Let’s face it, 2020 wasn’t an easy year. There’s no shame in admitting you may need a little help in the money area. But why go to a pawn shop when you can apply for a loan from your bank? Because pawn shops mean fast money—and a loan from a pawn shop won’t lower your credit score. Just give the pawnbroker your valuable to use as collateral, get the cash, and you’re out of there! It’s fast, easy money without a hassle. And it’s better than selling your stuff online because face it, that could take forever.

Don’t go by what you’ve heard about pawn shops in the past. It’s a new era for them. They are no longer the shady places you used to see on television. Pawnshops are a place you can trust. They have a method to determine the value of your article. A pawnbroker will examine the product and assess the value. You can check out a pawn shop’s website prior to your visit in order to see what you can and cannot pawn. Jewelry, electronics, or musical instruments are good choices.

The reason that pawnshops are reputable is that they are regulated by local and state laws, due to the nature of the business. They have to abide by specifics such as setting storage fees and interest rates; and how long they can hold items. It’s not that different from how financial institutions operate.

Stolen goods being sold in pawnshops is a thing of the past. With today’s technology and software, it’s easy to track and identify stolen items because most have their own serial number. So be prepared when the pawnbroker asks you questions to determine if something is truly your property. It’s nothing to be offended about, it’s the pawn broker’s responsibility to make sure your asset is genuine.

What happens if you don’t pay back the loan?

A typical pawn loan is 30 days. Depending on the pawnbroker, 60- day and 90- day options may also be available to you. If you do not have the full amount borrowed on the day your loan matures, simply pay the interest, and your loan automatically renews for another term.

Should a borrower not repay the loan—and not come back to claim their property, the pawnbroker owns the item and will sell it to make a profit. However, there is no effect on your credit—that is not part of the transaction.

And if you finally do come up with the money, you can talk to the pawnbroker about getting your item back after the fact. Even if it’s been sold, the pawnbroker may be able to track it down for you. Pawnbrokers are all about satisfying their customers.

Do you have an item you’d like to sell? Call our store closest to you for fast results!