When you need some cash quickly, pawn shops can offer a good alternative if you're sure you'll be able to make the payment in time. Pawn shops work in two different ways: either you can sell the item to them outright, or you can use a valuable item to get a cash loan.
However, pawn shops don't hold on to pawned items indefinitely. The owner of the item is given a time limit within which to repay the loan plus interest. Once this time elapses, the owner of the pawn shop can sell the item to recover his or her money.
How Long Do Pawnshops Hold Items?
Unfortunately, there is no single length of time that is applicable to all shops. In fact, the legal holding period varies greatly since it's determined by local and state laws. The easiest way to find out how long a pawn shop will hold an item is to call them or visit them in person and ask. This question is not unfamiliar to pawnshops. Asking the pawn shop will ensure that there is no confusion as to how long you have to pay back the loan.
Can You Get a Grace Period?
Once the period for making the payment has passed, it's up to the owners of the pawn shop to determine whether or not they're willing to hold on to the item for a little while longer before selling it. Some shops will be willing to offer you a grace period if you can convince them that you'll be able to make the payment by a certain date. However, others may not.
Do Pawnshops Hold on to Bought Items?
Apart from pawning, pawnshops can also make buy items outright. You can either pawn a diamond ring and come back for it later or you can sell it outright to the shop if you don't intend to get the item back. However, the rules for holding on to items don't apply to items that have been bought. Some shops will hold the item a few weeks or a month while others will sell it in a matter of days.
If an item has some sentimental value and you feel you may change your mind about the sale later, the safer bet is to pawn it and try to make the payment in good time. Find reputable local pawn shops with terms that are favorable to you.
For more information, visit sites like http://www.mainepawn.net.