Cash Pay Advance

NWjobs | NWautos | NWhomes | NWapartments | NWsource | Classifieds | seattletimes. For a loan worth about half an item’s resale value, Pawn X-Change charges the fees and interest allowed by Washington law; these add up to $77 for three months on a $500 loan, or more than 60 percent on an annualized basis. The 15 percent maximum fee allowed for a two-week payday loan translates to an annual interest rate of 391 percent, says the state Department of Financial Institutions. At the Redmond Pawn X-Change on Bel-Red Road, manager Len Weakland says one of the first customers Thursday morning was a regular visitor who pawned a stack of 98 DVDs, a saw and a tool kit, netting almost $200. A bag pulled out at random turns out to hold a Cartier watch — “probably a $5,000 watch,” Shain says — that has eight 90-day pawn tags on it. One factor is a big jump in the price of gold, which means bigger loans when people pawn jewelry — and bigger sales for Pawn X-Change when they don’t reclaim it. Find Out More

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