Lake Station: 219-962-5626
Burns Harbor: 219-787-8311
Michigan City: 219-879-9068
Cash Indiana Pawn Shop Loan Services
Regulations & Compliance:
Pawn customers may pay accrued interest/storage in one, two, or three month increments.
This option pays all the accrued interest/storage. All interest/storage accrued after this payment is prorated at Cash Indiana.
This option pays all accrued interest/storage plus loan principal and pledged item is returned to customer
1 month with a additional 2 month grace period.
Cash Indiana now accepts Debit cards for Loan Payments!
HOW A PAWN LOAN WORKS:
Put simply - customers pledge property as collateral, and in return, pawnbrokers lend them money. Pawn loans are made on everything from jewelry to electronics. If the pawn customer chooses to redeem the loan, the collateral is returned upon repayment of the loan plus the regulated fee. The option to redeem the collateral remains with the customer until the expiration of the contract. If the customer elects not to redeem his/her collateral, there is no credit consequence and the items are sold at a value price to retail customers.
State law prescribe what information is required from a pawn customer to enter into a pawn contract and include: Name & Address, Date of Birth, Gender & ethnicity, Government type of ID, Date/Time of transaction, and a description of the collateral, including any available serial numbers or identifying markers.
Pawnbrokers are governed by all of the major federal laws that apply to other entities designated as financial institutions, including: USA Patriot Act, Turth-in-Lending Act, Band Secrecy Act & IRS (regulations requiring reporting of certain cash transactions), Trading with the Enemy Act and related Executive Orders and regulations, and Privacy provisions of the Gremm-Leach-Bliley Financial Services Modeernization Act.
In accordance to Indiana state law, Cash Indiana uploads all items that are pledged for either a Loan or Purchase to local and national police departments. We have been a member of LEADS online since 2006.
Pawn customers tend to be un-banked, under-banked, or have a strained banking relationship. This restricts their ability to access short-term credit in the traditional manner. A pawn loan is a service that pawnbrokers provide where oter financial institutions can or will not., under-banked, or have a strained banking relationship. This restricts their ability to access short-term credit in the traditional manner. A pawn loan is a service that pawnbrokers provide where oter financial institutions can or will not.
All above information provided by the National Pawnbrokers Association.
DID YOU KNOW!
We do Loans on Cars, Trucks,
Trailers, ATV's, Dirt Bikes,
and Go Karts.
All items are stored
Safely & Securely in our
8000 square feet of
heated indoor storage.
(LakeStation location only)
Call Today and find out how it works!