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A pawn loan is the cash loan that a consumer gets to exchange personal property stored with the pawnbroker until the customer redeems the merchandise according to the terms agreed upon or the pawn contract defaults.
As mentioned in Article 7, Mississippi Pawnbroking Act, once a pawn loan is processed, the consumer has 30 days (from the date of a pawn) with a 30 day grace period to pick the merchandise with the principal's payment and final charge. If you cannot redeem your item, you also have the option of paying the service charge only that extends the loan to another 30 days. If the loan is not paid well in time, including the interest, the pawnbroker can legally sell the item that was put up for collateral.
It is to be noted here that the item is not up for sale during the loan period. (Items that are not redeemed will become bargains for the other customers). Also, of pawning, items can be sold directly to the Pawn Shop.
Therefore, pawn Shop is run by pawnbrokers who lend financial loans against items that range from Gold, Silver, Diamonds, Jewelry, Musical Instruments, Electronics, Fire Arms, Power Tools, and Collectibles, etc.
You can pawn anything with a resale value like Gold, Silver, and Diamond Jewelry; Watches; Electronics like TV, Music Systems, Mobile Phones, Play Stations, Cameras, Laptops, etc. Vehicles; Paintings & Art Works; Firearms; Sports Equipment, etc.
Yes, precious metals are still worth something, depending upon the prevailing market rates.
We determine the value of jewelry etc., through the current precious metal or diamond wholesale market prices. The value of other items is determined by their average online sale price and in-store salability.
The loan is of 30 days with a 30-day grace period.
You have the option to pay the interest charges and renew your loan for another term. Visit us for more information about renewals.