Is it illegal to pawn something for someone else?

While there is nothing illegal about pawning or selling your own used property, caution should be exercised if someone else asks you to pawn property for them.

What happens if I pawn something stolen?

If the item is pawned, the item basically serves as collateral for a loan, and the person placing the item up for pawn may make payments on this loan or risk losing the property. In other situations, someone steals property and then pawns it in order to get money out of these stolen items.

What is the penalty for buying stolen goods?

Typically, you will be charged with a felony if the stolen property is valued at $950 or more. If the property is worth less than $950, you will face misdemeanor charges. Felony receiving stolen property is punishable by a sentence of imprisonment in county jail for up to three years and fines of up to $10,000.

What happens if you pawn something?

When you pawn an item, you are taking out a loan using your valuable as collateral. The pawnbroker will agree to give you a certain amount of cash and hold your item until you have paid back the loan amount plus interest and fees. You leave with cash in hand, and you have no further obligation to the pawnbroker.

How long do you have to pay back a pawn?

30 days
When you get a loan from a pawn shop, you are giving up an item of value for 30 days until you can pay back the loan payment with interest. During the 30 days, the pawn shop will keep your item in a safe place until you return.

Does pawning hurt your credit?

Pros of pawn shop loans For people with no bank account or no one to turn to as a cosigner, pawn loans can be a quick source of money — there’s no credit check required. In addition, your credit scores won’t be affected if you don’t repay your loan, and you won’t have to worry about getting calls from debt collectors.