A "pawn" is a loan of money given on the value of a piece of real property or asset that is held as collateral by the pawnbroker until the loan is repaid. Items for collateral range from home electronics, jewelry, vehicles, tools and many other items of value. these would remain in safe storage until the loan is redeemed by the owner.
Loan amounts are determined by taking the last know new market price or verifiable market value and deducting a percentage of that value as a loan amount. Generally, many loans are made based on 25% or roughly 1/3rd of the new value.
In Georgia, the loan term is for 30 days. The customer has the option of redeeming their merchandise by repaying the amount loaned plus an interest fee of 25%, or they can simply pay the interest fee within the 30-day period to renew the loan for another 30-day term. There is no limit to how many times a pawn can be renewed.
NOTE: Items that are not redeemed or renewed by the end of the loan term, may be sold by the pawnbroker to recoup the cost of the loan, plus any amount over and above that amount, up to a fair market value.