How Long Do Pawn Shops Hold On Items Before They Sell Them?

When it comes to pawning your valuables, it is only prudent that you do your due diligence, you can’t just go to the first pawnbroker who is interested in what you have as there are a number of pawnbrokers Brisbane you can visit. Both these cities are the economic hubs of Australia and as such you are bound to come across a number of pawnshops that will give you a loan against your valuable gold jewellery or just buy the items outright. If you are taking out a pawn loan, your items will not be put up for display for sale. You might be wondering how long it will take for the pawnbroker to actually put your item for sale. Do they do it the very day after your loan repayment date expires or does it happen a couple of days afterward. The truth is every pawnshop is different and the only way to know is to ask the pawnbroker. However, most pawnbrokers have some things in common:

First things, if you are going to cash in your jewellery at a pawnshop you should first decide if you are pawning or selling. If you are pawning, the pawnshop gets to keep your items in storage until least you repay your loan. This is usually 30 days from the date the loan was issued. Some pawnbrokers can give you a grace period if you are going to be a day or two late. Selling is a whole different matter. When the item makes it on the shelf is at the discretion of the pawnbroker. If it’s a fast-selling item like most jewellery is, then you may see it after a couple of days, but generally, a pawnbroker will try to sell inventory that is already on the shelf before replacing it with new items. The rule of thumb here is that what you sell to a pawnbroker will make its way to the shelves in 30 to 40 days.

Why The Long Wait?

Contrary to popular belief, Brisbane pawnshops are legitimate businesses that conduct investigations and ensure that the items they put up for sale are in good condition – at least that it’s cleaned and any broken parts are repaired. Before the items are put on the shelves, pawnbrokers will take pictures of them and write down important details as well as the seller’s information. Pawnbrokers often work with law enforcement and will check with local police databases to see if the items they are about to sell are in good standing.

What about pawned items whose owners intend to return for them?

When a customer takes out a standard 30-day loan, the pawnbrokers Brisbane will keep the gold jewellery in secure storage. Once the customer pays the loan off, the pawnbroker has to give the items back to the customer. However, if the customer cannot pay the loan off on time, the pawnbroker has the right to keep the item and sell it. Some pawnshops will allow for an extension of the loan period. If the customer decides to cut their losses, then the item will eventually make its way onto the sales floor.

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