Archive for October, 2016

Reasons to Pawn your Items

Thursday, October 13th, 2016

There are a lot of reasons why it is best for you to pawn your jewelries or other valuable items. We have listed few of the most common reasons why people go to a pawnshop to exchange their jewelries for cash.

Immediate Cash

At some point in your life, you will face a financial crisis whether it is because of a rent that you need to pay or bills that are piling up or an emergency at home.

One of the easiest ways to get the money you need is to sell your property or belongings. The sad part about selling your items is that you completely lose ownership of your valuables.

However, you do not always have to sell your items. When you pawn your items, you can still get the money you need without losing ownership of your valuables. You walk away with the money that you need, but you still have the chance to get your valuables back. You just have to pay a certain interest.

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Hassle-Free Loan

Pawning jewelries is probably the easiest way to gain loan approval. It is almost an auto-approve loan. We say almost because it still depends on the quality of the item you intend to use as collateral. However, in most cases, as long as your item is of value then the pawnshop will have a price for it.

Pawnshop transactions compared to bank loans are more convenient. First is that you do not have to go through a series of interrogation, no background check required, minimal to document required (except valid ID in most cases) and you get a straightforward answer. You do not have to wait for weeks or even months just to find out if you have been approved or denied.
You just take your item to the pawnshop, then they will assess it and close the deal.

Make money out of your unused jewelries

You have to admit that you do not really use all your jewelries all the time. You just keep most of them inside a jewelry box for nothing.

Instead of just keeping it hidden in your house, you can make money out through pawning. Whenever you pawn, you do not lose ownership of the item, but you just let someone else look after it.

Pawning is actually a good idea if you want to make money because you can use what you currently have and earn extra cash.

You can even use the money from the pawned item to start a new business or invest it in something that will generate more cash inflow for you.

Once you have enough made enough money from your recent investment then you can pay off your loan from the pawnshop so you can get your items back. Therefore, instead of just letting your jewelries remain useless, you were able to use to generate income.

 

Get a Free Appraisal of your Jewelries

Whenever you pawn an item, a pawnbroker assesses it. Pawnbrokers are skilled and trained to check the value of a jewelry. By having it checked by an expert, you will know its current market value.
Therefore, you will have an idea if the current value has decreased or increased compared to when you initially bought it. This will help you decide on the best thing for you to do.

Secure Safekeeping

You may have never thought of it this way but when you pawn your jewelries, you are actually keeping them in a more secure place. Say for instance, you will be away for a while and no one will look after your house. Instead of just leaving your jewelries behind, you can have them safely deposited in a pawnshop.

Pawnshops have secure safekeeping practices because it is part of their business operation. Unlike your home, they have added security features that will keep your items safe. Therefore when you leave for a vacation or a long trip, you will have a peace of mind that your items are kept securely somewhere else, instead of leaving them unprotected in your own house.

How a Pawn Shop Works and the Services It Offers

Wednesday, October 12th, 2016

If you need instant cash for your financial emergency, a pawn shop is the best place to be. All you need to do is check some valuable stuff in your basement, attic, or jewelry box and pawn them. But even if this is a common practice and known to many, novices need to learn the basics of pawning valuables. In fact, more people are looking for short term solutions without selling their lands. So if it’s your first time to deal with a pawn broker, the following tips will guide you in the process.

Pawn shops are not the scary places like they’ve been telling you. To tell the truth, the media only made it appear shady, but if you will ask previous customers they will tell you how it helped them earn enough cash for their financial emergencies. Regulated by federal laws and guidelines, rest assured that you will get what you exactly deserve when dealing with local pawn brokers. With majority of trustworthy pawn stores across the globe, you are guaranteed to receive the best price from your pawned items.

 

 

Basic Information to Learn About

Here are the basic steps when getting a pawn loan:

  1. A typical pawn shop provides collateral based loans in which customers can get money from an item of value. For instance, you can present your gold necklace and they will assess it to get the pawn value based on the current market rate. Once you have repaid the loan, the item will be returned to you.
  2. You can sell old jewelries and other valuable items to pawn shops outright. However, some pawn brokers choose loans because they earn more profits than buying items from customers. So you need to decide whether to pawn or sell your items for the ideal deal you want.
  3. If you decide to transact with a pawn broker, make sure to receive your pawn ticket. Once you get this, keep it safe and never lose it. The ticket will show you the loan terms including the item description, expiration date, fees, and other important details that you need to know.

When it comes to repaying the pawn loan, you only have two options to do this. First is to return the balance including the total loan amount with added fees prior to your deadline or expiration date. Usually, you will have one to four months before your pawn loan expires. The second one is not returning the money, but your item will now belong to the pawn shop. Once you lose the item, you are not obliged to pay anything anymore and face other consequences.pawn-shop

 

Other Essential Things to Keep In Mind

For the interest rate, cents and dollars of the pawn store get less complicated because they have certain rules to follow and cut-and-dried interest rates. Remember that pawn loans are regulated by state laws so you are protected from any potential problem that may arise between you and your broker. And with the rapid changes in the pawn industry, you need to consider maximum finance charge and avoid expecting too much.

In order to know the rates within your area, you can visit the local website and see available information. Most likely, the details are provided to guide consumers before they make decisions. The thing is that you need to ensure that your pawn broker explains everything to you prior to signing of agreements. And as a customer, you need to keep some important tips in mind. Do not offer anything that is outdated. Instead, present your coins or jewelries to get great values.

So if you are currently looking for a reliable pawn shop, you’re on the right site. And now that you know the basics of pawning and dealing with local pawn brokers, rest assured that you can get what you exactly want. Just make sure that you are choosing the right pawn store in your area with proven solutions and reliable services.