If you need extra money one great and easy way to get some green in your hand is to use a pawn shop. This would work well if you have anything to sell. If you have never done this before, below are three things you should know about a pawn shop.
How Pawn Shops Work
You can simply walk into a pawn shop and sell your item to them. You could also loan the item if you do not want to sell it. This item is used as collateral to get the money that you need. Once you pay the money back you get your item back.
The pawn shop will set up a payment plan with you and you will have to pay off the loan in a certain amount of time. This loan will have interest so make sure you ask what the interest rate is. If you do not pay the loan on time, the pawn shop will keep your item.
If you have bad credit, this would be beneficial for you. This is because you would likely not be able to get a traditional loan, such as through a bank. The pawn shop will not have to do any kind of credit check as they have the item as collateral.
Types of Items to Pawn
Most pawn shop will accept just about anything you want to sell. There are pawn shops, however, that do specialize in certain items. For example, the pawn shop may specialize in electronics.
Musical instruments, jewelry, and electronics generally sell well, so you would get more money for these things. You could also sell things like cameras, stereo equipment, and more. Many pawn shops love to buy precious metals, such as gold, silver, or platinum. Diamonds and other gems also sell well, so you would likely be offered more money.
Video games systems are also a good thing to sell. This could be newer video game systems, or many people like vintage game systems also. This is especially true if you also have the vintage games to go along with the game system.
Check the Worth of Your Items
If you are planning to sell your items, make sure you know what they are worth before you go to the pawn shop. The last thing you want to have happen is to sell something that is very expensive for very little money.
For example, if you have diamonds or other types of gems, take them to a dealer to have them appraised. Once appraised ask the dealer to give you a certificate showing you what each item is worth. You will not be able to sell the item for its actual value, however. This is still much easier than selling your item online, as you could get cash in your hand immediately.
Talk with a few pawn shops in your area, such as Pawn World, to learn much more about them and how they work.Share