Pawn shop fees
One of the most common questions before pawning is how much it costs. Pawning has a cost in the form of monthly interest and fees that you pay to get your item back. Here we explain, in plain language, how much a pawn shop like First Cash charges in the United States, what that cost depends on, how it is calculated and what happens if you don't pay on time.
What determines how much a pawn shop charges
The cost of pawning is not a single nationwide figure. Pawning is regulated by each state, and it's state law that sets the caps on the interest and fees a pawn shop can charge. That's why the same loan can cost differently in Texas, Florida or North Carolina.
What the cost of pawning includes
The amount you pay to redeem your item is usually made up of:
- The principal loaned: the money you received when you pawned.
- The monthly interest: a percentage of the principal, depending on the state.
- Service or storage fees: additional charges allowed by state law in some jurisdictions.
All of it must be shown clearly on the receipt (pawn ticket) they give you when you pawn. Ask for it and review it before signing.
An illustrative example
Imagine a $200 loan for one month. Depending on the state, the monthly charge could range from a few dollars to a larger amount:
| Monthly charge | Approx. cost for $200 over 1 month | Total to redeem |
|---|---|---|
| Low end (~4%) | ≈ $8 | ≈ $208 |
| Midpoint (~13%) | ≈ $26 | ≈ $226 |
| High end (~25%) | ≈ $50 | ≈ $250 |
It's just an illustrative example so you can see how the cost changes by state. The real figure is set by your state's law and the specific store.
Terms: how long you have to pay
The term is also set by each state, usually with an initial period (often 30 days) plus a grace period before the item is considered forfeited. During that time you can:
Pay and redeem
You pay principal plus interest and take your item back.
Renew (pay the interest)
You pay just the interest to extend the term and keep your item longer.
What happens if I don't pay?
If you don't redeem or renew the loan within the term, the item becomes the store's property and is put up for sale. The big advantage of pawning is that that's where it ends: no debt is created, there are no later charges and it does not affect your credit history. You lose the item, but nothing else.
Check the terms at your store
Each First Cash store applies its state's terms. Find the nearest store —with the address, phone and hours— and ask about the specific interest and terms before pawning.
Frequently asked questions
How much interest does a pawn shop charge?
It depends on the state. The industry's monthly charges sit roughly between 4% and 25% per month on the amount loaned. State law sets the cap, so the cost varies from one state to another.
Is the interest monthly or annual?
In pawning, charges are usually expressed monthly, because they are short-term loans. To compare with other products, keep in mind that a monthly charge equals a much higher annual percentage.
Can I pay early and save on interest?
Yes. If you redeem your item early, you normally pay the interest accrued up to that point, not the full term. Confirm it at your store.
Does pawning create debt if I don't pay?
No. If you don't redeem the item, it simply goes to the store. There is no debt, no later charges and no impact on your credit.
This page is an independent informational guide. It is not First Cash and is not affiliated with FirstCash Holdings, Inc.; the trademarks mentioned belong to their respective owners. The percentages, terms and examples are for guidance and based on public industry data; the real cost is set by each state's law and the store. This information is not financial advice.