Pawning Your Items
When you pawn your item, you and the pawnbroker will discuss its cash value. Your item goes into the storage area and you have a total of three months to redeem it. The interest rate and service fee is calculated on a monthly basis. If you want to extend your loan, just come in and pay the interest and service fee for that month and it will extend the loan for an additional month.
When you pick it up, you pay the accrued interest and service fee and it’s yours again. If you don’t redeem it within the specified time, the ownership defaults to the pawnbroker. Not redeeming your item does not hurt your credit and the pawnbroker will still be glad to do business with you in the future.
Selling Your Items
If you're interested in selling an item, you and the pawnbroker decide on a value. He pays you for it and you go home with cash. That's the end of the transaction. You often get more money for selling your item because the pawn shop only has to hold it for a couple of weeks as opposed to three months.