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The Most Important Thing That You Should Know About Pawn Shops

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updated: 12.9.2015

2 minute read

 

Every day people come into our store. Every day people bring us items. Every day we ask the same question… “Do you want to pawn it or sell it?”
It’s the million dollar question, but how do you answer?
This question can be very confusing for someone who is not familiar with how a pawn shop works. Most people think that the words ‘pawn’ & ‘sell’ mean the same thing, and can be used the same way. Dead wrong. We’ll explain…
Selling
To sell an item is just that, you sell it. You bring your item into the shop, we assess the value of the item, and make you an offer. If you accept the offer, we purchase the item and hand you cash. Simple. You’re not required to do anything else. You take your cash, and we take care of the rest. Enough about that though, everyone knows how to sell something…
Pawning
Pawning is very different from selling. A pawn, in its simplest form, is a loan. You bring an item in, we determine the value of the item, and offer you a cash loan on the spot. If you accept the offer, we hand you cash, and hold the item in the back for you to pick up at a later date. That’s it. No credit checks. No application. Simple.The terms of the loan are easy as well. A pawn loan is initially a (30) day loan at 25% interest per month. So if we loaned you $100 on your Laptop, you would have (30) days to redeem your laptop for $125, or pay to extend your laptop for only $25. If for any reason you don’t pay on your loan during the first (30) days, we extend the loan for another (30) days to allow you more time to redeem the pawn. The extra (30) day extension adds another month of interest to the loan as well.
Want to know the best thing about a pawn loan?
It is entirely up to you to decide if you want to pay back your loan.
That’s right, we said it. If you decide not to pay us back, it’s ok. It won’t hurt your credit. We won’t hunt you down. We won’t send you a bill. You decide whether or not you want to redeem your item. If your pawn loan makes it (62) days with absolutely no payment or no contact from you whatsoever, the pawned item is forfeited and put on the shelf to be sold.
See? Simple.
One last thing. If you are trying to get the most cash possible, and don’t mind getting rid of the item, tell the pawn shop that you want to sell it. In most cases, selling an item to a pawn shop will give you more cash. However, if you think you may want to get the item back, a pawn is the right choice for you!