Preferred Pawn/Title Loan - Phoenix Pawn and Gold

Title Loans Disclaimer

To be eligible for Phoenix Pawn and Gold’s preferred pawn loan / preferred title loan program, there are certain conditions that must be met.  If you have any questions about this disclosure, feel free to contact us and our staff can help evaluate different options and help you qualify for this program.

Preferred Pawn Loan Requirements

The preferred pawn loans carry an amortized Annual Percentage Rate of 35.9% with a minimum repayment period of 90 days and a maximum repayment period of 90 days, but can be rolled over.

  • 50% Loan-to-Value (LTV) of the item put up for collateral
    • LTV is defined as the amount of money borrowed in proportion to the value of the collateral.  For example, an item with a worth of $2000 would only be eligible for a $1000 loan to qualify for a preferred pawn loan.
    • Value is defined as expected resale value on eBay.
  • A minimum amount borrowed of $1000
    • Pawn loans under $1000 are not eligible for the Preferred Pawn Loan program.

Preferred Title Loan Requirements

Similarly to Title Loans, our Pawn Loans, offer an amortized Annual Percentage Rate of 35.9% with a minimum repayment period of 90 days and a maximum repayment period of 60 months.

First is LTV:

  • 25% Loan-to-Value (LTV) of the vehicle put up as collateral
    • LTV is defined as the amount of money borrowed in proportion to the value of the collateral.  For example, a vehicle valued at $10000 would only be eligible for an auto title loan of $2500 to meet this requirement.
    • Value is defined as Kelley Blue Book Private Party Value.

Second is Credit Score

  • A credit score above 700
    •  Specific to Preferred Title Loan program you must have a 700+ credit score, majority of our auto title loans don’t require any sort of credit requirement,

Third is Title

  • Free and clear title
    • This applies to all of our auto title loans
    • implies that the vehicle has no preexisting liens or is not carrying a salvage status.

Fourth is Residency

  • Proof of residency
    • This is also a requirement for our regular auto title loans
    • can be verified with simple proof such as a utility bill with current address.

Plus We Have to Check Employment

  • Current Employment
    • You must show proof of current, active employment
    • can be verified with paystubs from the previous 6 months.

Let’s Not Forget Insurance

  • Active insurance policy
    • Borrower provides evidence that the vehicle is actively ensured, and will remain ensured throughout the loan term.