If you are considering a pawn shop loan as an option to get cash, chances are good that you are wondering: for how long do pawn shops keep items? In this post, we answer this question and provide some tips to keep in mind before taking out a pawn shop loan.
How Long Do Pawn Shops Keep Items?
In most cases, pawn shops keep items for at least one month. However, the answer will depend on the individual pawn shop, as there’s no standard about how long a pawn is supposed to hold your items.
The best way to find out for how long a specific pawn shop holds items is to just ask them directly.
With that being said, a typical pawn loan has a term length of 120 days (that is four months), plus a grace period that is usually 10 days.
The great news is that at AJ’s Super Pawn you get 150 days (five months!) to pay back your loan.
And there’s more: If you are unable to repay your loan by the due date, you may be able to get an extension on your loan.
An extension is basically a replacement loan. After paying the interest from the original loan, you get another five months to repay your loan. Once you get an extension, loans can be extended as many times as needed.
Selling: an Alternative to Pawning
Pawn loans are convenient because they allow you to get your item back. This is important if you have a sentimental or personal attachment to the object.
However, if you don’t mind parting with your item definitely, you can consider selling it to a pawn shop.
This has two main advantages. First, you usually get more money when you sell an item as opposed to pawning it.
Second, when you sell your item, you don’t have to worry about paying back your loan on time.
It all comes down to the relationship you have with the object you intend to pawn or sell. For items you have just lying around (such as tools you bought for a one-time DIY project), selling can be a great option.
For more tips on how to pawn or sell specific items, check out our previous posts: “A Guide to Pawning, Buying, and Selling Paintings and Other Artworks in a Pawn Shop,” “Pawning or Selling Your Guitar: a Quick Guide” and “A Guide To Pawning and Buying Tools From Your Local Pawn Shop.”
AJ’s Super Pawn: Pawn Shops in Chino and Pomona
If what you need is a dependable, trustworthy pawn shop in Southern California, look no further than AJ’s Super Pawn.
We have locations in Pomona and Chino California. Give us a call today (Pomona: 909-622-0334 , Chino: 909-465-5456) or fill out the contact form to get in touch with our team!