A Pawning First-Timer Guidebook: What to Expect & What You Need to Know
If you’ve got items to pawn or sell, but have never set foot in a pawn shop and are unsure of the process or how it works – you are not alone. Many pawning first-timers may be nervous to walk into an unknown and daunting situation, especially when they don’t know what to expect. Below, we will break the pawning process down for you, offer a few tips and answer some of the most common questions when it comes to pawning your items.
First: Don’t believe the bad things you’ve heard
Contrary to pop culture and the media’s belief, pawn shops are the exact opposite of a shady, dark and dirty place of business stocked with stolen merchandise that’s trying to low-ball you for your items. Pawn America is highly
Just to Clarify: What is the difference between pawning and selling?
When people hear “pawn shop” many forget that you can actually sell your items directly to the store in addition to taking out a pawn loan. Pawning and selling both take the same amount of time and generally result in the same amount of money – but there is one clear difference. Selling your item means you are turning over the ownership rights indefinitely to your item in exchange for money. Pawning is another form of a collateral loan. The pawn store gives you a cash loan in exchange for your item. If you return within the terms of your loan to repay both the loaned amount and any interest, your item is then returned to you! It’s that simple.
Next: Getting the loan
How long will it take? Do I need to make an appointment?
The loan process is quick and simple – no appointment needed! When bringing in your items, our professionally trained
Collateral loan –what is this?
Pro Tip: The items that generate the highest loan tend to be a brand name, a newer, if not the newest version of the item, in great working condition with its original packaging and accessories. The more in-demand a product is in today’s market, the higher loan amount you’ll be able to get!
How much money will I be able to get?
It depends – every situation and every item brought in will have a different loan amount associated with it. The loaned amount is directly related to the collateral you bring in – a .50
Pro Tip: clean your item! This simple and seemingly obvious task can boost the loan amount offered to you. Offers are based
Last: Repaying the loan
Make a payment
At the end of your pawn loan terms – which can be found on your pawn ticket (the receipt and paperwork you were given when you
For a renewal, you pay the interest that has accrued on your pawn loan in full, and a new pawn loan is written. The principal and interest rate for your loan will stay the same, but the due date is reset for the full loan term.
Don’t make a payment
If you are unable to make any payments on your item or simply do not want to repay your loan, it then becomes the property of the store. After a holding period determined by the
Don’t Forget: What you need to bring
All pawn transactions will require you to provide a valid,
Pawning is quick, simple and painless and at Pawn America, we promise to make your first time