of your items. However, most online pawnbrokers will lend you up to 50% of the value of your items.
What are the interest rates?
The interest rates charged by online pawnbrokers can vary, so it’s important to shop around and compare rates before you agree to a loan. However, as a general guide, you can expect to pay around 20% interest per annum on the value of your loan.
What are the repayment terms?
The repayment terms offered by online pawnbrokers can vary, but most will require you to repay the loan within 3-6 months.
What happens if I can’t repay the loan?
If you can’t repay the loan, the online pawnbroker will keep your items and sell them in order to recoup the money they have loaned you.
Can I get my items back early?
Yes, you can usually get your items back early by paying off the loan plus any interest that has accrued.
What if I change my mind after I’ve sent my items?
Once you have sent your items to the online pawnbroker, you will usually have 14 days to change your mind and get your items back. After this time, you will be liable for the loan and will need to repay it according to the terms agreed.
So there you have it, a quick guide to online pawnbroking in New Zealand. If you’re considering taking out a loan with an online pawnbroker, make sure you understand how it works and compare interest rates before you agree to anything.
