If you ever need quick money to pay a bill or handle a sudden expense, one of the best options is to work with a pawn shop in your area. Unlike other ways of quickly getting money, pawn shops have zero effect on future loans or credit since pawn shops do not impact your credit score. If you need quick cash that you don’t have in your bank account, and you can’t get a loan from a family member or friend, using a pawn shop is one of the most effective and safe ways to get cash. That said, there are many different things to consider when getting a loan. In this article, we will discuss how to get the most cash, pawning vs selling, and more information on pawning. If you live in NYC and need quick cash, we have two locations in the Bronx that can help you. Click below to learn more.
Pawning Vs Selling at Pawn Shops
Selling will always get you more money upfront. That said, it is often beneficial to sell to pawnbrokers instead of other selling methods. Selling to friends or selling on online marketplaces can have many drawbacks. The first of which is that it puts a lot of pressure on you to find the customer, make sure you are getting enough money, and manage the entire selling process. This can be very difficult and can lead to either not getting the cash you need or not getting cash quickly enough. By comparison, a pawnbroker is an expert in evaluating items, telling you how much they are worth, and getting you your money quickly. Because a pawn shop knows what they will be able to resale an item at, they are able to get your item valued and paid for very quick.
That said, some people want quick cash but don’t want to let go of something like jewelry, electronics, or other high-value items. And that is where traditional pawning comes in. Instead of selling the item, the item is used a s collateral in exchange for a loan. That said, you will get significantly less in terms of a loan compared to just selling the item. But this system is preferred for people who need quick cash and know they can pay for the item back in the future.
What Items Pawn For The Most Money?
Before we talk about what sells or pawns for the most money, the first thing you need to understand is that different pawn shops buy and sell different items. For example, while almost any pawn shop in the country will look at jewelry and watches, some pawn shops also trade collectibles, electronics, etc. Make sure you check with a pawn shop to know what categories they trade in before you bring your item to them.
In terms of how you can get cash quickly, the most common items pawned across the country are jewelry, designer clothing/handbags, and electronics. The amount of cash you will receive is based on the appraisal of the item. Since this item would be potentially resold as a “used” item, its value is significantly less than what you might have spent when it was brand new.
Can I Pawn Multiple Items At Once?
Some pawn shops may allow you to bundle multiple items at once for pawn loans. If an individual item like a piece of jewelry is not going to get you enough money to handle the expense that you have, you might want to bring multiple pieces of jewelry or other items entirely. Many pawn shops will work with you to make sure you get the money you need based on the item or items you have. Unlike a bank, pawn shops do not use credit scores to determine your loan amount or your interest rate. But if you are a loyal customer they may consider your payment history when making decisions about pawn loans.
Get More Information About Pawning at Paradise Pawn
Paradise Pawn has two locations in the Bronx where we work with people all over the NYC metropolitan area to help them get the cash they need. If you have questions about what we buy, sell, and pawn, or you have questions about the process, please contact us.