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If you want to use a pawnshop to make some quick cash, then you should do your research before making any commitments. To help you get a better idea of how pawnshops work and how you can use them to your advantage, here are some tips to keep in mind.
Understand the Difference Between Pawning and Selling
The first thing that you should understand is the big difference between pawning and selling. Pawnshops will generally offer both options and they work very differently. Selling to a pawnshop is similar to selling anywhere else. They will appraise your item and pay you for what they think that it is worth.
Pawning, on the other hand, is a relatively unique type of loan service. When you pawn an item to a pawnshop, they will essentially use your item as collateral for a small loan. When you pay back the loan (with interest), you will be given your item back. If you do not pay the loan on time, then you might lose your item completely.
Now, if you are considering selling your valued possessions for some quick cash, pawning might be the better option. It gives you an easy method of getting your money now and your possessions later, but it does rely on the fact that your possessions have some value. You shouldn't expect to get a large loan with objectively low-value items to pawn.
If you are just try to get rid of some old stuff, then selling is likely a much more appealing option. If you are struggling to sell your stuff online, then pawnshops are a great way to get cash quickly.
Prepare Before Selling Gold Jewelry
If you are planning on selling gold jewelry, then it is crucial that you make some preparations before going to the pawnshop.
First of all, you should make sure that you know exactly how valuable each piece of jewelry is. Separating your jewelry and classifying it by karat value will allow you to greatly improve your bargaining position at the pawnshop.
Next, make sure that you sell your jewelry on a piece-by-piece basis instead of as a group. If you sell the pieces as a group, then the pawnshop will likely offer you a lower price than you might have gotten if you sold them individually. You'll need to actually sell each piece on your terms (by showing the value and demonstrating the purity), rather than allowing the pawnshop to be the sole determiner of how valuable your jewelry is.
For further assistance, contact a local pawnshop, such as Executive Loan Service.Share
21 October 2015