1. Recoverable upon payment or fulfilling a condition
   "redeemable goods in a pawnshop"
    
2. Able to be converted into ready money or the equivalent
   "redeemable stocks and bonds"; "a redeemable coupon";
   - cashable
    
3. Susceptible to improvement or reform
   "a redeemable sinner";
   - reformable

See also: convertible, corrigible, exchangeable, recoverable