We Loan & Buy on your Jewelry, We Pay the Most. "Not The Biggest But The Best " Loans are 4months plus 10 days grace period with extra time given if needed. The pawning process begins when a customer brings an item into a pawnshop or pawn shop. The pawnbroker then assesses it for its condition and saleability, as well as the amount the customer may need for it. If the pawnbroker is interested in the item, he offers the customer an amount for it. The customer can either sell the item outright if as in most cases the Pawnbroker is also a licensed Secondhand Dealer, or offer the item as collateral on a loan. If an item is pawned for a loan, within a certain contractual period of time the pawner may purchase it back for the amount of the loan plus some agreed-upon amount for interest. The amount of time, and rate of interest, is governed by law or by the pawnbroker's policies. If the loan is not paid (or extended, if applicable) within the time period, the pawned item will be offered for sale by Pawnbroker/Secondhand Dealer. Unlike other lenders, though, 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/Secondhand Dealer also sells items that have been sold outright by customers to the Pawnbroker/Secondhand Dealer.