A pawn broker, or pawn shop is a business which allows you to borrow money against an item you own, or sell it outright. In this article we explain more about how pawnbrokers work, and how pawn shops could help you.
Pawnbrokers and pawn shops can be a quick and useful way to access money fast when you need it most. If you only need the cash for a short amount of time you may choose to pawn a valuable item you own knowing that you can retrieve it when you have the money to pay back. Another convenient way to access money quickly through a pawn shop is to sell them your goods.
Pawning Your Valuables
Pawn shops will accept most items of value including computers, games consoles, jewellery and instruments, almost any item to which a monetary value can be attached. Simply take the item into the pawnbroker and they will offer you a loan amount against it. If you are happy with the amount offered a credit agreement is signed by yourself and the pawnbroker, usually set to run for 28 days on smaller items, however this can be extended by mutual agreement in many shops. Larger items such as cars and fine art may be pawned for 6 months or more, but policy varies from store to store so do check the rules of the pawn shop you use.
A pawnbroker cannot sell your item within the agreed period, however if you do not return to pay for and collect your item it becomes the property of the pawn shop who will then sell it to recover the money you were loaned.
Selling Your Valuables
If you do not wish to pawn your items you may wish to consider selling them to the pawnbroker. Selling items through pawn shops is a popular way to get cash fast, and not have to worry about repaying the loan. One of the most popular ways to access money through a pawn shop is to sell used gold jewellery that is no longer used or has no sentimental value. Unlike cash for gold websites, a pawnbroker can offer you cash on the spot for your used items, there is no postage or waiting around. Other unwanted valuables often sold in pawn shops include CDs, DVDs, gems and diamonds, luxury watches, digital cameras, laptops and MP3 players.
Whether you need a loan for a short period of time, or access to cash for your goods instantly, it is likely that a pawnbroker could help. Be sure to research local pawnbrokers to make sure you get the best prices and the best service. Most cities have a pawnbroker on the high street now making them easily accessible, and easy to visit of you have any questions or issues.
How Much Will I Get?
How much the pawnbroker offers you for your item depends on a number of factors. Most importantly the pawnbroker will try to determine how salable the item is. Whether they have bought it from you or you have pawned it, the broker needs to be sure he can sell it at a profit should he need to. Market trends, condition, rarity, and of course the original value of the item.
Be sure to research local pawn shops before making a decision to ensure you get the best deal possible.
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