What Services Does a Pawn Shop Offer?

The pawn shop is the best place to sell your old items and buy used items. However, only a few people know, but they offer more services than just pawning; you can get a loan with fewer requirements than at the bank, and you can get cash the same day.

Pawning Your Items

Selling your Items at a pawn shop is one of the best ways to get all the money you can from something you no longer need. The employee at the pawn shop will help you know how much money it is worth. Although, before you bring your item in, clean it, as clean items look more valuable than dirty ones. Look up your item on other websites that sell used items to ensure you get every penny out of your value. 

Also, many pawnshops will specialize in certain items like hunting gear, jewelry, or instruments, so just make sure you choose a location that specializes in the item you are selling, as you will likely make more money from it. 

Buying Used Items

The pawn shop is also great for buying used items; you can find just about anything you need, from nice jewelry to hunting gear and household appliances. If you are looking for something specific, like hunting gear, for example, go to a pawn shop specializing in that area. You wouldn’t go to a location specializing in jewelry to find good hunting gear. 

Also, ensure the employees and company takes care of the store and put effort into making it look nice. When they think about a pawn shop, many people think about a messy store with a bunch of random things, but a professional local pawn shop that cares for the customers and products will have everything in sections and organized. 

If you are buying something like a guitar, bike, or anything that you can try out easily, ask an employee if you can try it out; this way, you will be able to know if it is what you need or want. Plus, you will be able to get an idea of how long it will be able to last.

Short-Term Loans

Along with buying and selling used items, pawn shops also have the option to take out a loan. To take out a loan from a pawn shop, you don’t have to have a good credit score or history; you just have an item you are willing to sell.

How the process works: you will give the pawn shop your item, and they will give you a price estimate based on how much they think it is worth, then they will give you either 25%-60% of that said amount.

Then, they will keep your item in their store, but they won’t sell it. They will give you a ticket to get your item back once you are ready to repay the loan. I recommend taking a picture of this ticket on your phone in case you lose the paper one on accident. 

You will receive the loan and a deadline. Deadlines are usually around 30 – 60 days and aren’t very long. This is one downside of getting a loan from a pawnshop rather than the bank, the deadlines aren’t very long, and you can’t get as much money. Along with this, the interest rate is higher than loans from the bank. 

If you cannot pay back the money within the deadline, you can either get an extended deadline, which will collect a lot more interest than what it has already collected, or the pawn shop will just sell your item to get the money back.

So make sure any item you take to a pawn shop to take out a loan isn’t anything that has much emotional value, as there is a chance that you won’t be able to pay the loan back.

Same Day Cash

One major upside to getting a loan or selling something to a pawn shop is that you get the money immediately and don’t have to wait. Because with the loan, you don’t have to wait to get a credit or history check done before you get the money. 

Like everything else, there are a lot of ups and downs when you decide to work with a pawn shop. But as long as you research and ensure the pawn shop you decide to sell, buy, or take a loan from is professional, you should expect a good experience. Also, make sure you and the pawn shop employee go over everything to make sure you don’t miss any guidelines that may cause issues in the future.