When you pawn an item, it is retained until the loan is repaid within a certain time. If it is not repaid on time, the pawnbroker may sell the item. At GoldPawnCity.com, there is no limit to how long you can keep your times in pawn as long as you pay interest on time.
In common usage, pawn signifies a pledge of goods, as distingished from a pledge of intangible presonal property, such as a contract right. In a more limited sense. It denotes a deposit of personal property with a pawnbroker as security for a loan.
For your convenience, we've put together a few exampls of pawn scenarios.
Let's say you need $100.00. You could pawn jewelry, electronics, tools, or a musical instrument. You will have one month to pick up your item for $120.00, or you can extend your pawn to the next month for $20 (and so on).
This scenario works the same way when you need $1,000.00. You will have one month to pick up your item for $1,100.00, or you could extend your pawn to the next month for $100.00 (and so on).
There is NO LIMIT to how long you can keep items in pawn. When you pay your interest on time, you won't lose your item.