If you need a quick fix, you need a pawn loan. It is an option. But beware: this type of secured loan can quickly spiral out of control if you fail to pay it back.

Pawn shops offer cash in exchange for holding on to your item until it is reclaimed by you, or sold to recover the cost of the loan (plus fees). They typically lend between 25% and 50% of what they think your item will sell for, though exact offers vary.

Need a Pawn Loan? Here’s What to Do First

Once you bring in an item to pawn, the shop will give you a ticket that includes the loan amount, interest rate, and repayment deadline. Keep this ticket in a safe place, as you’ll need it to reclaim your item.

As a general rule, pawn loans last 30 to 60 days. You must repay the full loan amount plus interest before your deadline or lose your item. You can extend your pawn loan for an additional fee, but it’s important to remember that any extension is still considered a default and will be reported to your credit report.

If you need to borrow money for something urgent, a short-term loan from a friend or family member may be a better option than a pawn shop loan. These loans are usually less expensive and have more flexible terms. You should always check the market value of your item before you bring it to a pawn shop and consider other ways to raise cash, such as selling items online or using an unsecured personal loan or line of credit.