A pawnbroker is an individual or business that offers secured loans to people, using items of personal property as collateral. WHEN AN ITEM IS pawned, the borrower has a given amount of time to retrieve the item for the original loan amount plus an interest fee. if the loan is not paid or extended within a 60 day time period, the item is considered to be defaulted upon by the borrower and then put out for sale.
what if i pawn an item and don't have the money to pick it up in 60 days?
if the customer does not have the full pick up amount when due, they can pay the interest to extend the pawn for A 30 day period. this can be done each month until the customer has enough money to retrieve the item in full.