A loan from a pawnshop can often get you the quick cash you need. However, it is important to understand both how loans work as well as what you should pawn. We have covered the common items that you can pawn. But we also want to cover the items that you cannot or probably should not pawn. If you have any questions about selling or getting loans in NYC, give us a call or come visit us at one of our locations in the Bronx.
Every Pawnshop Is Different
First and foremost, not every pawnshop accepts the same things. While almost any pawnshop will take jewelry, certain shops will have different policies for different items. These policies can vary based on state and local laws as well as preferences your local shop has. For example, some pawnshops might take collectibles like Pokemon cards or Baseball cards, while others might not. Some pawnshops might not take gold-plated or gold-filled jewelry since it doesn’t have real gold. Make sure to call or check the website of the pawnshop you are going to if you are planning to pawn any strange or unique item.
What Items You Shouldn’t Use For a Loan?
Another thing to consider is what items you might not want to use for a loan. We have all heard the stories of someone using a family heirloom or engagement ring for a pawn loan only to not be able to get it back. While some of these horror stories are urban legends, it is important to remember that a pawnshop can sell your item if you do not pay back your loan and retrieve it. Different states have different laws about how and when items can be sold, but it is always recommended that you avoid using an item you would regret not getting back, even if you believe that you will have the money right away.
What Items Can’t Be Used For A Loan?
Lastly, you always want to consider state laws for what can and can’t be pawned. Obviously, you are not allowed to pawn any stolen property or anything you do not have legal ownership of. Additionally, items like weapons (including firearms) or vehicles may require extra steps in order to pawn the item. Items that are registered to someone’s name like a firearm need to be registered to the person who is pawning them in order to be pawned. That being said, not every pawnshop takes firearms.
Learn More About Loans in NYC
If you are looking to get a loan on any items and want to know how the process works, if we can buy it, or what you can get for it, come visit us at either of our two locations in the Bronx, or give us a call.