When you pawn an item, you are essentially using it as collateral for a loan. The loan amount is based on the value of the item being pawned. Once you have received the loan, you have a certain period of time to repay it, plus interest. If you do not repay the loan in full by the end of that period, the pawnbroker has the right to sell your item to recoup their losses.
The process of pawning something is relatively simple. First, you bring your item (or items) to a pawnshop and speak with a representative about how much money you would like to borrow. They will then appraise your items and determine how much they are worth. Based on this appraisal, they will offer you a loan amount and an interest rate. You then have the option to accept or decline their offer.
If you accept their offer, you will sign a contract detailing the terms of the loan and giving them permission to sell your items if you fail to repay the debt within the specified timeframe. You will then receive your cash loan and be on your way! Just make sure you keep track of when your repayment period ends so that you can avoid having your belongings sold off!