So, making the decision to take out a loan with a pawnshop will involve temporarily parting with an item that you have in your possession. That is how the loan functions. You get money equal to the value of the item, and if you pay back the money, you get the item back.
However, how long does a pawn shop hold the item for? Obviously, you want to make sure that you get the ice back, so how long do you have to find the money to pay back the loan? The answer can vary, so we’re going to set out to try and provide some facts.
Industry Standards?
The exact length of time that a pawnshop will hold the item for you can vary from one institution to the next, but the industry standard is about 30 days.
So, generally speaking, that’s a month, give or take a few days in either direction. That means that you have a month to find the money to pay back the loan to get your item, or a month to make your peace with the fact that you’re not getting it back at all.
Check the Fine Print
So, if you want to know exactly how long a pawnshop will hold your specific item for, you’re going to need to check the fine print on the loan that you get.
It will be stipulated exactly how long you have to pay back the loan before the item is sold on, so you need to keep an eye on that and take it into consideration. In some cases, if you pay back the interest, you extend the period to pay the full loan by another 30 days, but it depends on the terms and conditions of the loan laid down by your specific pawnshop.
If you are not explicitly told how long you’ve got to pay back your loan, make sure that you ask. It’s definitely knowledge you’re going to want to keep, because otherwise you may find that you are all set to pay back the loan and get the item, only to discover that it has been sold already. It’s very rare that a pawnshop will not tell you, so you’re probably going to know from the outset, but don’t hesitate to ask if you don’t get told.
Final Thoughts
So, in conclusion, when it comes to pawn shops, they will generally hold an item for 30 days before they sell it, but it will vary according to the specific situation.
You will definitely want to ask your pawnshop how long you have to pay back the loan when you take it out, make sure that you do ask for this knowledge and get it in writing wherever you can, because that way there is a written contract between you and the pawnshop.
Most institutions are respectable and have high levels of integrity, so it’s not like you’re going to be deceived, but it’s still important to know so it doesn’t come as a shock to you when you run out the clock on your loan.
