June 12, 2020
When you sell or pawn your item to a pawn shop, there is a waiting period before your item can be sold on the shelves. If you are selling something to the pawn shop, it can be up to 2 weeks before your items show up on the shelves to be sold.
However, if you have pawned an item, that time limit is much different. It really depends on the person who has pawned the item. You see, when you pawn an item, you have the promise that your item will be returned to you once your loan payment has been fulfilled. But, you also agree that if you can not pay off your loan, you automatically forfeit the item to the pawn shop, and they can sell it as payment for your loan. If your loan is due and you haven't made the payment, you will be given a 30 days grace period before your item can be sold in the shop.
Pawn Shops work like a bank. The difference? Banks use your credit score against you. Failure to pay back a loan and your credit score plummets. Not to mention if you already have a bad credit score, you probably won't be accepted for a loan.
This is why people turn to pawn shops. While banks look at your credit score, pawn shops could care less about what it looks like. Almost everyone can be accepted for a loan. The only catch is you have to have something of value in return. This especially comes in handy when you have an antique that you don't want to sell, but you're in need of some cash fast. All you have to do to get a loan is give your item to the pawn shop for safekeeping and make small payments each month until you are able to pay off the loan in full.
You don't have to sell your item to get some cash. Instead, you can trade your for money now than once you pay off the loan your item is returned to you. Now there's something you need to realize before getting a loan from a pawn shop.
While you think you'll be able to pay off your loan in no time, you might be chopping down the wrong tree. If you aren't able to pay off the loan, you automatically agree that the pawnshop can take your item and sell it as payment for your loan. If you have a precious momentum that's been handed down for centuries, don't take it to a pawn shop unless you are 100% sure that you'll be able to pay off your loan and retrieve your item. You don’t want to be stuck paying $1,000 for an $100 loaned item.
If you are interested in getting some cash fast for your old items or you need a loan, Sportsmans Pawn has you covered. Take your item into the shop today or get a quote for your item over the phone. You can call us at (801) 938-3807 or contact us online.