A pawn shop can be a good place to get a few extra dollars if you need a loan or a quick sale. Pawn shops typically allow you to either sell an item outright, or place the item in the temporary care of the store in exchange for a cash loan, which must be paid in full plus interest by a specified date. Some pawn shops sell items for up to 70 percent cheaper than retail prices. Community Dashboard Random Article About Us Categories Recent Changes. Write an Article Request a New Article Answer a Request More Ideas Before you can go to a pawn shop to get cash, you'll need to find and gather valuable items in your home.

Some experts recommend checking the quality of certain items at home to ensure that only high-quality items are brought in. Jewelry that is stamped with "HGE" heavy gold electroplate , "GP" gold plated , or "RPG" rolled gold plated is virtually worthless in a pawn transaction. These pieces of jewelry are typically a baser metal coated with a thin plate to look more valuable. Be sure to make your item look as appealing as possible.

This may entail a simple dusting, or polishing off the tarnish on a piece of jewelry. Think about how the item would look to a consumer - if you were thinking of buying that item, would it look appealing in its current state?

Decide between pawning and selling. Your transaction doesn't necessarily have to end when you walk out of the pawn shop. Pawn shops typically let you either sell an item outright, or pawn the item. Pawning an item means that you leave that item in the store's care in exchange for a short-term loan. If you pay off the loan plus its accrued interest by a predetermined date, you can get your item back.

If not, the item becomes the store's property, and the owner of that pawn shop can sell your item to the public. After that point, the item becomes the legal property of the pawn shop owner.

The interest rates and fees applied to your loan are generally regulated by the state in which that pawn shop operates. Research your item s. Before you hand over your valuables to pawn or sell at a pawn shop, it's important to know the actual value of that item. Pawn shop proprietors will typically try to cut you down to the lowest possible price when you pawn or sell an item, so you'll need to know the value of each item beforehand.

Consider having your items appraised by a professional. Having a jeweler's for example written appraisal may help you bargain for a better deal on your items at the pawn shop.

Pawn shops are in the business to make money, so you will never get the resale value of your items at a pawn shop. Typically you can expect to get somewhere between 30 and 60 percent of the value of your items. There are numerous online pawn shops, as well as online bidding sites like ebay. These options can fetch a higher price for your goods, but the downside is that you will not walk away with cash in-hand the same day like you would with a pawn shop.

Look for the best pawn shop. Every pawn shop is different. Some shop owners will be more understanding and willing to work with customers than other shop owners.

Rather than blindly walking into the nearest pawn shop, it's worth your time and effort to research a number of pawn shops in your area to find one where you'll have a better experience. Read customer reviews online. By searching around and comparing reviews, you'll get a fairly decent feel for how honest, helpful, and fair a given pawn shop is.

Look for pawn shops that have been around for several years or that operate out of multiple locations. If the pawnshop is a so-called fly-by-night operation and closes its doors before you're through with your loan terms, you may be out of luck. Ask the proprietor for details. Once you've chosen a pawn shop and walked in through the door, you'll want to ask the store's owner or operator some basic questions about how your pawn or sale will go.

Some good questions to ask include: What is the monthly interest rate? What additional fees ticket fee, storage fee, lost receipt fee, etc. Do you have insurance for items that are lost or stolen from the store? Your copy of the paperwork you sign should detail the store's insurance policy, if any. Read it through before you sign and make sure it matches what the store operator has told you about their insurance policies. Do you require any necessary documentation?

If they don't, you're probably in a shop that you don't want to do business with. Where will you keep my items? Small items like jewelry can easily be kept behind the counter, but bigger items like a boat or appliance may require outside storage.

Make sure that your items will be kept in an insured, climate-controlled warehouse that won't expose your items to the elements.

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Know when to walk away. If the pawn shop seems to operate with questionable business practices, offers you an unreasonably low payment, or has unfair loan terms, simply walk away.

You have every right to turn down their offer. If you're walking away over the sum of money they're offering you, it may even convince the proprietor to make you a better offer. You're better off going elsewhere and finding a more trustworthy place to do business with.

Pay your loan off on time. If you pawned your item in exchange for a loan, you'll have a certain agreed-upon time frame in which to pay back the loan, plus interest and fees. Make sure that you keep track of when your payments are due not all pawn shops offer reminders, though some do send notifications by mail , as well as how much you'll owe after interest and fees.

If you can pay everything back, you should be able to walk away with your valuable item in-hand once again. Research pawn shops online. Researching a given pawn shop for online customer reviews is just as important for a buyer as it is for a seller.

You want to ensure that you're getting a reasonable deal, but you also want to ensure that the item you're buying matches the level of quality and performance you'd expect from such a purchase. If people say that items break fairly quickly after purchase, are badly damaged, or are simply overpriced, it's best to keep looking. Know what you want. Before you wander into a pawn shop, it's best to know what you're looking for and what that item typically retails for. Be aware of the item's condition when you view it in-store, as this may significantly change the value of that item.

Negotiate for a better deal. Most pawn shops are willing to negotiate on the sale price of an item. The store's operator knows that regular visitors will recognize that certain items aren't moving and may be willing to offer some kind of deal.

