I have a pawn loan contract that has me paying additional fees and charges not stated in the contract of the loan. Here is my example:
The Pawn Contract says:
SECURITY INTEREST: To secure my payment of this Loan and Security/Agreement, I herby grant Lender a security interest in the pledge goods described herein, together with the proceeds thereof. I am the owner of the pledged goods free and clear of all security interest liens. For Value Received, I promise to pay to the Lender, on or before the Maturity Date, the Amount Financed, plus all accrued interest and fees set forth in this Loan and Security Agreement. The rate of interest shall be 8% per month, for the first two months and 6% per month thereafter, prorated daily, except that if payment in full is made and the pledge goods redeemed within two months of the Transaction Date, then I will pay interest for two months. All disclosures required by federal or state law shall be deemed to be terms and conditions of the Loan and Security Agreement.
Fees: In addition to interest, I agree to pay the following fees upon redemption or renewal:
* $5.00 Initial Setup Fee.
* $5.00 Firearm fee for handling each firearm.
* $7.50 Lost Claim ticket charge.
* $5.00 Storage Fee per month or any portion thereof, for items or pledged goods other than
vehicles that exceed one cubic foot in volume.
* A fee or charge equal to the amount of any fee, tax imposition or assessment levied or imposed by any government agency in connection with or as a result of any reportable transaction.
The Pawn Contract says:
SECURITY INTEREST: To secure my payment of this Loan and Security/Agreement, I herby grant Lender a security interest in the pledge goods described herein, together with the proceeds thereof. I am the owner of the pledged goods free and clear of all security interest liens. For Value Received, I promise to pay to the Lender, on or before the Maturity Date, the Amount Financed, plus all accrued interest and fees set forth in this Loan and Security Agreement. The rate of interest shall be 8% per month, for the first two months and 6% per month thereafter, prorated daily, except that if payment in full is made and the pledge goods redeemed within two months of the Transaction Date, then I will pay interest for two months. All disclosures required by federal or state law shall be deemed to be terms and conditions of the Loan and Security Agreement.
Fees: In addition to interest, I agree to pay the following fees upon redemption or renewal:
* $5.00 Initial Setup Fee.
* $5.00 Firearm fee for handling each firearm.
* $7.50 Lost Claim ticket charge.
* $5.00 Storage Fee per month or any portion thereof, for items or pledged goods other than
vehicles that exceed one cubic foot in volume.
* A fee or charge equal to the amount of any fee, tax imposition or assessment levied or imposed by any government agency in connection with or as a result of any reportable transaction.
