With more than 25% of U.S. households are underbanked or unbanked, millions of people rely on alternative financial services to access instant loans.
Among such services are pawn shops.
In addition to offering loans on items, pawn shops are also a great way to sell the things you no longer need.
But with the emergence of online selling platforms such as Craigslist, many are wondering whether it’s better to sell online or via local pawn shops.
To clear things up, we’ll compare the two selling methods based on the following criteria:
In most cases, you won’t get your item’s asking price at a pawnshop. But while you can get good deals by listing your items on Craigslist, pawn experts are better at providing instant cash.
All you need to do is avail your item, agree on the price, and walk away with the cash.
2. Value for Items
Sometimes you might not know the exact value of the items you’re selling.
If you sell via Craigslist, you’ll have to research the price on your own, post the item, and wait for an offer. Due to the high number of buyers and sellers, you might even lack offers. In this case, you’ll have to reduce your price and make do with less value for your item.
With pawn shops, you get a fair assessment of your item’s value without the hassle of haggling with different buyers. If the dealer can’t determine the pawn value of your item, they’ll enlist it to outside contacts who can price it.
This way, you won’t have to sell your items at prices determined through guesswork.
With PawnGuru’s pawn/sell option, it’s easier, faster and more convenient to find nearby pawn shops. All you need to do is post the details of what you’re selling and wait for cash offers to start trickling in.
Compare that to selling via Craigslist, where you aren’t even sure of the quality of buyers. When you finally do get a buyer, you might need to travel long distances to meet them.
That’s not to mention the possibility of being lowballed by a potential buyer.
Selling your items through the internet exposes it to more potential buyers.
However, that comes at a price. Not everybody has good intentions, and you might be defrauded when dealing with total strangers.
Online selling is unregulated and it can be hard to track down fraudsters.
Pawn shops, on the other hand, are regulated by state pawnshop laws.
Additionally, they have a physical store where you can raise concerns in case of anything.
5. Collateral Options
Quite often, the best things to pawn have a high sentimental value. Sometimes, you might sell an item due to a dire financial situation, but change your mind after some time.
In such a case, you’ll want your selling platform to provide collateral options so you can buy back those items in case you change your mind.
Collateral options are only available when you sell via a pawn shop. You can get an instant loan on an item, pay it back with the agreed interest, and get your item returned.
But, once you sell via Craigslist, there’s no going back.
Craigslist vs. Pawn Shops: Which is Better?
Clearly, pawn shops are a better selling option compared to Craigslist.
That’s especially true if you consider the added convenience of PawnGuru, which allows you to find and compare pawn shops within your locality from the comfort of your home.
If you have items you’d like to sell, sign up today to find the nearest, high-paying pawnshop.