Can I Pawn The Same Item Twice?

Can I Pawn The Same Item Twice?

Pawning an item is one of the best ways to quickly get the cash you might need for a sudden or large expense. Many people choose to pawn for a few key benefits. First and foremost, pawn loans have no effect on your credit score or your ability to take loans in the future. Additionally, your loan is based on an existing credit score, so you won’t have to deal with being offered less money or given a higher interest rate because of previous issues with credit. Most importantly, with pawning you are able to reclaim the item by paying off your loan. Some frequently asked questions people will ask are whether the same item can be pawned multiple times with a pawn shop, or if multiple items can be pawned together. In this article, we will discuss these elements of pawning. If you have specific questions for our locations in the Bronx, please contact us. 

Can I Pawn One Item Multiple Times?

Many people who work with pawn shops for quick cash often become loyal to the pawn shops that work with them. That relationship is mutually beneficial to both shops and customers. A common misconception is that pawn shops want people to fail at paying off their loans. In fact, pawn shops, just like banks, like having loyal customers that can trust them. And because pawn shops have other services like selling used and new items, it is beneficial to have loyal customers. One common question people then have is if a person can pawn an item, recover it, and then pawn it again in the future with the same shop. 

For many pawn shops the answer is yes. While pawn shops keep records of previous loans made, there is often no penalty or issue using the same item multiple times. If you end up needing quick cash multiple times, and you have an item that you are comfortable pawning, it might make sense to pawn the same item again. One thing to consider is the value of the item might change over time. Item value is often based on what the resale value of the item. A used item tends to depreciate in value the older it gets both because of wear and tear and decreased demand over time. So just because you pawn an item once doesn’t mean you will get the same loan for it each time. 

Can I Pawn Multiple Items Together?

Sometimes pawning a single item will not be enough. It might be necessary to pawn multiple items together. In some cases, if you are pawning an item that comes with multiple pieces like a collection of collectibles or an electronic device like a video game console, you can bundle items together for a higher loan. For example, if you pawn a console, controllers, peripherals and games together, or if you pawn a group of rare trading cards. Another option is to pawn multiple items for multiple loans. Many pawn shops might set up multiple loans at once with a person for different items, like a watch and a diamond ring. Each item might have its own loan amount and need to be paid off. 

Get Answers To Pawning Questions in NYC

If you live in the NYC area, Paradise Pawn provides pawning options for residents in the NYC area. If you have any questions on what we buy, what we sell, or how pawning works, please contact us.