Before using any pawn service, customers should understand how long they have to redeem their items and how the applicable charges are calculated.
Maximum repayment period
The maximum repayment period is six months from the date of pawning.
Additional time may be requested when required by the customer. However, any extension should be discussed directly with the relevant branch rather than assumed to be automatic.
Minimum repayment arrangement
No minimum repayment period. It also explains that iPajak does not offer loans requiring repayment in fewer than 61 days.
Customers may ask the branch to explain how this condition applies to their particular pawn transaction.
Annual Percentage Rate
According to iPajak’s published disclosure, the Annual Percentage Rate, or APR, does not exceed 24%.
Example of redemption cost
iPajak provides the following example:
A loan of RM1,000 for three months, based on monthly interest of 1.5%, would incur RM45 in interest. The total amount required to redeem the pledged item would therefore be RM1,045.
This example is provided for explanation purposes. Customers should refer to the actual amount, rate and repayment details stated in their own pawn agreement.
Redeeming the pledged item
To recover the pledged gold or bullion, the customer must comply with the redemption requirements stated on the pawn ticket.
Customers should keep track of the repayment date and contact the branch early if they need clarification or wish to request additional time. Waiting until after the due date may reduce the options available for managing the pawn transaction.
FAQ
The maximum repayment period is six months from the date of pawning. Customers may request additional time when necessary, subject to discussion with the branch.
APR does not exceed 24%. Customers should review the exact rate and charges stated in their individual agreement.
Pledged items are kept in a strongroom monitored 24/7. All items are insured at 125% of their pawn value.
Customers should check the loan amount, applicable rate, repayment deadline, total estimated redemption cost and all conditions printed on the pawn ticket. Any unclear terms should be explained by the branch before the transaction is completed.