Pawning stuff in at Cash-Converters

lufcgirl

I'm sure you get something like £70 for them. They have a top end price they'll pay for a mobile phone and that was it. And you end up paying something like £95 back to them. But you can keep extending the agreement. The buyback is like 28 days, but if you go in and pay the £25 interest, they'll keep it another month but still end up paying £95 to get it back.

willsonline

iKennett wrote: »

Is the phone yours to sell, if still in contract?

Phone is mine on PAYG.

fiveyearplan

Unfortunately technology things don't have much resale value. I had a reason to pawn my rolex watch last year and it is over 10 years old however I still got a good price and paid it back plus the interest. I was happy with the transaction and so was the pawnbroker. Now I use my watch as a savings plan - if I need the money I can always put it in, if I don't get it back then it wouldn't really matter much to me - its only a watch.

peachyprice

Pobby wrote: »

If you have a car you can get a log book loan. Again the interest rate is pretty scary but you get to keep your car whilst you are paying back the loan.

Please never, ever, ever get a log book loan, they are nothing more than loan sharks.

Mark7799

willsonline wrote: »

Hi people, bit short of cash at the moment and basically thinking about pawning my beloved iPhone in at Cash-Converters has anybody done this and over what time length can it be done?

Whats the interest charges like (i think i no the answer!!)???

What sort of price do they give for your item?

Are there any other organisations which offer a better service?

Im looking at pawning it for roughly 3 months at most. Any help would be much appreciated!

Will

Would you be better off with a SOA on the DFW board?

Pobby

Just seem the going rate on log book loans 437.4% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Kavanne

willsonline wrote: »

Phone is mine on PAYG.

Sell it on eBay then buy a different one back on eBay when you are back on track.

Nigella_2

Years ago with Cash Converters you would pay £26.50 back in total for every £20 borrowed over 28 days max or lose your item.

So lets say you got £100 you would have to pay £132.50 to get your iphone back within 28 days or 32.50 to renew your £100 loan for 28 days more!!

If you went to a money lender for £100 you could pay back around £150 over 15 weeks!!!

willsonline

To be honest its probably making a difficult situation worse. First stop is CAB, although I'm not massively in debt its still a burden on my finances..especially as im not working at the minute.

OHnoGotDone

Im a dryiner by trade and have some funky and very expensive tools one of them alone is called a aims machine and costs around £1300. I worked for 2 people who went bust and one of them gave me a new one as a "payment" of some of the monies owed, so I thought I would take it to cash converters, they offerd me £90.00 for it.

They also had one in the shop that was for sale at £580.00. I wouldnt take it to them if you can avoid it.

However if you do take it to them I think they do an extended service which is I think the diference between what they offer you for it and the total you have to pay back, ie, lend you £100 payback £170, so the amount you have to pay at the end of each 28 days to extended it another 28 days would be £70.00.