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Many pawn shop loans are for a period of 30 days. But borrowers can usually extend that period by paying a monthly storage fee. Interest will continue to accumulate as long as the item is being held.
Pawn shops offer no credit check loans. Not paying off a loan won't hurt a borrower's credit score. The shop will simply keep the borrower's property and sell it. While pawn shops offer fast loans to people who need help, it's also important to look for alternative sources of money that may be less expensve in the long run.
Often, people who get this type of fast loan find themselves caught in a cycle of interest that stretches on and on because they never scrape together enough money to reclaim their property. Francine L.
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