Lending Terms

Minimum and Maximum Period for Repayment

• The minimum loan term is 30 days from the date the loan is issued.
• If extended, the loan is due 30 days after the last extension date.
• If not repaid by the due date, the loan is considered in default the following day.
• After default, Metro Pawn retains the pledged item for an additional 60 days, during which the Pledgor may redeem it by paying the full loan amount plus accrued interest and fees.
• If the Pledgor does not redeem the item within 60 days after default, ownership transfers to Metro Pawn, and the item cannot be reclaimed.

Maximum Annual Percentage Rate (APR)

In compliance with RSMo Section 367.021, the maximum monthly interest rate is 2% of the loan amount. Lenders may also charge storage and security fees for pledged items.

Based on these terms, the maximum possible APR, including interest and fees, may vary. For example, if a loan includes a 2% monthly interest rate plus standard storage and security fees, the APR could be 26% depending on the loan amount and duration.

Example of Loan Costs

If a customer takes out a $140 pawn loan with a 2% monthly interest rate and a storage and security fee of $21.20 per month, the repayment costs will be as follows:

• Total Due if Redeemed Before 30 Days: $164.00 ($140 + $2.80 Interest + $21.20 Storage & Security Fee)
• Total Due if Redeemed Before 60 Days: $188.00 ($140 + $5.60 Interest + $42.40 Storage & Security Fees)
• Total Due if Redeemed Before 90 Days: $216.00 ($140 + $8.40 Interest + $63.60 Storage & Security Fees)

If the loan is not repaid within 60 days after default, the pledged item becomes the property of Metro Pawn and can no longer be redeemed.

For more details, visit us or contact our team—we’re here to help with quick, convenient, and transparent pawn loans.