Pawning items of value is a good way to get quick cash for emergency needs. In these cases, the people taking out pawn loans are often not all that ready to part with the items that they are pawning. That’s why they choose to pawn rather than to sell their items. They intend to come back and pay what they owe plus interest to redeem the items that they pawned.
It is not rare, however, for these items to be left unclaimed.
If you do not claim your pawned item before the date stated on your contract, the pawn shop will put it in their inventory of items for sale and make it available to those who come to them to buy items at discounted prices. Your best option if you still cannot afford to redeem your pawned item is to try to ask the pawnbroker for an extension on the term of your loan.
At A to Z Pawns, the term of a pawn loan is usually 90 days. You can redeem your item within this period. You are allowed to extend your repayment for another 90 days, but you have to pay the interest during the first 90 days. While you will be able to stretch the time within which to claim your item, you will also have to pay additional interest.
Ideally, the item that you pawn should have a high money value and very little sentimental value. This way, it will be easy enough for you to let go of it. Realistically, you do not have the luxury of time to think things through in an emergency and all you would be concerned about is getting the money that you need.
It would do you a lot of good to be prepared with a contingency plan before you come face-to-face with a financial emergency. Make an inventory of what you own and eyeball their value. You can even bring some of your items to a pawn shop to be assessed so you know how much they’re worth.
Once you have your inventory, you can then ‘designate’ which items could be pawned or sold in case of emergency. This would also make it easier for you to identify valuable items that you are not too attached to. These items can be sold outright instead of being pawned.
For items that you truly do not want to lose yet are ‘forced’ by circumstances to pawn, you need to quickly work out a repayment and redemption plan right away. You cannot wait until the last minute for a sudden cash flow to cover your redemption amount. The 90-day period of a pawn loan and the additional 90-day extension at A to Z Pawns give you ample time to source funds and straighten out your finances so you can redeem your item.
A to Z Pawns also has personnel who can help you and give you advice. At the onset, you can ask them for all these details to ensure that everything is clear to you and that you are well aware of all your obligations and accountabilities. When you deal with an established and trusted pawn shop like A to Z Pawns, you can be assured that you will get good value for your items and that you will be given the chance to claim your pawned valuables within reasonable terms.