When it comes to narrowing down how long pawn shops hold items before they end up on the shelves again for purchase, there really are no definitive answers. Every pawn shop is different, and the only way to know for sure how one does business is to ask. However, we can still give you a general idea of what you can expect at most pawn shops around the city.
Estimated Holding Times For Most Pawn Shops
One of the first things you need to determine before you can figure out how long a pawn shop will hold an item for is whether you’re actually pawning or selling. If you’re pawning, a pawn shop is required to hold the item throughout the length of your loan, typically 30 days, and may even offer you a grace period if you default so that you have some chance of retrieving your item after the fact. However, selling an item to a pawn shop is a whole different ballgame. When you sell, you can typically see your item back on the shelf within 30-40 days, possibly longer if there are extenuating circumstances.
Why Do Pawn Shops Wait So Long To Sell Your Stuff?
Despite what a lot of people believe thanks to the movies, most pawn shops are legitimate businesses just like any other, which means there is quite a bit of dutiful investigation involved to get items ready for public sale. Pictures are taken of every item and details are recorded so that everything can be submitted through local police databases to guarantee all items pawned or sold are in good standing. Only then are items put out on the shelf for resale.
What Happens To Your Item When You Get A Loan?
Once you’ve pawned an item for a standard 30-day loan, the pawn shop will keep the item of value locked away safely in a secure storage area until the loan has either been paid off, or the person who pawned it stops attempting to retrieve it. If you pay off your loan, with interest, in your 30-day period, you can simply return and pick up your item. If you cannot pay, you can often negotiate a longer loan period in exchange for the interest payment. If you simply cut your losses and never return, your item will eventually be cleared for sale and put up on the shelf.
Interested in getting a loan, or selling some old items you no longer need or want? Make sure Traders Loan and Jewelry is your first stop so we can guarantee you get everything you need! To get your pawning adventure started, come visit us today at 18505 Sherman Way Reseda, CA 91335, call 818.345.8696 , or simply fill out the form on our contact page if you have any questions.