What happens if you pawn something and don't pay?
If a customer cannot repay the loan within the agreed terms for any reason, the item then belongs to the pawnshop and is made available for sale.
How many times can you extend a pawn loan?
With a loan extension, you are required to pay a portion of the interest owed. Then you may extend the length of your pawn loan for 30 days.
Can someone else pick up my pawn loan?
You are the only person who can pick up the loan unless you have a notarized letter authorizing them to pick up the loan on your behalf. However, anyone can make a payment on your pawn loan.
Is it better to pawn or sell?
A pawn loan is less of a risk for the pawnbroker because they can just resell the piece if you default on your loan. However, If you have an item you no longer want and don't want the added stress of paying back a loan, then it may be in your best interest to sell the item. You will get cash right on the spot.
What can I pawn for quick cash?
Does pawning affect your credit?
There's no credit check required for pawn loans. Therefore, your credit scores won't be affected if you don't repay your loan. And since the pawnshop keeps your item(s), you won't have to worry about getting calls from debt collectors.
Can I pawn the same item more than once?
The quick answer is yes. There are many benefits to a pawn shop when someone brings in the same item again.