Pawning off items is a great way to get cash on hand quickly. But in the event that you want to get the item back at a later date, what happens if you can’t do it in time or accidentally forget? Get informed on whether pawn brokers allow for a grace period, and what to do if you need more time on loan.
How to Get a Pawn Loan
When picking between options, always get a fully insured and bonded pawn. Finding a shop is simple – just Google pawn shop near me and take a look at the results for the best pawn shop in Hollywood.
Getting a pawn loan is very easy. Documentation-wise you only need to bring an ID. When pawning an item, borrowers give you a loan similar to its value. When securing a loan this way, there is no credit score check or process of income verification.
If you default on this type of loan, the pawnshop will sell the item to recover the amount they borrowed you. So always be careful when pawning off items – there is a real chance that you won’t get them back.
How Long do These Loans Last?
There isn’t a one-size-fits-all answer to this question. Some states enforce laws that allow the period of the financial contract to be set at 30 days, while the legal forfeit date is either 30 or 60 days after the finance period maturity date.
In layman’s terms, the loans last 30 days, during which you can pay the pawn amount plus additional fees to get the item back. Alternatively, you can pay another fee to get a pawn extension on the loan for an additional 30 days. For more specific information on this, contact Los Angeles pawnbroker.
What Will Happen If I Miss the Due Date?
If you don’t manage to make the payment in time, a majority of pawn shops will contact you in the period between the maturity date and forfeit date. This allows them to find a mutually beneficial solution with customers who don’t want to forfeit items.
It’s in the interest of pawnbrokers for customers to redeem items. This way, their reputation is improved, and they can assist borrowers in the future when they need a short term loan again.
Is There A Grace Period on Pawn Loans?
Some pawn shops have in-house rules that allow for a 1 to 3 day grace period. This is to compensate for loan maturity dates that fall on days when the shop doesn’t work, like weekends and holidays. This varies from store to store, so always ask before securing a loan.
The answer to the main question is yes, usually. But don’t count on a grace period before being absolutely sure and informed.
Best Deals through LA Loan Company
For the best deals on your diamond jewelry, contact us on (323) 400-6480 or visit our shop at Santa Monica Blvd Los Angeles, CA. We are a renowned diamond pawn shop to serve all your needs in quick time.