Debt Management - Pawn Shops - Casey north community
Places that convert your goods to cash
You can convert your possessions into cash at pawn shops by
leaving one or more of your possessions with them as security.
Do you know exactly what fees you will need to pay and when you
must repay the loan? Make sure you understand your
obligations before borrowing. The effective interest rates
are very high, like payday loans. Do you know how you will
find the money to repay?
This can be a quick and expensive way to access cash, and the
cost is high. Short term but high fees or interest is usually
charged. You could end up losing your gear if you don’t pay on
time. Look for a better alternative.
If you do not repay the amount by the required date you may be
able to get an extension. But, each extension will cost you
If you have arranged for a direct debit and you do not have
money in the account, you may be charged "dishonour" fees by your
If you keep extending and not repaying, you will lose your
possessions. If the value of your possessions is less than
you outstanding load, you will be left with a debt.
TIP: If you are considering using your possessions
to borrow money, DON'T. Seek help from a financial counsellor
as you are almost certainly in financial trouble. There
should be better options. Refer Financial Counselling section
in "Where to go for Help".