A pawnshop is a place where you can get fast, convenient and confidential cash loan. If you need to borrow $10.00 or $10,000.00 to make it through to your next pay check, bring in your jewelry or any item of value that the pawnbroker will accept as collateral to secure the loan. It will only take a few minutes to process the loan transaction.
The pawnbroker will ask you how much you need and then evaluate your merchandise. The pawnbroker will try to fulfill your needs if possible. When you and the pawnbroker come to an agreed amount, the pawnbroker will write you a pawn ticket. By law, the pawn ticket must show a complete description of your merchandise, the amount you are borrowing, the rate of interest and other charges you have to pay. It is a 30-day loan agreement which is renewable by paying the monthly charges. In many states, the law gives the pawner a 30-day grace period. It means that when the pawner was unable to renew or redeem the loan, on the 31st day of the contract, the pawner receives an additional 30-day “grace” period in which to redeem the loan by paying the principal and accumulated interests and other charges. Thereafter, if the pawner was unable to redeem the loan after the additional grace period, the pawnbroker assumes title and ownership of the merchandise pawned. The pawnbroker may sell the merchandise or dispose of it in any manner he deems fit. If the merchandise is saleable, he may clean it and display it in his showcase. If it is broken he may recycle it.
Shane’s Pawn Policy
It is Shane’s policy to hold pawns for an additional 30 days. This means that when a customer fails to pay the 3 months accumulated interests and other charges, on the 91st day, Shane’s will forfeit the merchandise and dispose of it accordingly. However, it is also possible to come back for your merchandise if it is still unsold and you are willing to pay back the principal plus the accumulated charges or the selling price you are quoted.