February 04, 2020 - Pawn Resources
Yes, temporarily or permanently getting rid of some of your unwanted things at a pawnshop could add some real dough into your pocket.
According to the NPA (National Pawnshop Association), the average person gets a loan of $150 for the item they bring in.
This, of course, varies on what you are willing to part with. But are pawnshops in Charleston a good option for you? Look into some key factors before deciding if it is your ideal option.
The internet is your friend! Use it to help you find the right place and the right price for your items. You can do this by looking at what other pawnshops are willing to offer.
You can also look around to see if certain pawnshops specialize in certain things. For example, if you are putting your engagement ring up to get a pawn shop loan, look for a shop that has expertise in buying and selling jewelry.
Pawn shops will give you the option to pawn something or to sell it. There are pros and cons to both options, but make sure you go in knowing about each option.
Your decision should be based on several things, but a primary thing to focus on is your ability to repay the loan. You should also take into consideration your ability to repay a loan and the value you placed on the item you are selling and/or pawning.
Make sure to set a minimum price for yourself before going in.
It is also important for you to make sure that you can prove the worth of your items. For example, if you have a special item like an original Beatles album or an expensive piece of jewelry make sure to get it appraised and come in with the paperwork when trading it in for a loan.
Also, make sure and see if the item you are pawning for a loan is a hot ticket item in your area. This can boost your chances of getting a higher loan.
If you are going to pawn something you own for a loan, always make sure you have a game plan ready to pay back the loan plus all of its fees on time.
Not doing so will either terminate your possession of the item or can tack on additional fees.
Often when people need money, they become desperate, and at times: take extreme measures.
Pawnshops are a great alternative for loans because it allows you to use the resources you already have. Do not be afraid to take advantage of your things! One man’s junk is another man’s loan.
Questions or comments about the pawnshop industry? Please feel free to contact us!
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles