If you need quick cash, one of the best options is to get a loan from a local pawn shop. Pawn brokers provide loans based on the value of your item, and best of all, you can get the item back once the loan is paid off. When you need money in a pinch, you don’t always have a lot of options. If you do not want to sell important items to make money, you should consider pawning instead. Loans use your items as collateral and give them right back to you once the loan is fully paid off. But what is the best thing to pawn? In this article, we will cover some of the more common pawned items. If you have questions about loans and pawning items in NYC, give us a call or visit one of our two locations in the Bronx.
What Items Are In High Demand At Pawn Shops?
First and foremost, let’s consider what items are in high demand. Pawn shops base their loan on the value of the item you are using as collateral. This is because pawn shops will need to sell that item if someone chooses to not pay off their loan. So they only want to provide loans on things that are valuable, in good condition, and easy to sell. Some of the most common things sold to pawn shops are jewelry, power tools, luxury goods, musical instruments, and electronics. The most important thing to a pawn shop is the quality of the item. Jewelry made with pure gold and real diamonds is going to be worth more than brass jewelry with gold plating. But even beyond the intrinsic value of an item, it is important that the item is in good condition. If jewelry is dented, scratched, or scuffed, this can devalue it. Our pawn shop will appraise the item you use for the loan to determine the loan amount.
What Should I Pawn If I Need Around $50?
Items that are often pawned for around $50 would include some electronics like a used laptop or high-quality headphones. Designer belts or sunglasses might also be valued around $50. Remember, that pawnshops will determine a loan amount that is lower than what you might get if you were selling something outright. This is because, in the event that a person doesn’t pay off their loan, the pawn shop needs to be able to make a profit off of the item. So even if you could sell something for $75 to $100, the loan for that item might be closer to $50.
What Should I Pawn If I Need Around $100?
Expensive electronics including flat-screen television, a newer gaming console, or Bose speakers, might get you around $100 depending on their condition. Additionally, if you are looking to get $100 gold & platinum jewelry or diamond jewelry may be the right call. On average pawn shops offer anywhere from 25% to 60% of the value they could sell that item for. So to get a $100 loan, you need used items that total $167-$400 in value.
Where Should I Pawn Items in NYC
Paradise Pawn has two convenient locations in the Bronx. If you live in NYC, work in the city, or live in the surrounding towns, we can help you with loans, quick cash, and more. For more information please give us a call.