With 5 convenient locations throughout South Florida, Citi Pawn is the pawn shop you can trust to get the cash you need, when you need it. But, if you’ve never visited a pawn shop before, you may not understand what it is or how it works. So, what exactly is a “pawn”?
Most commonly, a pawn signifies a pledge of goods, as distinguished from a pledge of intangible personal property, such as a contract right. In a more limited sense, it denotes a deposit of personal property with a pawnbroker as collateral for a loan. If an item is pawned for a loan, within a certain contractual period of time the customer may purchase it back for the amount of the loan plus some agreed-upon amount for interest. If it is not repaid on time, the pawnbroker may sell the item. The amount of time, and rate of interest, is governed by law or by the pawnbroker's terms and policies. If the loan is not paid (or extended) within the time period, the pawned item will be offered for sale by the pawnbroker.
Unlike other lenders, the pawnbroker does not report the defaulted loan on the customer's credit report, since the pawnbroker has physical possession of the item and may recoup the loan value through outright sale of the item. The pawnbroker also sells items that have been sold outright by customers to the pawnbroker.
At Citi Pawn, there is not limit to how long you keep your item pawned. As long as you pay your interest on time, you will not lose your item. If you are in need of fast cash, trust Citi Pawn to make your loan as quick and easy as possible. Call or visit us today for more information, and find out how Citi Pawn can help you!