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What If You Can't Get Your Item Back? Keeping Your Item in Pawn

Woman is reading bank notice about credit card spending

What happens if you pawn an item and can't make the payment on time? You might be worried about pawning something because you think you're not going to be able to get it back, but there are actually quite a few ways you can re-purchase your item. 

Continue to Make Payments

As long as you continue to make payments on an item, you can keep an item in pawn indefinitely. Though you are supposed to pay the initial loan back, you can always ask the pawn shop to extend the pawn date. You make a nominal payment, and the shop continues to keep the item until which time you can pawn it out.
Continuing to make payments does mean that you're going to keep spending more money on the pawned item. But it can often be preferred to losing the item or having to pay a hefty amount all at once.
Consider Turning Something In​
Though it's not commonly done, it may be possible to turn in another item for the item you want. If the item has sentimental value, consider selling something else to the pawn shop instead. Pawn shops are often most interested in things like tools and jewelry.
You can look around your home to find items that you really won't miss. The pawn shop can give you a value for these items. You can either turn them in directly to the pawn shop or sell them elsewhere to get your item back.
Buying It Afterwards​
A peer-to-peer loan is a financial product that lets other people fund your loan request. In exchange for loaning their money, these individuals receive interest payments. 
Peer-to-peer lenders do use your credit history when deciding the terms of your loan. However, they normally approve loan requests from individuals with damaged credit. These people have to pay higher interest rates than those with stronger credit histories.
One downside of a peer-to-peer loan is that there is no guarantee that investors will decide to fund your loan. Interest rates and fees may be expensive, and the company that facilitates the loan may limit how much you can borrow.
Need cash for unexpected bills or a weekend away? Contact American Pawn today to start your pawn transaction.
Taking Out a Loan​
If you really can't get your item back, either a payday loan or a credit card advance may be the way to go. Though you're going to be paying interest on this, you'll still be able to have your item back, and you'll buy yourself some time to get into a more stable financial situation.

For those with bad credit, a payday loan or another pawn loan may be the only option. But you may be surprised to find out what options the pawn shop themselves can give you if you ask them what your options are.
Ask for An Extension​
Once or twice, a pawn shop may be willing to waive a payment or give you an extension so you can pay later. If you're truly having trouble making a payment (and have made payments frequently before), they may adjust your payment date to give you a week or two more to pay.

Don't forget that you don't have to pay for the item. If at any time, you decide that you don't want the item back, you can simply stop paying for it. A pawn shop only requires that you pay for them to store the item or return it; it isn't a loan you have to pay back.

For the most part, people don't lose their items at a pawn shop because they can't get them back. Instead, they simply stop paying the bill because they've decided they don't want it back. If you're wondering about the process of pawning or considering a pawn, contact American Pawn today.


5175 Government St. 
Baton Rouge, LA 70806 

10224 Florida Blvd. 
Baton Rouge, LA 70815

14640 Plank Rd 
Baker, La 70714 

American Pawn
5175 Government St.
Baton Rouge, LA 70806

Phone: 225-926-0456
American Pawn
10224 Florida Blvd.
Baton Rouge, LA 70815

Phone: 225-924-0617
American Pawn
14640 Plank Rd.
Baker, LA 70714

Phone: 225-223-6630

Monday-Friday, 9 a.m.-5:30 p.m.
Saturday, 10 a.m.-5:30 p.m.