A pawnshop is a place where you can buy phones, buy laptops, buy bicycles, buy gold, and increasingly also buy flats. The pawnshop performs its activities on the basis of granting loans against various items, the more the item is worth, the more money the borrower is able to obtain from the pawnshop. Pawnshops in Poland are becoming more and more popular every year, the demand for the services of such places continues to grow and a group of people who used to be quite skeptical about the activities of pawnbrokers are also convinced of them. In this article, we will tell you how much money you need to open a business related to the functioning and running of a pawnshop.
What financial background should you have to be able to own your own pawnshop?
Well, in most situations, entities that want to run their pawnshop must take into account the amount of about PLN 50,000. This is, of course, the minimum amount that will be able to cover the basic and initial costs associated with running this type of business, and above all with situations regarding the granting of pawnbroker loans. You need to prepare a minimum of PLN 10,000 for the sole preparation of a pawnshop business, plus payment for the rent of about PLN 3,000 per month, as well as costs related to the Social Insurance Institution.
What makes people get used to lombard loans?
There are many related issues related to the fact that our society is much more willing to use lombard loans each year, and they include: easy availability of loans, the ability to pledge various items, and obtaining a loan quickly.
What should be included in the disadvantages of taking lombard loans?
The main disadvantages of taking out lombard loans include, in particular, issues such as: quick repayment period of the financial liability, high costs of the lombard loan, as well as a relatively low valuation of the pledged goods.
What items do pawnshops usually accept as collateral?
When it comes to the aspect of what the pawnshop most often buys as collateral, the following can be classified as: household appliances, radio and television equipment, telephones, laptops, sports equipment, antiques, paintings, sculptures. In places such as a pawnshop, only short-term loans are granted, i.e. those that should be returned no later than thirty days from the moment of signing the pawnshop loan agreement. Of course, it may also happen that the person who pawned the item at the pawnshop in order to borrow cash will not have the money to repay it on time. In this case, it is also possible to extend the repayment period. To extend the repayment date of a financial liability, you have to pay about ten percent of the amount borrowed.
Elements of a lombard loan agreement
When it comes to the issue of a lombard loan agreement, it must include, above all, such elements as: reliable specification of all parties to the agreement, indication of the repayment date, indication of the form of pledge, determination and description of the pledged item, as well as the amount of repayment of the financial liability together with all costs this title.
Documents needed to conclude a pledge agreement in a pawnshop
Well, in order to be able to conclude a lombard loan agreement, all you need to do is meet the minimum formalities. It means nothing else than that a customer interested in concluding a secured loan must have a valid identity document. However, in a situation where he does not have a valid ID, he is obliged to show others a valid document with a photo. So it can be not only a passport, but also a driving license.
For what period of time is the lombard loan concluded?
A lombard loan is usually concluded for a short-term period, i.e. for thirty days. By the end of this period, all aspects related to the pawn loan agreement must be fully settled, otherwise the pawnshop will have full right to dispose of such an item, and at the same time will have the right to put such an item up for sale. You can extend the repayment date, but then you have to take into account an additional fee of about ten percent of the value of the loan granted by the pawnshop. If such payment is made by the borrower, the required period for repayment of the lombard loan shall be extended by another thirty days, counting from the moment of payment for such extension. Then the repayment period starts from the beginning.
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