Frequently asked questions

How much does pawnbroking cost?

The interest which you will pay for the loan is based on the loan sum and the loan term, and varies between 2.6 % and 3,7 % per month. The service fee for a loan is 5-7,5 euros. The most common loan term is 4 months.

Can I get a secured loan with a bad credit record?

A bad credit record does not prevent you from getting a secured loan, because the loan is secured by property. No default entry is made in your credit records even if you do not redeem the secured property.

Can the loan term be extended?

If you want you can extend the loan term by paying off the accrued loan fees and possible loan instalments.

What if I can’t repay the loan?

95 % of our customers repay their loans. If the loan is not repaid, the pledged item will be sold in one of the regular auctions arranged by the auction house Oy Helsingin Huutokauppakamari.

After the due date of the loan we will wait one month before starting the procedure of sending your pledge to the auction. As the first step, we will send you a letter with information on, for example, the final date by which you should redeem or renew your loan. Always remember to inform us if you change your address.

If your pledge is auctioned, this does not affect your chances of taking a loan later. No default entry is made in your credit records even if you have not redeemed a pledged item.

If the pledged item is sold with a gain, you are entitled to receive the surplus against the pledge note within one year from the day of the auction.

What is a pawn ticket?

Pawn ticket is a valuable document that enables you to manage your loan. Be sure to take good care of your pawn ticket! If you lose it you can receive a new pawn ticket at our loan office.

Is pawning better than a fast loan?

Pawning is a cheap and fast type of loan for short-term credit. Monthly interest is only 2,6-3,7 % (+ pawn ticket fee of € 5-7,50)!

In a study conducted by Suomen Rahatieto Oy the cost for a one month loan of € 200 was more than 20 percentage units less with a secured loan than with a fast loan.

Can the loan be paid back in instalments?

The customer can pay back any sum of the loan during the loan period. The loan will be renewed (payment of interest and costs accrued) at any payment of instalments.