Pawn shop loans are based on the value of an item which is often a great way of getting access to funds quickly with little hassle, and also without having to go to a bank or a loan company that require a credit check and security. Due to poor credit ratings and/or not wanting or being able to secure a loan against your property it leaves many people unable to access fair and reasonable loans.
Pawn shop loans don’t require a credit check and there is no record of the loan against you outside of the pawn shop, so it doesn’t impact your credit rating either. The loan is purely based on the value of the item you want to pawn. The item will be appraised, and you will be given a valuation (the loan amount) and the interest applied to the loan as well as the length of the loan term. Once the loan term is up you will need to repay the loan plus the interest to reclaim your item. During the loan term, your item will be stored securely by the pawn shop.
If I don’t reclaim my item at the end of the term what happens?
At the end of the loan term, any unclaimed items can be sold by the pawn shop as per the agreement so that they can recoup the money from the loan. Many items will be sold in the pawn shop, listed on their website or other sale sites.
If the item hasn’t been sold and you return for the item after the end of the loan term, you can still reclaim the item by paying back the loan and interest. However, if the item has been sold, the pawn shop cannot be held accountable as per the loan agreement.
Can I extend the loan term?
If you want to reclaim the item at the end of the term but can’t afford to at that time, you should discuss it with us as we can extend the loan term as long as you repay the interest on the loan. That way the item is safely kept for you for a longer period whilst you can save the money to repay the loan.
How does Florida Pawn handle unclaimed items?
At Florida Pawn we care about our customers and we always want to reunite our customers with their item which is why we offer you a fair deal with the best loan terms and the ability to extend your loan term.
We only display or list items after the loan has expired and we know you are not reclaiming it as per the agreement. We are also very supportive and approachable which is why we prefer our customers to discuss their item before the loan term expires so wherever possible we can help you in reclaiming your item. We encourage you to contact us if you are financially struggling to repay the loan so that we help you.