Responsible Lending

DEFCO upholds fair and responsible lending practices. That has been our mission since we started loaning in 2014. To keep our standards high and protect our customers, we provide all the users with relevant information about industry lending practices and do the following:

• We supply you with significant details about the current state of the collateral loan (pawn) industry, responsible lending, and the consequences of non-payments or late payments;
• We provide you all of our terms in simple, easy to understand language;
• We treat every customer with respect and are proud to establish a transparent relationship with our users;
• We do our best to provide a high-quality service and support.

LENDING LIMITS
While there is no hard limit to the amount of money that you can borrow, we recommend to customers to request only what they need and not the full amount available on any appraised collateral items. Our intent is that whatever reason for you needing your loan – that in the end you are able to get your valuables back. Our goal is to have you as a lifetime customer and be of service.

IMPACT ON CREDIT SCORE
Unlike traditional credit loans, collateral loans have zero impact on your credit worthiness with traditional lending institutions. In a time of crisis, it is our sincere belief that you should NOT put your future in jeopardy – but rather leverage your past. Using collateralized lending has been around for millennia – well before the invention of digital credit scores. We will never ask you about your credit, we will never ask you how much money you make in a year, and we will never require you to provide an asset sheet.

LATE PAYMENTS
We strongly recommend that you only loan what you can pay for month-to-month. We understand financial hardships may occur, and that sometimes unforeseen circumstances lend towards your inability to make a monthly payment. If this is the case, we request that you get in communication with us as soon as you know you will not be able to make the payment so that we may discuss your individual circumstance. We make no assertion of special conditions with any loan, and only offer that we may have some flexibility in certain circumstances.

TYPES OF COLLATERAL
While we do not specifically limit (other than a zero gun policy) the type of collateral that may be used for your loan, we heavily favor items that are precious metals, fine jewelry, designer handbags, and luxury watches. While we may write loans against other types of collateral, DEFCO makes no assertation as to the viability of your proposed collateral for the purpose of a loan.