Do Pawn Shops Have Layaway – ANSWERED!!

Brian McCracken


Can Pawn Shops Offer Layaway?
So here’s the problem that we have at hand. You would like to buy something at a pawn shop but you aren’t sure that you will be able to afford it.
The good news is that most of the time pawn shops do offer a layaway service of some sort for the items that they sell in their stores.
Now the rules for those layaway services will differ from pawn shop to pawn shop as they are all owned by small individual business owners that have their own ideas about how they would like those layaways to run.
Usually, pawn shops will require some form of payment every 30 days on that layaway until the item is paid off.
Where things tend to differ is how much a pawn shop requires you to put down on the items before you are allowed to put them in layaway.
In addition, what might also differ is how much and how often pawn shops will expect to receive payment until the item is paid off.
Some pawn shops will be happy receiving any payment that goes towards the principle of the layaway. Other pawn shops will expect much more substantial payments such as 20% or even 25% of the total cost of the layaway.
Want to buy something at a pawn shop, but don’t have the cash? Then the question, “Do pawn shops have layaway?” may have crossed your mind.
What Other Rules Might There Be When It Comes To Making A Layaway At A Pawn Shop
Some pawn shops will allow layaways to go on forever. That is to say that they will hold the layaway for an indefinite amount of time until you are able to pay off that item.
Other pawn shops however absolutely hold to their 30 day rule.
What that means is that if you do not make a payment on a layaway within 30 days, and every 30 days thereafter, the pawn shop may forfeit that layaway.
Now, how each pawn shop handles that situation will also differ from store to store.
In some cases, a pawn shop may forfeit all the money that you put towards the layaway along with the items involved.
In other cases however, a pawn shop will refund your money when you come in next. However, that is not always the case, and is usually pretty uncommon.
Why Would A Pawn Shop Do That
What you have to understand is that while something is on layaway, a pawn shop could’ve sold it for full price at any point in time.
But since they are holding it aside for you they are waiting to make a sale for a length of time that they have no way of determining.
If you take years to repay the layaway, or haven’t made a payment for an extended period of time, that is a little unfair to the pawnbroker in question as they may have been able to sell the item just a week after you put it in layaway to begin with.
Because of that, most pawn shops will adhere to very strict rules when it comes to handling layaways.
Are There Any Common Limits To Layaways When It Comes To Pawn Shops
Typically speaking, a pawn shop will expect at least $100, if not more, if you plan on putting an item in layaway. If the item costs less than $100 a pawn shop may not be willing to put in layaway for you at all.
In addition to that, if an item has a very high price, a pawn shop may expect more than 25% down for that item in order to put it in layaway.
What that really comes down to, is them being sure that you will be able to come in and pay off the layaway so they are not holding the item aside for years to come.