Pawn Broker Loans

To borrow money from a pawn broker, you must give them something valuable (such as electronics or jewelry), for them to keep as collateral in case you don’t pay the loan.

A pawn broker loan will gather interest and is very risky. If it is not fully repaid, or is not repaid on time, the pawn broker can keep your item. This means you will not only lose the item itself, but you will also lose any financial, sentimental, and practical value it has.

If you are thinking of getting a pawn broker loan, there are things to think about, including any other options that might be available. Remember that you have rights when getting a pawn broker loan.

Who can I talk to if I have Concerns about a Pawn Broker or a Pawn Broker Loan?

Pawnbrokers must operate in a fair way and in accordance with B.C.'s consumer protection laws and any municipal bylaws (for example, they may be required to have a business licence for the city they operate in) that apply to them.

If you have concerns about a pawn broker or a pawn broker loan, you can contact Consumer Protection BC at info@consumerprotectionbc.ca or 1 888 564-9963 (toll-free).