How long will it take for my buy back loan to be processed?
Once you have completed your online transaction, a company representative will contact you to conclude your loan application. This will happen within 14 hours of you submitting your agreement to us (excluding weekends). Once contacted, you will be directed to your choice of/most appropriate store to conclude the agreement.
What is the minimum age limit?
You must 21 years or older to apply for a secured loan through Pawn Express.
What is the maximum amount I can apply for?
R8 000 is the maximum that we are permitted to lend on a single contract at this time.
Will my buy back loan get processed over weekends?
All loans will be processed during office hours – our standard operating times are Monday to Friday 8am till 4h30pm. Should your loan be with a store already, the contract will be available for you to conclude on the Monday.
How will I receive my funds?
You can choose cash at the store or a direct bank transfer, which the store will do on the day.
What if my items are too large to transport to your store?
We provide a free collection service to all our customers. This can be explained to the company representative when you are contacted for further clarity.
What is the amount of interest and the initiation fee that I will have to pay?
Terms for items under R1000:
• Initiation Fee: 15% + vat
• 5% interest
Example: You bring in a necklace and we lend you R1000 + R171 initiation fee (15% +VAT on R1000) + R50 (5% of R1000) = you pay us R1 221 spanack after 30 days.
Terms for items over R1000:
• Initiation fee: R150 on the first R1000 + 10% on the spanalance + VAT
• 5% interest
Example: You bring in your expensive wristwatch and we lend you R5000 + R171 (initiation fee + VAT on the 1st R1000) + R456 (10% initiation fee + VAT on remaining R4000) + R250 (5% interest) = you pay us R5 877 back after 30 days
What if I want to loan more than R8000?
All loan agreements are up to R8000 but should you wish, we could buy the item from you permanently and pay you an amount in excess of R8000 should the item be valued at more than that by our company representative.
What are the repayment terms of my buy back loan?
All agreements are for a maximum period of 30 days. The contract would be required to be concluded and the loan repaid by the date stipulated on the agreement.
Can I apply for more than one loan within the same 30-day period?
Yes you may! Your item is kept as security and you therefore may transact with another product of your choice.
Will I need to provide any documentation?
Your SA Identity Document and proof of ownership, where possible, are required.
Will you do a credit check?
No credit checks are done as you leave your item as security for the loan.
Do you ask for a payslip and/or bank statement?
No, the loan is based on the product that you bring into the store.
Can I track the due date of my loan?
Yes you can. Your login allows you to do so and further work with your product.
What if I cannot afford to collect my product and repay my loan?
You may enter into a new agreement with the store that you transacted with twice more before you have to collect and repay. This will require that interest charges be paid to the store before entering in to a new agreement. A new contract initiation fee will be applied to your loan.
What happens if I do not pay?
Should you not pay for your item and do not make contact with us regarding a possible situation that may arise; the item will be placed on the store's retail floor for sale.
Can someone else transact on my behalf?
No, all transactions will have to be done by the owner of the product.