Pawn
Agreement & Disclosure
Dated:
________________________________
Transaction number:
___________________
CUSTOMER:
_____________________________
_______________________________________
_______________________________________
1. AMOUNT FINANCED (the amount of credit
provided you or on your behalf): $_____(______________ ______________ &
_____/100 dollars)
2. ***FINANCE CHARGE*** (the dollar amount the
credit will cost you): $_____(______________________________ & ____/100
dollars)
3. ***ANNUAL PERCENTAGE RATE*** (the cost of
your credit as a yearly rate) ______%
4. Total amount of payments (the amount you will
have paid when you have made all scheduled payments):
$____(_______________________________
& _____/100 dollars)
PAYMENT TERMS
This loan is payable in
___ payments each ______ of $_____(__________ & ____/100 dollars)
each.
Security interest. This
loan is secured by a pledge of personal property described as follows:
____________________________________________________________.
The pledge will remain
in the possession of pawnbroker until this loan is determined. In the event the
customer has not paid in full the Total of Payments indicated above within
__________ months, or this loan has not been renewed within such period of time
as provided for below, the pledge described herein may be forfeited and sold.
PREPAYMENT OF LOAN
Customer may prepay
without penalty the unpaid balance of this loan. On prepayment in full,
customer will be entitled to a refund of the unearned FINANCE CHARGE under the
Rule of 78’s.
THIS PAWN TICKET MUST
ACCOMPANY ALL PAYMENTS. Notify pawnbroker at once if this ticket is lost.
CUSTOMER HEREBY
ACKNOWLEDGES RECEIPT OF A COPY OF THIS STATEMENT.
_______________________________
Customer
_______________________________
Pawn Broker
Pawn Agreement &
Disclosure
Review List
This review list is provided to inform you about this
document in question and assist you in its preparation. A Pawn agreement has negative connotations
for most people. However, having said
that, it provides ideal collateral for small loans should someone want
one. If you are the borrower, you should
be willing to offer portable collateral of this type; if you are the lender,
this gives you ideal portable collateral to sell to liquidate unpaid debt.
- Make multiple copies. Give one to each signatory. Keep one with the transaction file.
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