Pawn Broking Loan
This is where the customer utilizes the opportunity to pawn their gold jewellery, laptop or flat-screen computer and walk away with cash, upon completion of the loan the assets will be returned to the customer. Assets are expected to be two to three times the amount of the loan. The repayment of the loan can be made via the customer’s bank account or over the counter.
With special approval customers may take other items of collateral to access the loan. Speak to your representative.
Minimum/Maximum is $5,000-$500,000 and the average interest is 4%-9% per month.
About Pawn Broking Loan
A Pawnbroking Loan is a short-term loan secured against items of gold, silver, diamond jewellery, quality watches, laptop, flat-screen TV, and other approved collaterals.
4-9% Interest Rate
Loan Eligibility
You must meet the following requirements to be eligible for a Loan:
| Age Limit | The applicant should be min 18 years or older. |
| Income | Income can be generated from regular salary, and business income. |
| Residence | Applicant must be a resident of Jamaica. |
| Bank Account | Applicants must have an active bank account |
| Guarantor | The customer may or may not require a guarantor, this is dependent on the type of loan. Speak to your credit officer |
Documentation
Requirement for Secured Loans/Pawn Broking Loans
- 2 Passport-sized photographs of all applicants / co-applicants.
- 3 Last Pay Slips & Job Letter
- Valid identification: (National ID, Driver’s License, Passport, Jamaica ID Card
- Tax Registration Number (TRN)
- Physical item of security and receipt for the item, valuing three times the amount required. ( Can be Gold or Laptop, if a site is not done, the customer must have a receipt for the pawn items. Substitute receipts can also be obtained from Lawyer, JP, or Doctor)
- Proof of address
- Updated bank statement for the past 6-8 months
- Guarantor (person to sign) Needs TRN, ID, 1 Passport size picture, 1 Last payslip & Job Letter
FAQ
Loans are a popular borrowing option that offers competitive interest rates with a predictable monthly payment. If you’re considering applying for a Loan from E-Loan MF Limited, start here if you have questions.
The average interest is 4-9% per month.
Minimum is $5,000.
Maximum is $500,000.
Loan approval and funding can occur on the same day.
Guarantors are optional depending on the loan amount you are accessing. Speak to your representative.
Apply Now
Applying for a pawn broking loan is quick and easy with E-Loan MF Limited. We Don't Just Grant Loans We Satisfy Financial Appetites. Get started on your online loan application today.