Pawning
What is pawning?
Pawning lets you borrow money by leaving an item, usually jewellery, as security with a licensed pawnbroker. The pawnbroker must provide the loan in cash. Cheques or other forms of payment are not allowed. You give your item to the pawnbroker and receive a cash loan.
To get your item back, you must repay the loan, interest and any fees. If you can’t repay, your item may be sold at auction, but you can claim any surplus after costs. Interest rates and fees vary, so always check the pawnbroker’s licence and displayed charges before agreeing to a loan.
This page explains how pawning works, what goes on your pawn ticket, the interest and fees you’ll pay and what happens if you can’t repay. You'll also learn about your right to any surplus if your item is sold at auction. We outline how to check your pawnbroker is licensed and where to get support if you’re struggling with debt.
What do you receive when you pawn an item?
You get a pawn ticket detailing:
- Your name and address, and the pawnbroker’s details
- A description of the item
- The loan amount and duration
- Interest and any other charges
Both you and the pawnbroker must sign the ticket. Keep it safe, as you need it to get your item back.
What happens to your item during the loan period?
The pawnbroker must hold your item and cannot sell it during the loan period. If you pay the interest, the period may be extended. The only way a pawned item can be sold is at auction by a licensed auctioneer.
What interest rates and fees apply?
Interest rates vary between pawnbrokers and must be displayed in their premises, along with any other fees. Common fees include:
- Storage charges
- Pawn ticket fees
- Valuation fees
- Inspection of the sales book fees
What if you cannot repay your loan?
If you cannot pay back your loan in full but can pay the interest, the pawnbroker may give you more time to repay, with further interest. If you are unable to pay, the pawnbroker can sell your item at auction. If you repay after the loan period but before auction, you can still reclaim your item.
If your item is sold at auction, you can claim the difference between the sale price and the total loan amount (including interest, charges, and auctioneer costs). The pawnbroker does not have to notify you of the sale or price; you must ask for this information.
If you are having problems with debt, the most important thing is to take action straight away. Use our debt action plan to get started and help you tackle your debt.
Tackling Debt – MABS Advice for Managing Money
MABS (Money Advice and Budgeting Service) offers free, confidential and non-judgmental support to help you manage debt effectively. Their guidance includes practical steps such as reviewing your finances, prioritising urgent debts and exploring solutions like informal arrangements or formal insolvency options.
Go to the CCPC budgeting resources page. The goal is to empower you to take control of your finances and find a sustainable solution that works for your circumstances.
How do you check your pawnbroker is licensed?
Pawnbroking is regulated and must be licensed by the Competition and Consumer Protection Commission (CCPC). Licences should be displayed in the premises. You can check the list of pawnbrokers which are licensed to operate in Ireland on our pawnbrokers page.
