Ask the Right Questions
When ”Shopping” for credit – a pawn Loan, a cash loan, a credit card, etc. – remember:
Deal only with reputable businesses.
All Taxes pawnshops and pawnshop employees must be licensed by the Office of Consumer Credit Commissioner.
Don’t sign anything you don’t completely understand:
Since you will understand sooner or later, it’s better if you understand sooner- and not later. Read your pawn ticket carefully.
Don’t sign anything if it has any blank spaces.
A signed contract with blank spaces could be completed as anyone wishes and it will be legally binding. Mark through blank spaces.
All agreement must be in writing.
Don’t lose a pawned item because you or the pawnshop forgot a telephone conversation, like an agreement to hold your item for extra time. Discuss anything related to your loan in person and get any agreement in writing.
Keep all paperwork.
If you lose your pawn ticket, notify the pawnshop in writing or you may lose your pawned item. Otherwise, anyone who finds your pawn ticket can redeem it.
Shop, Shop, Shop!
Compare costs. For example: What are you eligible for? Do you need a pawn loan, an unsecured cash loan from a finance company, a bank or a credit union? “Buy” credit like you would any other purchase.
There is no “quick fix” for bad credit.
Only time and careful planning can restore a good and solid credit record. Get free financial advice from non-profit credit counseling organizations, such as Consumer Credit Counseling Service.
By Office of Consumer Credit Commissioner Austin, Texas