If the full statement balance was not successfully paid, your account is now considered past due.
Grace Period:
- You have 7 days (i.e from the 22nd to the 28th) to pay your full past-due balance (interest and any additional accrued fees + principal payment) before your account goes into default.
- If you make the payment within this grace period, your account will return to good standing with no further penalties.
Auction Period:
- If your account remains in default for an extended period, Global Loaners may auction off any collateral (items used as security for the LOC) to recover the unpaid balance.
- You will receive a final notification before this happens.
To Avoid Default:
- Pay your statement balance by the 21st of each month.
- If you miss the deadline, make sure to pay your past-due balance within the 7-day grace period.
- Set up reminders or automatic payments to prevent missed payments.
You can easily calculate the interest fee for your withdrawal at any time using our Repayment Simulator on our website. Just enter the amount you want to withdraw, and the simulator will instantly show you the estimated interest and repayment details. This helps you plan your finances before finalizing any transactions.
After logging into your account, select "withdraw" on your dashboard. You will enter the amount you want to transfer from your LOC account and select payment method. you can withdraw up to available balance amount in your LOC. For example, if your LOC is for $5,000 and if your available balance is $4,500, then you can withdraw $4,500. You can select bank transfer, zelle , venmo or Global Loaners debit card. Once you confirm transfer, the funds will leave your LOC and will be sent to your selected account.
Depending on the method you select, you can receive funds immediately or it can take up to 5 business days.
If you want to receive your funds within 24 hours via bank transfer, you can also select expedited transfer option. Expedited transfer fee is $30 and will be reflected in your statement. Your will receive the amount you requested unless your bank applies transfer fees after the funds are transferred to your bank account.
Zelle and Venmo does not have any transfer fees. Venmo has a maximum $5,000 limit for each transfer and Zelle has a $xx maximum limit for each transfer. If you transfer funds to your Global Loaners card and you can use your card electronically immediately or withdraw funds at an ATM. ATM withdrawal fees may apply depending on ATM location.
You can sell an item after select and confirm sell option in your offer, or anytime after as long as your account is current and not in default. You can also view your items and offered sell price under "valuables" tab on your dashboard and select item to sell. Once you select your preferred transfer method, we will transfer the sales proceeds to your account. It can take up to 5 business days with normal bank transfer and 24 hours if you select expedited bank transfer. $30 will be deducted from the sales proceeds if you select expedited transfer. You can also select Zelle or Venmo to receive your sales proceeds. Zelle and Venmo terms and conditions apply. If you transfer your sales process to your GL debit card, there is no fee and your funds will be accessible electronically immediately.
You can pay-off your LOC anytime by simply selecting pay-off under payment tab. It will show you the balance you need to pay that day including principal, interest and fees. There is no pre-penalty to pay-off your LOC. After pay-off, your LOC will be active and you will be charged monthly $30 maintenance fee. While your LOC is active, you can continue to store your items with us or retrieve them back anytime. Storing your items with us allows you to borrow anytime and save shipping and appraisal time.
You can close your account anytime by simply selecting close my account under LOC tab. Your account must be current and all outstanding balances must be paid before closing your account. There is no pre-penalty to close your account. After closing your account, your information will be deleted from our system. You can reopen your account anytime. You cannot have more than one account.
Global Loaners does not accept cash or checks for payments.
All payments must be made electronically using one of the following:
- Debit card
- Credit card
"Paying off" your balance means you completely clear your debt by paying:
- The principal balance (the original amount you borrowed)
- Any interest owed
- Any additional fees accrued
Once you pay off your entire balance, your LOC remains open, and you can use it again in the future as needed.
Your monthly statement will be sent to you by email on the last day of each month.
- The payment due date is always on or before the 21st of the following month.
- To avoid any issues, we highly recommend paying as soon as possible to keep your account in good standing.
Your monthly statement is generated on the last day of each month and includes all interest and fees accrued for that month. Your statement payment is due on or before the 21st of the following month.
For example:
- Your January statement is issued on January 31st.
- Your January payment is due by February 21st.
We provide free storage for 15 days from the offer date. After 15 days, $30 monthly storage fee will be charged per item until you accept an offer or decline and ask for your item back. If you decide to get your items back after 15 days, storage fees must be paid off before shipment. If you accept the LOC offer, you will not pay storage fees as long as you have an ...
Your LOC will be suspended, meaning you cannot withdraw funds or retrieve any items associated with your account. You must pay your entire outstanding balance, including:
- Principal balance
- Statement balance
- Default fee
- Interest and any accrued fees
If payment is not made within 7 days of default, your account goes into auction to recover the unpaid balance.
Yes! Every withdrawal is protected by multi-step verification to ensure your funds are safe. Before completing a withdrawal, we will send a one-time verification code to your registered phone number or email. You must enter this code to authorize the transaction.
