Compare Us
How do we compare?
Our standard term is 6 months, with no payments due for 6 months. Our rates and 6-month term offer a compelling alternative to met your short term cash needs. On smaller Pawn Loans (those less than $500), we offer 3 month Pawn Loans.
Compare the cost of a $500 loan for 6 months:
Pay Day Loan |
Car Title Loan |
Traditional Pawn Shop |
Internet Pawn |
|
|---|---|---|---|---|
| Loan Term | 2 weeks | 30 days | 30 days | 6 months |
| Payments Due | Every 2 weeks | Monthly | Monthly | End of 6 month loan term |
| Total Cost | $975 (390% APR) |
$750 (300% APR) |
$450 (180% APR) |
$180 (72% APR) |
Details about my loan
Internet Pawn's standard Pawn Loan term is six-months. And a Pawn Loan can be repaid at any time. It's just that simple and straightforward. Internet Pawn charges monthly interest ("service charge") on the amount you borrow. The rate varies depending upon you load amount. So if you receive a $500 loan for 180 days, you get your item back from us by paying us $680 ($500 plus $30 per month in services charges (72% APR)). You do not have to make any monthly payments. Partial payments against an Internet Pawn Loan are also accepted. That is, you may reduce the amount you owe us by making payments at any time before your contract expires.
Internet Pawn charges interest on a monthly basis at rates determined by the size of your Pawn Loan. The following table summarizes our Pawn Loan rates and terms. For loans over $10,000 we will base the terms on the kind of valuable your offer as security and can conform the term to best meet your needs.
Pawn Loan Amount |
Monthly Service Charge |
Pawn Loan Term |
Equivalent APR |
|---|---|---|---|
< $500 |
7% |
90 days |
84% |
$500 - $2,500 |
6% |
180 days |
72% |
$2,500 - $10,000 |
5% |
180 days |
60% |
> $10,000 |
TBD |
TBD |
TBD |
In addition to our flat rate service charge, you may choose to add services and then other transaction costs or fees may apply, which we can usually take out of your original loan proceeds. Additional costs, if applicable, could include wire transfer fees, additional shipping or insurance costs and other incidental fees like non-sufficient funds (NSF) fees.
- Shipping. We provide 2nd Day shipping by FEDEX free of charge to you. If you prefer overnight shipping or for heavy or oversized items, additional charges may apply. If so you'll simply reimburse us the additional cost of overnight shipping from your loan proceeds. The final amount can vary, based upon where you live.
- Insurance. FEDEX automatically provides $500 of insurance on every item shipped by FEDEX. In addition to the automatic FEDEX insurance coverage, Internet Pawn carries a comprehensive insurance policy that protects you from any loss from the time your valuable leaves your home until it is delivered back to you. If you want more FEDEX insurance, we will add this to your FEDEX prepaid shipping label and will take this added cost out of your loan proceeds.
- Wire Transfer. We fund loans via an ACH Bank transfer with funds available the next day. If you choose to have your funds deposited into your bank account immediately, a $30 wire transfer fee will be deducted from your proceeds.
- NSF. If you repay us with a personal check and it is returned due to insufficient funds, you will be charged a fee of $35 per returned item. This fee will be added to the amount required to repurchase your item.
What’s the most I can borrow?
Internet Pawn does not have a maximum Pawn Loan size! Our minimum Pawn Loan size is $250. If you are not sure the value of your item will reach the transaction minimum, go ahead and fill out a loan application and send us a description of your merchandise. Or you can call one of our customer service professionals, toll-free. As the transaction size is determined by the value of the item pawned, there is no limitation on the size of the pawn transaction.
What’s my cost?
The APR on each Internet Pawn transaction will vary based on the fees pawn loan size and any incurred. The APR on a $2,500 Internet Pawn Loan with no additional fees incurred beyond the service charge will be 60%.
Repayment options
A standard Internet Pawn Loan term is 180 days with smaller Pawn Loans having a 90 day term. During that time we hold your valuable item(s) in our secure vault under 24x7x365 video surveillance. No monthly payments or other actions are required by you during your Pawn Loan period. Although a contract is for 90 to 180 days, you may repay us and get your item back at any time.
An Internet Pawn transaction provides considerable flexibility. At the end of a contract term you have several options.
- Repay the original amount, plus any accrued service charges. Your item will be returned to you at no additional cost. Your item will be fully insured until you receive the item.
- Extend your Pawn Loan for another period by paying the accrued service charges for the first period and rolling the original Pawn Loan into a new contract.
- Choose not to pay and forfeit your item to us. No further action is necessary. If you choose this option, you have effectively sold your item to Internet Pawn and we will sell it on your behalf. If we sell your item for more than the amount you owe us, we will return those additional funds to you!
It is important to Internet Pawn that you are able to have your valuables returned to you if you wish. We are in business to help you meet your short-term cash needs, not take ownership of your valuables. To ensure you have that opportunity, we provide a 10-day grace period on all of our pawn transactions.
Payment Methods
Internet Pawn accepts personal checks, money orders, wire or ACH transfers and cashier's checks for the repayment amount.
No Hidden Fees
Internet Pawn is not in the business of trying to make a profit on the sale of your valued personal property. We are here to help you get a short-term Pawn Loan and extra cash for your unforeseen needs. You are free to choose not to repay Internet Pawn. If you should decide not to repay us and forfeit your item, we will return any excess proceeds to you from the sale of your item. That is, if the total sale price from your item exceeds our advance, plus any unpaid service charges or fees, we will return that amount to you, less a 20% marketing and disposition fee. So - YOU GET THE EXTRA CASH BACK!
