Some common terms associated with the pawnbroking and alternative credit industry.
A loan secured on an item of value
The item used as security in a Pawnbroking loan
Selling an unwanted item to H&T for cash
Cashing a cheque in exchange for cash, minus a small fee
Payday Advance/Payday Loan
A cash advance before your pay date
Annual Percentage Rate
Annual Equivalent Rate, uses the same calculation as APR but relates to non- Consumer Credit products.
A 6 month contract regulated by the Consumer Credit Act
Redeeming an Agreement
Customers pay H&T the value of the loan, plus any interest accrued to date
Renewing an Agreement
Customers pay H&T the interest only and a new agreement is issued for another 6 months