This extra layer of security ensures that only you can access and transfer your funds. Make sure you have access to your registered phone or email before initiating a withdrawal.
You can make a payment anytime you want! Flexibility is one of the main benefits of your Global Loaners Line of Credit (LOC). You can make:
- Single payments (paying a one-time amount)
- Partial payments (paying a portion of your balance)
- Multiple payments (making payments in different amounts whenever you choose)
If you want to keep your LOC open, you must pay at least your monthly statement balance.
You can make a principal payment anytime by simply selecting pay principal under payment tab. It will show you principal balance and you can decide how much you want to pay. Making a payment towards your principal reduces your amount borrowed and reduces the interest and fees you pay. Your payment towards principles is applied when you pay so you pay interest only for what you borrow.
A line of credit from Global Loaners is one of the most convenient solutions if you need quick access to cash. It offers a flexible alternative between traditional pawn shops and banks, providing you with funds without sacrificing your valuable items permanently.
Unlike standard pawn shops, where you must surrender your valuables indefinitely, or banks that require extensive paperwork and credit checks, Global Loaners allows you to secure a line of credit without the hassle. There are no long application processes, no complicated loan agreements, and no waiting weeks for approvals.
With Global Loaners, you get:
- Fast access to funds – No lengthy approval processes or credit checks.
- Retain ownership of your valuables – Your items remain yours as long as you make payments.
- No paperwork headache – Simple, straightforward process with minimal requirements.
- Flexibility – Withdraw the amount you need, repay at your own pace, and borrow again as needed.
This means you can solve your financial needs without making long-term sacrifices. Whether it’s an unexpected expense, a business opportunity, or simply a temporary cash flow issue, our line of credit gives you control over your finances—on your terms.
A principal payment is when you pay back the original amount you borrowed, without including interest or fees.
For example:
- If you borrowed $500 and you make a $200 principal payment, your remaining principal balance would be $300 (before interest and fees).
Making early principal payments can help you reduce interest charges and pay off your balance faster.
When you request a line of credit with Global Loaners, we ensure that your valuables are shipped safely and securely using our trusted process. Here’s how it works:
- Receive Your Appraisal Kit
- Once you apply, we send you a specialized appraisal kit containing all necessary materials, including tamper-proof tagging and bagging supplies.
- Prepare Your Item for Shipping
- Carefully follow the provided instructions to package your valuable securely.
- Use the tamper-proof materials to ensure your item remains safe during transit.
- Hand-Deliver to a UPS/FedEx Store
- Important: You cannot drop your item in a mailbox or leave it with a third party.
- The person who requested the kit must personally take the package to a UPS or FedEx store for shipment.
- Receive Confirmation & Track Your Item
- Once your package is shipped, you’ll receive tracking information so you can monitor its journey.
- Our team will confirm receipt and proceed with the appraisal to finalize your line of credit.
This secure shipping process ensures that your valuable items remain protected from the moment they leave your hands until they reach our facility. If you have any concerns, our support team is available to guide you through each step.
Standard monthly charges include interest( 3%) , processing fees for shipping, storage& insurance (2.5%) and service fees (2.5%) .
Yes! You can withdraw funds as many times as you need, as long as you have an available balance in your Line of Credit (LOC). There are no limits on how often you can withdraw.
Scenario 1: I Used My Valuables as Collateral and Took Out a Line of Credit (LOC)
If you sent your valuables to Global Loaners and used them to secure a Line of Credit (LOC), here’s how you can get them back easily:
- Pay Off Your Balance
- To retrieve your valuables, you must pay off your LOC in full.
- This means you need to pay the principal balance, along with any accrued interest and fees.
- Once your balance is paid off, your LOC will be closed or reset for future borrowing.
- Confirm You Want Your Valuables Returned
- After making your final payment, you will be given an option to request your valuables back.
- Simply select which valuables you want returned, and confirm your shipping address.
- We Ship Your Valuables Back
- Once your request is submitted, we will ship your items within 24 hours, free of charge.
- A tracking number will be provided so you can monitor the delivery.
Scenario 2: I Sent My Valuables but Didn’t Like the Offer and Want Them Back
If you sent your valuables to Global Loaners but decided not to accept the loan offer, you can get them back immediately, no questions asked.
- Simply notify us that you don’t want to proceed with the LOC.
- We will ship your valuables back to you right away, completely free of charge.
- You will receive a tracking number so you can follow the return shipment.
By sending more items for appraisal and accepting their LOC offers, you can increase your LOC. It does not add and additional cost to you to send items and increase your LOC and you can retrieve your items back anytime as long as your account is current.
You can transfer money from your Line of Credit (LOC) to:
- Your bank account (Standard transfer time: 3-5 business days or expedited transfer)
- Your Global Loaners debit card (Instant access to funds)
- Your Zelle or Venmo account (Instant transfer available)
For security reasons, you can only withdraw money to accounts that are registered in your name.