If you aren’t familiar with pawn shops and the essential service that they provide communities all over the country, now is a good time to explore what they have to offer. Pawn shop owners offer pawn loans to customers that are willing to exchange their possessions for a loan. These loans are easier to obtain than traditional loans and allow people to walk into a pawn shop with an item and walk out with cash.
Many people that are new to the pawn loan process are curious about how long the pawn shop owner will hold an item before they sell it. That’s why we’ve put together a brief overview of what to expect on average when you head into your local pawn shop for a loan. Keep reading below to learn more and remember to reach out to Las Vegas Pawn if you are interested in the best pawn shop in the San Bernardino area.
The Pawn Loan Process
Before we discuss how long your item will be held by the pawn shop owner before it is sold, let’s dive deeper into the pawn loan process. It basically works like this – you head into a pawn shop with an item that you consider to have value. Items like gold jewelry, electronics, and musical instruments are always in high demand and therefore can help you get cash quickly with a pawn loan. Pawn shops offer a short-term loan to clients with these types of items as the item is used as collateral for the loan.
As you can imagine, these loans are much more straightforward than getting a loan from a bank or credit union. Keep in mind that you will need to pay interest on the loan for the time period that your item is being held.
How Long Will the Item Be Held?
Customers that take out a pawn loan have an opportunity to get their item back by paying back the loan within a certain amount of time. That way, you don’t necessarily have to give up your item for good if you don’t want to and have the means to pay back the loan. However, if the customer never pays back the loan, the item is then put up for sale by the pawn shop owner. Most pawn shops offer a period of up to 30 days before selling the items that are exchanged for a loan. With that said, every pawn shop owner is different and may have different timeframes for their loans. The best way to avoid having your item sold at the pawn shop is to pay back the loan as quickly as possible.
Pawn shop owners usually will wait at least a few weeks before selling the items that are involved in pawn loans to avoid selling stolen items. Local police will usually require that pawn shops have a waiting period so that they can clear the items and ensure that they aren’t stolen. If you are interested in getting a pawn loan or you have additional questions, reach out to Las Vegas Pawn today.