What are the terms pawning?

At Gables Pawn & Jewelry, all of our pawns are for 60 days and can be extended for an indefinite amount of time so long as the customer is paying the monthly service fees which are typically 10% of the principle amount.

For example, John pawns his watch for $1,000 at a service charge rate of 10%. John can buy back his watch for $1,000 plus $100 within 30 days. At 60 days John would pay $1,200 to reclaim his watch. John can also pay the service charges before 60 days are up to extend his pawn for anther 30 days by paying $100 or another 60 days by paying $200.

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