If you absolutely know that you are being ripped off, it's not worth it no matter how much you might like to own it. Paying in cash has numerous benefits for you as a consumer. It can help ensure that you stay within your budget, reduce the chances of credit card debt, and get you a better deal. Many pawn shop owners are more willing to negotiate with someone paying cash instead of with a credit card, as cash signifies a budget on the consumer's part and a guaranteed payment for the proprietor.

Don't be afraid to walk away. Don't forget that as a consumer, you have the ultimate last word. If you're not being offered a fair deal, or if you can tell the items are of poor quality, just walk away. It might get you a better offer from the proprietor, or at the very least it will ensure that you don't get ripped off. If I'm selling my item, do I need to provide my personal info, such as name, address, phone etc.?

You will need to show your identification to sell or pawn any items to a pawn shop. Not Helpful 0 Helpful 4. My item was sold on eBay before the limitation of 30 days. What can I do? Realistically, nothing can be done once the item is sold.

If you said sell, not pawn, then they had no liability for waiting. Otherwise you may be able to report them for improper business conduct. Not Helpful 1 Helpful 4. Can I sell my pawned jewelry to the shop the next day?

You should be able to. You didn't sell it to the shop; you just needed the money for some reason. You are free to do as you wish with it. Not Helpful 1 Helpful 3.

Should I get a receipt from the items I sold to a pawn shop? In fact, most pawn shops will not let you pick up your items without receipts.

Not Helpful 2 Helpful 4. How much is a PlayStation 4 with 2 controls? It depends whether you want it new or pre-owned. Not Helpful 0 Helpful 1.

What can I do if my jewelry was damaged by the pawnbrokers? It depends if it was insured with the store. That should be in any contract that you signed.

If you didn't sign anything, then there isn't anything you can do to legally get them to do anything. You should consult a lawyer to see if you have any grounds, as they'll be able to answer any questions you might have. What is the pawn 10 day grace period good for? Once a customer misses a payment, the pawn shop holds the item for a specified time, known as a grace period.

Not Helpful 1 Helpful 1. What do I do if I have lost my pawn shop receipt? The pawn shop will normally reprint you a ticket for a small charge. Your ID will be required, and you must be the one who pawned the item. Not Helpful 0 Helpful 0. I sold some jewelry to a pawn shop. My husband said I got ripped off. Is there a period of time that I can go back and get it back?

You probably signed a document -- a contract -- when you pawned your jewelry. If you still have your copy, read it. It will answer your questions.

By the way, it's not likely that you were "ripped off" by the pawn shop. They made you an offer, and you accepted it. Now they're free to set any price they like on your jewelry. Pawn shops do take advantage of people in desperate situations, but it's a legal business. Is it true that you can buy real gold, silver or gemstone jewelry at a pawnshop for much less than retail? Answer this question Flag as Can a pawn shop refuse to return my loan that I paid for until I pay for all my past due loans?

The pawn shop has asked for 24 hours to authenticate a luxury watch that I want to sell. Already answered Not a question Bad question Other. If this question or a similar one is answered twice in this section, please click here to let us know.

Tips It is always good to take any accessories that go with your item with you to the pawn shop. Things like a charger for a cell phone, the memory card for a camera, or the power cord for a television will make it more likely to be accepted. Pawnshops have pretty much stopped taking television sets that aren't flat screen and HD-Ready.

The same goes for VCR's and VHS cassettes, etc.

Is it Better to Pawn or Sell at a Pawn Shop? |

They are pretty obsolete these days, and aren't worth much - which makes them harder to sell and worthless as security. On a similar note, items like tablets, video gaming systems, laptops, etc. Your item needs to be in good, safe working condition to get any money.

They have to sell it later to make their money back, if you don't repay the loan. With electronics such as tablets, cameras, laptops, cd players, etc. At the end of the day, the pawn shop owners are trying to run a profitable business. It's expected that you'll try to negotiate a better deal, but don't expect the proprietor to accept whatever offer you give him.

Warnings Make absolutely sure the item is not stolen! Pawn shops are required to work closely with the local police. They have to turn in the serial numbers for everything that is pawned.

When an item is reported stolen, if the owner has the serial number, it will be put in a database of stolen items. Then if someone tries to pawn it, the police are able to match the serial numbers to the stolen item, and return it to the rightful owner. They can and may press charges! Even if you didn't steal it, but someone else did, you are the one who tried to pawn it, so they will come looking for you.

Make sure you can repay the loan later and get your item back. There are some places called a "title pawn" shop. This is different from a traditional pawn shop, as it is a place where you pawn the title to your car. You agree on a price, they give you the money, and you give them the title to your car. If you don't pay the loan, they come take your car. This is a very risky thing, as you could lose your car over a few hundred dollars if you don't pay up.

Things You'll Need An item you want to pawn. Edit Related wikiHows WH. Budgeting In other languages: Thanks to all authors for creating a page that has been read , times. Did this article help you? Cookies make wikiHow better. By continuing to use our site, you agree to our cookie policy. Reader Success Stories Share yours! RM Refiloe Motsoane Sep 14, The only way was to sell her watch and the crown she won at the international queen crowning. Thank you for the advice.

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