How Do Pawn Shops Work?
The service that most pawn shops specialize in, and the one that they prefer, is pawning, which is a collateral-based loan. You give an item to the shop, such as jewelry, and receive a cash loan in return. The average loan is around $100. You are usually given about 90-120 days to repay the loan, including interest and fees assessed by the shop. If you are unable to repay the loan on time, the shop will then own the item and resell it. This will also extend the loan and cause additional charges to be added, which can also impact your credit if it goes unpaid.
Pawn shops will also buy an item outright from you, but they make more from loans so they will try to offer you that option instead.
Selling Your Items at a Pawn Shop
There are some best practices to follow when pawning or selling items to a pawn shop, such as:
Know ahead of time whether you want to pawn or sell.
Set a minimum price ahead of time.
Be prepared to negotiate.
If the item is valuable, you’ll need to prove its worth, such as having it appraised.
Electronics should have fresh batteries, so you can show the shop that it works.
Bring items in their original packaging if you can.
Clean and polish items.
Make sure you can repay loans on time.
How Can I Make Money at a Pawn Shop?
It’s simple to make money off your old items in Salt Lake City, Utah. Pawn Brokers Exchange offers many services which can help you make some extra money quickly. Our secured money loans come with a quick application and approval process, a set monthly fee, and no varied interest rate. There are no hidden charges and no accrued interest. We also conduct coin appraisals and can help you buy, sell, or pawn any gold pieces. Our other services include jewelry appraisals and we can buy or provide loans for many items, including:
- Musical instruments
Contact Pawn Brokers Exchange in Salt Lake City, Utah, today to buy, sell, or pawn your items for cash.