What You Need to Know About Pawning

Visiting a pawn shop is an experience unlike any other. There is no set inventory, you never know what you’re going to find, and you can even make a little money if you have something interesting to pawn or sell. In fact, pawning items is actually one of the easiest and fastest ways to obtain cash fast without putting yourself through the hassle of begging a lending institution for the funds you need. However, just because it’s easy to get a loan at a pawn shop, doesn’t mean you should go in blind. That’s why, we’ve put together a list of all the things you nee to know about pawning, so you know exactly what to expect and can enjoy a positive pawning experience.

Don’t Believe Everything You Hear

It really is a shame that pawn shops are so often seen as “shady” or “dirty” by people who have likely never even been inside a pawn shop before. In reality, pawn shops are fully regulated by countless strict state and local laws, plus 14 different federal statutes and policies. They’re often run by very hardworking people who care about supporting their customers and providing the best service, and are typically clean, well-lit, and organized. That means, you can expect to get fair prices and loan terms when pawning items.   

Earn Cash Fast

There are two different ways you can earn cash at a pawn shop.

• Selling an item outright will ensure you have the money you need without the obligation of having to pay the money back. However, there is never a guarantee that you can get something back once it’s been sold.
• Pawning items is a much more common approach. It’s basically a collateral-based loan that requires you to relinquish an item in exchange for compensation that is less than or equal to the value of the item. If you pay the loan off within the agreed upon time frame with the appropriate interest, you can get your possession back no questions asked. If not, you can either renegotiate the terms the terms of your loan to give yourself more time, or abandon the loan entirely and allow the item to be sold to cover the cost of your outstanding balance. Just make sure you get your pawn ticket, which is like a receipt, to ensure you have all the details of your loan terms and agreements.

What Can You Pawn

Typically, pawn shops will be most interested in things that have high resale potential. Things like electronics, jewelry, coins, musical instruments, firearms, collectible items, and other items of significant value are going to be at the top of the list. Personal items, décor, items that are cheaply made or outdated are some examples of things a pawn shop will not likely accept.

Prepare For Pushback

Do not get easily offended if your pawn broker suddenly starts asking you questions as if you came in with stolen goods. Brokers are legally obligated to make sure that any person trying to pawn an item is the legal owner of said item. It is not because they believe the item isn’t yours, but rather a way to ensure the legitimacy of the transaction – so make sure you bring in a government issued ID, because you’re going to need it.

Looking to enjoy an incredible pawning experience? Perfect! Just choose Traders Loan and Jewelry – the oldest and best pawn shop in the Valley since 1954! Stop in to Traders Loan & Jewelry today at 18505 Sherman Way Reseda, CA 91335, call 818.345.8696 , or simply fill out the form on our contact page if you have any questions.