Pawn express initiation fee
Good day,
I am concerned about the pawn express at cash crusaders.
I pawned my laptop at Princess Crossing store in May, and in June didn’t have enough money to release it, went to the store paid the R300 and couple of rand, the amount never went down, July paid R250 and the amount remained the same, asked at the store, why the amount is still the same even after I paid, they told me it’s an initiation fee they charge when you extend. August paid R250 again nothing changed.
I paid almost R850 of the principal debt of R1300 and yesterday went to release the item I paid R1300 on top of that R850 I paid previously.
Can you please explain to me what is this initiation fee you charge plus interest, why can’t payments made reduce the principal debt?
