Imagine pawning an item and then missing the deadline to repay the loan and pick up the item again, or better yet, you've suddenly had a change of heart and want to get your item back that you sold at the pawnshop, but alas, it's GONE!
Whether you're thinking of selling a few items at a pawn shop or wanting to pawn an item for a much-needed loan, it is important to note that every pawnshop is different in terms of the amount of time they allow for you to pay back your loan, or for your items to make it to their shelves to be sold. These times also vary on whether or not the item was pawned or sold.
On average, a pawn shop will hold your items for up to 30 days before selling them. If you have a pawn loan, the pawnshop usually offers a grace period before they sell your item. Make sure to always pay off your loan as soon as you can to ensure your item doesn't get sold.
If you sell an item to a pawn shop you can only expect your item to be on their shelves within the next 30 – 40 days. The reason for this is that the pawnbroker will first have to take pictures of the item, put together a report on the item, and then submit all the details to the police. The details of the item are then captured into a database to ensure the item is not stolen. Once the police confirm that the item was not indeed stolen, the pawnbroker can then start selling the item. It can be quite a lengthy process.
When you opt to get a loan from a pawn shop, you are essentially giving up an item for 30 days until you can pay back the loan. During this time the pawnshop will keep the item in a safe place until you return for it. If you do not return for the item or are not able to pay back the loan in the agreed-upon timeframe, the pawnbroker is at liberty to sell the item.
Generally, pawn shops hold onto an item for 30 days. If the item was a pawn then they will usually allow a bit longer. Make sure you pay your loan back in the agreed-upon time frame, otherwise you might find it in another home.