What happens to unclaimed pawned items?

If you need cash and you need it fast, we have a great solution for you. Instead of going for conventional loans which are time-consuming and complex, why don’t you show your valuable items to a pawnshop and get a loan the very same day?

Sounds great, right? With pawnshop loans, you don’t have to show up with several requirements or wait for bank approval to get cash. All you need to do is bring your item and identification. That’s it!

There are other advantages of pawnshop loans too. Unlike conventional loans, we won’t be running a credit check. Getting a pawnshop loan will not affect your credit score either. It’s a great way to earn fast cash and get the opportunity to get your item back, after repaying the loan amount plus fees and interest of course. 

What happens if the owners are not able to pay the loan amount on time and reclaim their pawned items? If you are curious, we will share with you what happens with it and what options are available to redeem your pawned items. 

First things first. Let’s define a pawn loan. There are moments in our lives when we need to make ends meet. Many times, a pawn loan is the best and easiest solution when addressing a short-term financial issue. As we have mentioned earlier, you don’t need much to be qualified to get one. All you need is to bring in an item for collateral along with your government-issued identification then you can walk with quick cash right then and there.

Your item of value will determine the loan amount you will receive. It will be based on the percentage of the value it currently holds in the market. In order to reclaim it, you just need to repay the loan amount, including the interest and fees, within 30 days (this is the typical length of the loan). 

Do you have a poor credit rating? Do you want to use other valuable items instead of using your property as collateral to get a reasonable loan? Pawnshop loans have got you covered. The process is fairly quick and hassle-free. You don’t have to undergo a credit or security check. Just do a quick run-through in your house and find items of value that you can exchange for cash. Bring your items over to us and we’ll determine their value.

Unlike conventional loans, we don’t keep a record of your loan outside of our shop or run a credit check to release cash. Basically, a pawnshop loan is a great way to get quick cash without creating an impact on your credit rating. The transaction is purely based on the item or items that you want to pawn with us. 

If the pawnbroker is able to ascertain that your item is valuable, an offer will be given to you. You can either accept it right then and there or try to haggle to get a better price. After agreeing on a certain amount, you will be given the terms of the loan. If you accept the terms, the pawnshop will give you cash and take your item, storing it securely for the length of the loan period.

If you have valuable items in your home and you need fast cash, pawnshop loans will help you pay off some financial obligations. If you are still unsure what pawnshop loans entail, all you need to take note of is bring in an item of perceived value and get a percentage of the amount that is tied with it as cash from the pawnshop. What happens after that is completely up to you. 

Have you ever wondered what happens if you cannot pay your loan in time? Can you still reclaim your pawned item? Can you still afford to get it back? Can you forget about it totally? Here are some situations that you may want to think about. 

If your pawn is due, you have many options to consider. First, you can choose to repay the loan amount in full, with interest and retrieve your item. Second, you can keep your account active by paying off just the interest and renew it for another 30 days. Third, you can keep the cash given by the pawnshop to you and forfeit your item by not paying the loan back. Fourth, you can purchase your item even if the pawnshop has relinquished it.

If you wish to pay your loan, you can do so on or before the due date. If you are unable to pay the entire amount when it’s due, you can pay off the interest to keep your account active and renew the loan for another 30 days. Every time you will renew your loan, you will be charged a small fee. That is why we will encourage you to pay any amount you can plus the interest to pay off your total borrowed amount.

If you are late with your payment or prefer not to pay at all, the pawnshop will gain ownership of your item and put it on sale. This means you can keep the loan amount but your pawned item will be forfeited. 

If I don’t reclaim my item at the end of the term what happens?

The pawnshop will gain ownership of unclaimed items and sell them in their store. They do this to make up for the money that was loaned to you. To check for items that are sold in the pawnshop, you can simply visit their physical stores or check out their website.

If your item has been listed or displayed in their store and it hasn’t been sold yet, you can still reclaim it even if the loan term has ended. You just need to pay the loan amount back along with the interest. If your item is already sold, the pawnshop will not be held accountable for it anymore. That is stated in the loan agreement. 

Can I extend the loan term?

Yes, you can. If you wish to reclaim your item but are unable to do so at that time, feel free to discuss that matter with your pawnbroker. They will extend the loan term for you as long as you can repay the loan interest along with a small fee. In this way, they can safely store your item for a longer period while you are looking for extra funds to repay the loan.

How does Florida Pawn handle unclaimed items?

At Florida Pawn, customer satisfaction is the lifeblood that runs our business, which is why it is in our best interest to reunite customers with their pawned items. We do this by offering our customers fair deals with the best possible loan terms and the ability to extend loan terms whenever possible. 

We will only display or put items on the list after the loan has expired or when we know that you are not planning to claim it, as stated in the agreement. We are very approachable and supportive, which is why we allow our customers to discuss the status of their items even before the loan term expires and give them the option to reclaim the item as soon as possible. We understand that at times, customers might be struggling to pay their loan. That is why we encourage them to talk to us so we can find ways to help them. 

Contrary to popular belief, pawnbrokers don’t just confiscate items so they can sell them immediately. 

As you already know, there are several options available when getting a pawnshop loan. On top of that, you can still recover your item if you wish to do so. Being familiar with the process and the options available can help you to have a satisfying pawnshop experience. 

By now, you already know what to expect if you either repay the loan on time, retrieve your pawn item, extend the loan term or have your item for forfeiture. Despite sharing all these things with you, it is still best to talk to your pawnbroker about your decision because each pawnshop works slightly differently to others. Knowing how exactly a certain pawnshop is run will keep you from experiencing something unexpected. 

So, if you need quick cash, bring your valuable items over to us! Florida Pawn has shops in Hollywood and Margate and we would be happy to offer you great deals that you will be extremely happy with!