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How Long Do Pawn Shops Hold Items Before Selling?

By July 27, 2021No Comments

Whether you are thinking about selling your item to a pawn shop or you are wondering how long it will take for your item to show up on the shelves, every pawn shop is going to be different. So rather than wasting your time, We’ll tell you the average amount of days a pawn shop will hold your item, but you’ll have to be sure to ask the pawn shop you plan to visit for their exact answer. 

How long do pawn shops hold items before selling them?

Although each pawn shop is different, most will keep items for up to 7 days before selling them. However, this is depending on whether you are pawning or selling your item. If you pawn something for a loan, the pawn shop might give you a grace period before selling it, but you’ll have to check with each one to find out for sure. Make every effort to pay off your loan as quickly as possible to prevent it from being sold to someone else. Most pawn shops on the Gold Coast and in Queensland will hold your items on loan for 90 days. If there is a grace period they will hold till the end of that, then they will try to recoup the loan by selling your goods.

Why do pawn shops have to wait to sell items on their shelves after they buy them?

Pawn shops are used by a lot of people, including criminals. As a result, the police require that every pawn business have a waiting period. During this time, pawnbrokers must take all the details such as make, model, serial number, colour etc. They then enter the data into a database utilised by the police. Once the period is over, if they do not get anything from the police that indicates the item was stolen, they are free to sell it on their shelves. 

What happens to my item when I get a loan?

Getting a loan from a pawn shop differs greatly from getting one from a bank or any other source. When you take out a pawn shop loan, you are giving up an item of value for 90 days until you can repay the loan with interest. The pawn shop will store your item in a secure location for the next 90 days or until you return to redeem. However, if you do not return, the pawnbroker will be able to sell the item in their store for profit. If you still want to keep the item and don’t want it to end up on the pawn shop’s shelves, the pawn shop will normally let you pay the monthly interest in exchange for an extra 30 days to pay off the loan.
If you are interested in getting a loan from a pawn shop or selling an item for some quick cash Buyback Loans is the place to go! Get cash fast and with easy to follow steps. We will do our best to give you an offer you’re happy with. You can call us on 07 5609 2574 or contact us online