Pawn shops are on the rise, especially among the millennial generation. Whether due to the current financial times or just the popularity of programs like Pawn Stars, more and more Americans are headed to the shop to make some quick money.
You can pawn a huge variety of objects from your home at a pawn shop. Maybe you have a box of jewelry at home that you don’t often open. Wouldn’t it be nice to turn that into cash that you could actually use right away?
If you need a loan, a pawn shop can be an easy way to get liquid fast. But going to a pawn shop can be a confusing experience, especially for a first-timer. Read on, and we’ll walk you through how to pawn a bracelet at a pawn shop.
How Does A Pawn Shop Work?
If you’re not familiar with pawn shops, you may be curious about how the process works when you enter the store.
You can bring your bracelet in and share it with the pawnbroker. They will asses the value of the bracelet at a glance. If the value of your piece isn’t immediately easy to parse, they’ll likely bring in an appraiser.
An appraiser is a professional estimator and can give the most educated response as to the value of a piece of jewelry. You can always bring your bracelet to an appraiser on your own if you want to know its value before walking into the store.
Once there is an appraisal, the broker will make an offer on the bracelet. The offer is usually somewhat below the bracelet’s actual value.
Loans Vs. Cash
The offer that a pawnbroker will make for your bracelet can either be in terms of cash or as a loan.
If you plan to pawn your item as a loan, the broker will draw up the proper paperwork. You fill out these pages, and then cash and bracelet are exchanged. You then return with cash and interest within the specified amount of time, and the item can be returned to you.
Failure to return with cash in the proper amount of time will mean that the pawn shop gets to keep your jewelry. That’s the law.
However, you may be fine selling away your bracelet for good. If this is the case, you’ll be offered a cash amount right off the bat and can leave the store with it right then and there.
Pawn A Bracelet Today
Bracelets and other varieties of jewelry are some of the most popular and valuable pawn shop items. In pawning jewelry, it’s important to do your research and ensure you’re getting the proper value for your item.