So you want to get extra money fast and are about to pawn your item? Good choice! Not only will you get cash on the spot, but you also won't affect your credit and will have the opportunity to redeem your item when you repay the pawn loan and small fee. But what happens if you do not return to reclaim your pawned item? Get to know what your options are if you forget to or cannot repay your pawn loan in time to redeem your item.

If you need some extra cash fast and you have some pawnable items, you might consider pawning them off. We get it! It's a great option because you'll get some money right then and there and not worry about your credit score getting hit. On top of that, you still have the opportunity to get your item back when you repay the pawn loan and the interest.

But what would happen if you missed the date and failed to reclaim the pawned item? River City Pawn wants to ensure that you are protected and that you know precisely how we deal with that particular scenario:

First, What Is a Pawn Loan?

A pawn loan is a loan that you can get by pawning a valuable item that you own. This is a great way to earn some extra cash in a short amount of time.

To get a pawn loan, you must bring your item for an appraisal. If you are approved, you may be eligible for a pawn loan. You will be given a loan term, loan amount, interest rate, and storage fees before you are allowed to pawn. If you are eligible, you need to submit any valid State or Federal government-issued photo I.D. or driver's license along with the item you wish to pawn.

Knowing Your Options When It's Time to Reclaim Your Pawned Item

If you miss your agreed-upon time to pick your item up, you may be given a chance to redeem it. In general, though, you have several options to choose from:

Paying Your Loan (or the interest)

If you redeem your item in time, you will need to pay off your loan (or the interest) in full in order to get your item back.

In some cases, you can get a few days to inspect your pawned item to ensure that it is in the condition that you left it. You must take this opportunity to inspect your pawned item carefully. In case there are missing or damaged parts, you have to request a repair.

If you don't request a repair, you will not get a refund for the missing or damaged parts.

If you choose to pay just the interest, you get an extension, at the end of which you'll have to pay the total loan amount and the accrued interest to get your item back.

Paying Late Or Not Paying at All

If you choose not to pay or pay late, you will get a notice in the mail reminding you of the amount due with interest. This notice will include the next date when you can redeem your item.

If you do not respond to the notice in time, you may be in default in your loan with the pawnshop. You must then pay in full, or you can sell your item to the pawnshop at a discounted price to repay the loan. But before you get to that, you get a final notice that gives you a chance to get your item back by paying the loan in full or paying the loan plus interest.

In case you fail to redeem your item in time, you may get a chance to sell it to the pawnshop at a discounted price before it is resold to a third party. If you trade your item in, the pawnshop will offer a lesser price than what you originally paid. 

Conclusion

Reclaiming your item is not only essential for you, but it is crucial for us as well. When you redeem your item, we can use it as a tool for advertisement and promotion for your business. If we know we can count on you and your business to pay your loans and items back, we will be able to continue doing business with you and help you out with the services that we provide. 

We at River City Pawn aim to provide our customers with the best services possible, so know that we don't want you to lose your prized items, and we want to give you the opportunity to redeem them.

If you have any questions about the pawning process, visit River City Pawn to speak to one of our knowledgeable team members. We want to ensure that you have a worry-free experience when visiting our pawn shop in Owensboro, KY. Visit us today and find out how we can help you get some cash fast!