Pawn shops provide a simple, easy way to access cash quickly when you need it. Money is loaned against items of value which can be reclaimed by a set date providing the full amount agreed can be paid. Pawnbroking dates back centuries, and is still a popular method of short term loans and quick cash to this day.
It is the pawn broker’s decision what they wish to buy or pawn and what they do not. Most will take almost any item of value on a pawn basis, but will usually only buy items they think they can sell quickly. Some of the most popular items pawned by customers today are gold, silver, jewellery, and electronics. Pawn shops are very careful not to accept stolen property so take all the paperwork you relating to the item you wish to pawn such as certificates of authenticity, receipts and warranties. Other popular items include DVDs, watches, games consoles, stereo equipment, art, instruments, sports equipment and tools.
Pawn shops and pawn brokers do not often accept items such as books and clothing unless they are of an especially high value, such as a rare first edition book or vintage designer clothing. Other items unlikely to be accepted are those which appear to be of a questionable nature, such as items which may be fakes or replicas, those for which ownership cannot be proven, perishables, broken items and those which are not in full working order.
Some customers are prone to over valuing their items, often thinking they will get retail price, or close to it, for their used pawn items. Pawn brokers will offer what they see as a fair value for the risk that you may not return to claim your item and pay the interest – which is where they make their profit. The pawn shop have to be 100% sure that if the customer does not return to reclaim the item and pay back the loan and interest, they have enough profit in the item to make their money back by selling it.
Each pawn broker will offer what they consider to be a reasonable amount for the item, again this is entirely their jurisdiction. Some are open to negotiation, especially on more valuable items, so don’t be afraid to ask. They may offer less for an item they think may be hard to sell as they need to keep stock rolling over to turn a profit, and can’t have money tied up in items laying on shelves for months.
Anyone can buy goods from a pawnshop, as long as they meet legal restrictions such as age limits on DVDs and games. However in order to pawn or sell your items you will need to be over the age of 18, and have ID such as a full driver’s license or passport. You will need to give the pawnshop some basic details such as your contact details, and sign to say the item belongs to you. Many criminals try to obtain cash for stolen goods at pawn shops, so pawn brokers work closely with the police and fraud squad. Be sure you know where your item came from and that it is legitimate.
