WHAT IS A RENEWAL?

June 20, 2017

If you are unable to pay back your loan in full on its due date, you may get a renewal, if permitted by state law. With a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principle pawn loan amount remains the same, as does the interest rate, but the due date is reset for the full loan term. 

 

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