CUSTOMER BUY BACK PROGRAM
HOW DOES IT WORK?
TURN YOUR ITEMS INTO CASH!
We will trade you cash on almost all items of value from jewelry to tools, musical instruments, firearms, electronics, coins and much more. If you’re in need of cash, just bring in your item(s) of value as collateral. Leave it with us as security that you’ll buy your item back, and in minutes walk out with cash in hand.
NO CREDIT CHECK NECCESSARY
By providing an item as collateral, the need for a credit check and the need to distinguish high risk from low risk borrowers are eliminated. Once a person receives a loan, they are given 30 days to buy back the item (pay the loan) with interest, or extend the loan for an additional 30 days.
CONTRACT FOR PURCHASE
All customers that choose our Buy Back Program, receive a detailed contract for purchase of the collateralized item, amount borrowed, interest rate, maturity date, due date and amount due to retrieve the item from the us. Your contract for purchase is important so be sure to put it in a safe place. A $2 Lost contract fee will be charged.
BUY BACK FEES
We charge a 20% service fee per month for the Buy Back program.
There are no hidden charges, fees, costs associated with our loans as there are with other forms of lending such as payday advance and bank loans. However, our cost base is much larger. We have costs such as: security, regulation, and storage the other lending institutions do not incur. Because of the small percentage of customers that choose not to buy back their items, we must recover the amount by selling the item on the sales floor. By doing this, we incur additional retail selling costs that, again, other lending institutions do not incur.
FORECLOSURE PROCEDURE ON THE LOAN
If the borrower is unable to buy back the item within the agreed period, the item is foreclosed on and
becomes property of Morgan Trading Company.
If you have any questions or concerns, please do not hesitate to contact us.
We’re here to make your experience as easy and worry free as possible.