We receive a lot of questions about pawning jewelry, and one of those is “should I pawn or sell my wedding ring?”
There are a couple different ways to answer this question. One is to answer if it is the right decision for you to part ways with your wedding ring, and the other is to answer if it is better to pawn your wedding ring or to sell it.
While we can’t answer that first question for you in this post, we can guide your thinking by asking you some questions that will help you make the decision. We will also tell you what to expect from pawning versus selling, and what might be the better route for you based on your priorities.
Read on to learn if you should pawn or sell your wedding ring.
Should I Pawn or Sell My Wedding Ring? Or Should I Keep It?
If you’re unsure if you should pawn or sell your wedding ring versus keeping it, we recommend you ask yourself the following questions.
- Is the ring made out of precious metal that is at a particularly high value right now? (check APMEX.com)
- Is there positive sentimental value tied to this wedding ring?
- Is there a possibility I’ll want this back?
- If I pawn it and can’t pay back the loan, will it be the end of the world if I don’t get the ring back?
- How would I feel about someone else wearing this ring if I can’t pay back the loan?
- What am I doing with the money I’ll get for it?
- Will the loss of the ring be offset by a more life-critical matter?
These questions are the best ones to ask yourself if you’re still unsure if you should pawn or sell your wedding ring. If you’ve answered these questions and still feel okay about pawning or selling your ring, read on and learn more about pawning versus selling.
Is it Better to Pawn or Sell My Wedding Ring?
If you’re ready to take your wedding ring to a pawn shop but aren’t sure if you’re going to pawn it or sell it, we’ll help you decide.
The Difference Between Pawning and Selling Your Ring
If you pawn your wedding ring, you are using it as collateral for a cash loan.
The pawnbroker will evaluate your ring and make you an offer. You will then get cash for the ring once you hand it over. However, you will be required to pay back the principal balance of the loan, including any interest and any fees agreed upon.
This all needs to take place within a timeframe specified by the pawn shop. Otherwise, the pawn shop has the right to keep your ring and resell it.
If you sell your wedding ring to a pawn shop, they will keep the ring for good and offer you cash for it. It’s pretty simple!
Do I Get More Cash For Pawning or Selling My Wedding Ring?
If you pawn your ring, you might end up getting a better cash offer for it. This is because the pawn shop considers pawn transactions less risky than ones in which they buy an item outright.
The pawn shop needs to resell an item if you sell it to them. And because they aren’t making any money in interest and fees from you when you sell it, it’s a bit riskier for them than if you had pawned the ring.
However, if the market price of gold, platinum, silver (or whatever the metal in the ring is) is at a low point when you pawn it, at least you’ll be able to get the ring back and sell it when the metal is being traded at a higher price down the road.
How Do I Pawn or Sell My Wedding Ring?
To find out today how much pawn shops will pay for your specific wedding ring in your area, sign up for PawnGuru for free!
Here is the step-by-step process (it’s easy!):
- Visit PawnGuru
- Create a free listing (upload a photo & detailed description of your ring, as well as your name, email address & phone number)
- Watch online offers roll in from your local pawn shops that take rings
- Once you get your offers, if you see one you like, bring your ring into that pawn shop
- Get the cash in exchange for your wedding ring
Now that we’ve given you some guidance on “should I pawn or sell my wedding ring,” you might also be interested in the following resources.