Fail to pawn garment (4,3)
I believe the answer is:
tank top
'garment' is the definition.
(I've seen this before)
'fail to pawn' is the wordplay.
'fail' becomes 'tank' (informal term meaning to fail financially).
'pawn' becomes 'p'.
'tank'+'to'+'p'='TANK TOP'
(Other definitions for tank top that I've seen before include "turret of a Panzer?" , "Upper body garment" , "Woollen sleeveless jumper" , "Young woman might appear in this" , "Close-fitting garment" .)