Find out how much it will cost to redeem your item from a pawn shop loan, including monthly finance fees and storage charges.
A pawn shop loan charges a monthly finance rate on the amount you borrow against your item, often plus a small storage or service fee. If you don't repay (redeem your item) within the loan term, the fees keep accruing or the shop keeps the item, so it helps to know the full cost upfront.
Monthly Finance Charge = Loan Amount × Monthly Rate %
Total Fees = (Monthly Finance Charge + Storage Fee) × Number of Months
Total to Redeem = Loan Amount + Total Fees
Effective APR ≈ Monthly Rate % × 12
Enter the amount you're borrowing, the monthly finance rate the pawn shop quotes, any flat monthly storage or service fee, and the loan term in months. The calculator totals the fees and estimates the annualized cost so you can compare it to other borrowing options.
A $300 loan at a 20% monthly finance rate plus a $5 storage fee, held for 3 months, accrues $60/month in finance charges and $15/month in storage, for $225 in total fees — meaning it costs $525 to redeem an item you borrowed $300 against, at an effective APR near 240%.
The shop's interest rate and fees applied to the loan amount over the borrowing period.
They're short-term, unsecured-by-credit-score loans, reflecting convenience and risk.
The pawnbroker keeps and sells the item, typically without further debt obligation.