Selling to a pawn shop is a good way to make some quick cash, so it’s not surprising that people do it frequently. However, how long can a pawn shop hold your item? Do they hang onto your family heirloom forever?

The truth is that the length of time a pawn shop can hold your items will depend on your relationship with them. It’s also dependent on what you agreed to with the pawn shop when you get cash for your items. It’s a bit confusing to understand, so let’s go talk about it properly.

A Recap on Pawning Items

So, let’s kick this off by talking about how you can successfully pawn off your items in a pawnshop.

It’s a simple process which people do all the time. What you’re going to want to do is go into the pawnshop and sell your items for cash. It’s that easy. However, there are a few catches to this. The first and most obvious of these is that when you want to get your items back, you can – you just have to pay back the loan.

How Long Can Items Be Held?

When it comes to the items that you give to a pawnshop, it’s important to understand that they can be held for a minimum of 30 days.

In most cases, it’s down to the specific rules of the pawnshop in the state you are in. Different states have different rules. You may also enter into an agreement with the pawnshop as to the duration of your loan and the time you have to pay it back in.

The fundamental premise behind a pawn shop loan is very simple. If you fail to pay back the loan within a certain period, then you cannot get your items back, and they become the property of the pawnshop and will be put up for sale.

The length of time that you have to pay back the loan will depend on you. You will have made an agreement with your pawnshop in advance, and this agreement will influence how long you can wait to pay back an item. You definitely need to remain on the ball when it comes to paying back your loan because if you don’t do it on time, then your items will be forfeited and sold to cover the cost of the loan.

Keep Track of the Time For Your Loan

It’s pretty important to keep track of time when thinking about a loan. You will obviously want to make sure that you pay it back at the right speed to guarantee that it resolves with no issues. The length of time that your items will be kept for you depends on the agreement that you have arrived at with the pawnshop. While there is a legal limit which changes slightly with each state, the general minimum time is about 30 days.