A pawn shop can be a good place to get a few extra dollars if you need a loan or a quick sale. Pawn shops typically allow you to either sell an item outright or place the item in the temporary care of the store in exchange for a cash loan, which must be paid in full plus interest by a specified date. Pawn shops are also a great place to buy used goods for a lower price. Some pawn shops sell items for up to 70 percent cheaper than retail prices. Learning how to make a transaction with a pawn shop can get you fast cash, a temporary loan, or just a bargain purchase.
Getting Cash From A Pawn Shop
Find valuable items.
Before you can go to a pawn shop to get cash, you'll need to find and gather valuable items in your home. Some experts recommend checking the quality of certain items at home to ensure that only the best items are brought in.
If you’re bringing in glass items, look for brand names like Baccarat and Limoge as a good indication of the item's value.
Jewellery that is stamped with "HGE" (heavy gold electroplate), "GP" (gold plated), or "RPG" (rolled gold plated) is virtually worthless in a pawn shop. These pieces of jewellery are typically a baser metal coated with a thin plate to look more valuable but is generally not worth that much at all.
Look for jewellery stamped with "750," "750/1000," "PT," or "18k." These indicate that the items are 18 karat gold or platinum, which means they will fetch a high price at a pawn shop.
Be sure to make your item look as appealing as possible. This may entail a simple dusting, or polish off the tarnish on a piece of jewellery. Think about how the piece would look to a consumer.
Decide between pawning and selling.
Your transaction doesn't necessarily have to end when you walk out of the pawn shop. Pawn shops typically let you either sell an item straight or pawn the item. Pawning an item means that you leave that item in the store's care in exchange for a short-term loan. If you pay off the loan plus the interest by a predetermined date, you can get your item back. If not, the item becomes the store's property and the owner of that pawn shop can sell your item to the public.
The typical time span of a pawn shop loan is between 90 and 120 days. After that point, the item becomes the legal property of the pawn shop owner.
Should you have any further questions and would like to pawn an item of value. Contact Capital Pawn and speak to our experienced pawnbrokers.