What is a Loan Renewal?




September 15, 2021

Pawn loans allow you to get quick and easy cash without the hassle of credit checks and ratings. This means with a valid photo ID, you can walk into a pawnshop with almost anything of value and receive cash in exchange for a short-term loan. Items typically traded in for a pawn shop loan include gold & jewelry, guns & ammo, instruments, electronics, movies & games, etc. Loan terms typically last 30 days but are subject to individual state laws. We ensure your collateral remains safe while in our care. For more information, check out our article on Is My Collateral Safe While in Pawn?

How a Loan Renewal works

In the event you still have an existing balance at the end of the loan term, you have a few options. An extension allows you to extend the length of your pawn loan for as many days as allowed by your state but will require you to pay a percentage of the interest owed. Another option is a loan renewal. This resets the due date for an additional loan term but requires that you pay the interest that has accrued on the original pawn loan. If a person is unable to pay their loan in full by the due date and chooses not to proceed with either a loan extension or renewal, they can choose to forfeit their item and the Alternatively, you can choose to forfeit the item and the loan will be cleared at no cost.

You can also sell items of value if you don't want to get a loan. Buying and pawning used items is how pawn shops make money.

Sportsmans Pawn Utah

Unlike other pawn shops, we accept large collateral such as cars or heavy machinery and store them for you.

The Sportsman's Pawn shops are fully insured for the loan value of the collateral we keep. We buy and sell a variety of items including Gold & Jewelry, Guns & Ammo, Sporting Goods, Instruments, Electronics, Movies & Games, and more!

Looking to get some fast cash? Bring in almost anything of value and we can establish the item's worth to determine how much to loan you.

Check out our two store locations for available products and prices.

Murray: 4081 State Street Murray, UT 84107. Phone: 801-281-0073

West Valley: 3930 S Redwood Rd. West Valley, UT 84123. Phone: 801-924-1228

Have any comments, questions, or concerns? Give us a call or chat with us directly on Facebook!

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