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What is the interest on the pawn bank loan?

Time: 2014-03-25         Source: Rong 360 original         Author: Chen Li

As a supplement to banks, pawn bank loans are mostly for people who cannot meet the bank loan conditions or pursue the speed of lending, and thus become the “civilian” bank in the eyes of the public. However, the pawnshop is not a financial institution after all. The risk of lending is large and the free funds are limited. Can these factors that cannot be ignored cause the pawn bank's interest to be significantly higher than that of the bank?

It is understood that the pawn bank charges are generally divided into two parts, one is the interest charged according to the benchmark interest rate of the loan; the other is the monthly comprehensive management fee, the maximum is not more than 4.2%.

However, the fees for different types of arrears (quality) levy monthly comprehensive management fees are also different, roughly divided into three categories: car, antiques, jewelry and other movable property pledge, the monthly comprehensive management fee can not exceed 4.2% The mortgage of real estate such as shops, houses and office buildings shall not exceed 2.7%; the pledge of property rights such as shares and bonds shall not exceed 2.4%.

Although pawn fees are much higher than banks, many pawn shops still give borrowers a "breathing" room that does not meet the standard ceiling. For example, the housing and vehicle mortgage loans of the Wangao International Pawnshop are subject to a monthly management fee of 2.5% and 4.0%, and the monthly interest rate is 0%. It can be seen that within the scope of the charging standard, each pawnshop has its own set of pricing system, and the borrower may wish to shop around.

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