How Long Does a Pawnshop Keep Items Before Pawning Them?

 

How Long Does a Pawnshop Keep Items Before Pawning Them?

At Fastcash Pawnshop in Rhode Island, we are undoubtedly not your regular pawn shop. Our showroom is a state-of-the-art establishment located in Pawtucket. Our Pawnshop is super clean. Here, we know many of our clients and know them by their names. 

If you are considering taking out a pawn loan, you want to understand all the terms and conditions it entails before doing so. You probably already have questions about pawnshops. However, one frequently asked question is the length of time it takes for them to offset their loans before their items get sold.

Continue reading this blog to get the answer.  

It Varies

The concise and straight answer is that there is no set time for pawnshops to hold items before selling them. Usually, pawnshops will hold the items for a minimum of thirty days from the day the item was brought in.

Depending on the pawnshop in question, they could give a grace period. However, you are better off offsetting the loan within the initial period. But if you are unable to do so, we recommend that you talk with one of the associates at the pawnshop as they might be able to extend the terms of the loan you have taken.

There is a Waiting Period When You Sell Items to a Pawnshop

Whether you sell your item or take a loan from a pawnshop, the pawnshop will undoubtedly have a period of waiting before selling your item. This is required by law as it helps to prevent thieves from quickly selling stolen items without recourse.

Usually, the pawnshop will take pictures of the item and request for details that are not included in the pictures. If the pictures are sent to a database, and nothing stolen pops up to match the description within a particular period of time, then they can sell the item.  

Selling Your Items Outright or Getting a Loan; Which is Better?

This depends on some factors. Of course, if you know that you will no longer need the item, you should sell it. But if you know that you will still need the item, you should opt for a pawn loan.  Pawn loans are not difficult to get, as they do not require credit checks, background check, or proof of income. All they require aside from the item you want to pawn is a proof of your identity.

Because most pawnshops have the collateral in their shops and can sell items at any time after the waiting period elapses, there is little or no risk for them. As a result, most pawnshops can offer much lower interest rates on their loans than other pawnshops.

Whether you are a buyer or a seller, searching for a reputable pawn shop is worth your time. If you are looking for the best pawn shop in Rhode Island, visit Fastcash. We have all you are searching for, from our collection of TVs, tools, game systems, and more, and our specialty in diamonds. Contact us now.