Redeeming, Renewing and Forfeiting
Use this page when a borrower comes back to pay off or extend their loan, or when a loan's item needs to go on the shelf, go on police hold or be cancelled.
Quick steps
Open the loan first: click Pawn Loans in the main menu (or the Pawn Desk) and click the loan.
To redeem (borrower pays everything and takes the item back):
- Under Take Payment, pick Paid by: Cash, Debit, Credit card or E-transfer.
- Click Redeem (pay $…) and confirm. Take the money and hand the items back.
To renew (borrower pays the interest for more time):
- Pick Paid by, then click Renew (pay interest $…) and confirm. The loan gets a new due date.
To forfeit (the borrower didn't come back):
- Under Manager, click Forfeit → Inventory and confirm.
- Click → price & shelf next to each item, set a price, tick Product is available for sale and save.
Common questions
There's no Forfeit button. The loan isn't past its forfeit-eligible date yet, or it's on police hold. The panel shows the date forfeit becomes available.
The borrower wants to pay part of the principal. Do that from the register's Pawn loans window. See Pawn Loans at the Register.
I wrote a loan by mistake. Click Void Loan while no payment has been taken. The borrower hands the money back, and cash goes back into the drawer.
The police want us to hold an item. Enter a date under Police hold until, add a Hold note if you like, and click Place Police Hold. The loan can't be redeemed or forfeited until the hold ends.
More detail: the loan page
Everything that happens to a loan after it is written is done from the loan's own page. Open it from the Pawn Desk or the Pawn Loans list.
The Loan Page
The page is titled with the loan number (for example Loan PL-00012) and the borrower's name.
The summary card shows the status badge and Payoff today — what the borrower would pay to take their item back right now. Below that:
| Field | Meaning |
|---|---|
| Principal | The amount lent. |
| Outstanding | Principal not yet paid back. |
| Monthly rate | The rate per month, with the yearly rate beside it, for example "4.0% (48% APR)". |
| Interest accrued | Interest owed as of today. |
| Loan date, Maturity, Forfeit-eligible | The key dates. |
| ID | The ID type and number recorded when the loan was written. |
Then:
- Collateral — each item with its serial number, condition and categories.
- Transactions — every money movement on the loan: the advance, renewals, payments, the redemption, a forfeiture or a void, with the date, amount and how it was paid.
The action panels on the right appear only while the loan is open. Once a loan is redeemed, forfeited or voided, the page is a read-only record.
More detail: redeeming, renewing and taking payment
Take Payment
The Take Payment panel has one Paid by choice — Cash, Debit, Credit card or E-transfer — used by both buttons under it. Choose it first.
A cash payment is added to the open cash drawer and shows on its Z-report as Pawn Cash In. A drawer must be open, or the payment is refused. If more than one drawer is open, the panel shows a Cash drawer (for cash) list — pick the till the money goes into. Without a pick, a cash payment is refused rather than booked to the wrong drawer.
Redeem
Redeem (pay $…) shows the full payoff: outstanding principal plus interest to date. After you confirm "Collect full payoff and return collateral?", the loan is marked Redeemed and you hand the items back.
A loan on police hold cannot be redeemed until the hold is cleared.
Renew
Renew (pay interest $…) is for a borrower who wants more time. They pay the interest owed so far, and:
- A new term starts today. The maturity date moves to today plus the loan's term, and the forfeit-eligible date moves with it.
- The interest clock restarts today. The principal stays the same.
- The maturity text reminder is re-armed for the new due date.
If your store charges a Renewal fee (set in Pawn Settings), it is added on top of the interest shown on the button.
For example: $200 at 4% written January 10, renewed February 20. The borrower pays two started months of interest ($16) plus any renewal fee. With a 30-day term, the loan now matures March 22.
Paying down the principal
A partial payment against the principal isn't on the admin loan page. It is done from the register — see Pawn Loans at the Register.
More detail: forfeit, police hold and void
Manager Actions
The Manager panel holds the actions that close a loan without the borrower paying.
Forfeit to inventory
Once a loan is past its forfeit-eligible date, Forfeit → Inventory appears. Before then the panel says "Forfeit available after [date]." Forfeiting is also blocked while a police hold is in place.
After you confirm "Forfeit collateral and move items to inventory?":
- The loan is marked Forfeited.
- Each pledged item becomes a new product in your inventory, named after the item description, with a stock of 1 and the categories chosen when the loan was written.
- The outstanding principal is split evenly across the items as their cost. A $300 loan on three items gives each a cost of $100.
- The new products have a price of $0 and are not for sale yet, so they stay off the register until you price them.
Each item on the loan page now has a → price & shelf link that opens the product. Set a price, tick Product is available for sale, and save. See Managing Products.
Police hold
When police ask you to hold an item, enter a date in Police hold until, add a Hold note (a file number, the officer's name) if you like, and click Place Police Hold.
Until that date the loan shows a Police Hold badge, is listed under On Police Hold on the Pawn Desk, and cannot be redeemed or forfeited. The borrower can still renew.
Click Clear Police Hold to lift it early. Otherwise the hold simply ends after its date.
Void
Void Loan cancels a loan written by mistake. It is only allowed while no payment has been taken on the loan — once the borrower has renewed or paid, it can't be voided.
Voiding means the borrower hands the principal back. If it was paid out in cash, the cash goes back into a drawer and is added to that drawer's expected cash (it's counted with Pawn Cash In on the Z-report):
- the drawer it was paid out of, if that drawer is still open;
- otherwise your only open drawer, or — when several are open — the one you pick in the Cash drawer (for cash) list above the button.
If the original drawer has closed and no drawer is open, the void is refused until you open one. The confirmation tells you how much cash to take back.
More detail: printing the pawn ticket
Print the Ticket
Print Ticket at the top of the loan page prints the pawn ticket on your store's receipt printer. The ticket is the borrower's copy of the agreement:
- Your store name and "PAWN LOAN AGREEMENT"
- The loan number and date
- The borrower's name and ID
- Each item, with its serial number
- Principal, rate (monthly and yearly), maturity date, forfeit date and today's payoff
- A note that interest is capped under the Criminal Interest Rate Regulations and that recourse on default is limited to the pledged items
- If the borrower signed on screen, that they signed electronically and the date; if not, a signature line for them to sign the paper ticket
- A barcode of the loan number
The barcode can be scanned into the register's loan search to bring the loan straight up.
The admin button sends the ticket straight to the receipt printer address saved for your store. If that printer can't be reached from here, you'll see "Print failed:" followed by the reason. In that case print from the register instead: open the loan in the register's Pawn loans window and tap Print ticket, which uses the register's own printer connection. See Pawn Loans at the Register.
More detail: troubleshooting
Troubleshooting
The Redeem button gave an error about a police hold. Clear the hold first, or wait until its date has passed.
There's no Forfeit button. The loan isn't past its forfeit-eligible date yet, or it is on police hold. The panel shows the date forfeit becomes available.
"cannot void a loan that has collected payment". Money has already been taken on this loan. Redeem it or let it run to forfeit instead.
A forfeited item isn't on the register. Forfeited items arrive with no price and are not for sale. Use → price & shelf to price them and switch them on.