When you go to the pawn shop, you can either pawn or sell an item. If you pawn something, you have 120 days in which to pay back the loan the pawn broker gave you. If you cannot pay, the pawn shop will keep the item.
As you can see in this video from the popular show Pawn Stars, when you sell watches or jewelry to the pawn shop, it belongs to the shop. You cannot make payments to get the item back. After they hold your item for 30 days, they are then free to sell it to the public.
Gem Pawnbrokers offers cash for gold and other pawn services to help you when you’re in a financial pinch. Visit our website or call (718) 225-5436 to learn more about our services.