A pawn is a 90-day collateralized loan during which you may pick up your items at any time. The interest rate charged for the loan is regulated and limited by Michigan Law. At the end of your loan, you can decide to make a redemption or renewal (when you renew your loan it is another 90 day loan (same minimum and maximum APR apply). A redemption is the payment of your principal + interest, at which time you will receive your item(s) back. A renewal is a payment of interest only, which renews your loan for another 90 days. There is no limit to the amount of times a pawn can be renewed and you may also choose to surrender your items at any time as payment in full.