Don’t Be Reluctant To Use A Pawnshop

Some people aren’t sure if they trust their local pawnbroker. That’s because there are a lot of misconceptions about what pawnshops are. The truth is most people who have bad things to say about pawnshops probably have never been inside a pawnshop. They don’t have enough information and experience with an actual pawnbroker to trust them with their valuable goods. Pawnshops are a good place to approach when you find yourself in financial trouble. You can take out a pawn loan if you aren’t ready to part with your goods yet or you can sell your valuables outright.

You need to trust that the pawnshop will keep your valuables safe until you pay the loan back and redeem your valuables. You also need to be confident that your pawnbroker will offer you the best price for your valuables when you do sell them. Pawnshops are embedded in the neighborhoods they operate in, if you are thinking of pawning something, you can ask people around the neighborhood about the local pawnshops  to get a sense of which ones are held in high regard.

One other way to find out what the reputation of a certain pawnbroker is by googling it and looking at reviews. Normally, people will go online to post about the experiences they have had at a particular pawnshop.

Speak to the proprietor or pawnbroker

If you’ve never dealt with a pawnshop it is always good idea to speak to the pawnbroker about how they operate and how much they would be willing to give you for a particular item. Explain to the pawnbroker that this is your first time and you would like to know more information before you commit. You will find a lot of pawnbrokers very accommodating. Ask questions like:

  • How long have been in business?
  • What are you interested in most of all?
  • How does your loan process work?
  • What are the interest fees?
  • Do you charge late fees?
  • Do you offer an extension on loans?
  • What happens if you fail to repay your loan back on time?

The safety of your items should be foremost in your mind, so this is something you might want to address before you hand over your goods to a pawnbroker. So, you should ask if the pawnbroker has insurance that will cover your pawned item in case something were to happen to the store. Find out what happens if the item you pawn gets damaged whilst in the custody of the pawnbroker. Is there security?

How does a pawnbroker evaluate goods?

Pawnbrokers accept a variety of things from TVs to Lawnmowers but what a lot of pawnbrokers like the most is gold jewellery. This is what you’ll probably see when you go into a pawnshop: gold jewellery from rings to luxury watches in gleaming glass display cases. Different items are assessed differently. Some might take time whilst others might be done quickly. Old, vintage jewellery might need to be evaluated offsite. Gold has to be checked, weighed and its value calculated. You may not even get the full value of what’s been calculated, but only a fraction. Also, visit different pawnshops and compare prices. Negotiate until you can come to a price that works for you.