Pawn Shop Law
I pawned a watch and it is time to pick it up or let the pawn shop keep the watch to sell it. I want to extend the loan for one more month. The pawn shop said they only extend for 4 months so the can get that additional funds. Is that the law? Can they do that or can they do a month to month?
This was either explained to you wrong or you misunderstood. The fees that they are charging you is for the previous 4 month. If you pay that amount then your loan will be renewed for an additional 4 month period. In California all pawn loans are for 4 months with an additional 10 day grace period.Originally Posted by mjbowen52
It is actually month to month for toatal of four months. At anytime within that four months you can pick up your watch and the interest will be prorated as such. For instances, You would go pay the interest for the previous four months plus ticket fees. Then they re-write the loan for the next four months. However, you are allowed to pick up the watch at anytime with in the four months, so if you choose to pay it off the first month so be it!
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