Q: What is a pawn?
A pawn is a loan on an item that you own. You bring the item in to be appraised, and we make you an offer on it. If you agree to the pawn, we will give you cash on the spot and hold it for a 3 month period at an interest rate of 20% each month.
Q: What happens at the end of the 3 month period?
If you have not made payments to extend the duration of your pawn, it will be forfeited after 3 month's time.
Q: How long can I extend a pawn beyond the original 3 month period?
As long as a payment is made each month, pawns can be extended indefinitely.
Q: When can I get my pawned item out (redeem it)?
Pawned items may be redeemed at any time (unless they have been forfeited) provided the interest plus original loan amount are paid
Q: Does the pawn shop own my pawned item(s)?
No, we merely hold them as collateral for the cash we provided you for the pawn. Once you have missed the payments and the item has been forfeited, then it becomes our property.