When emergencies happen, and you’ve maxed out your cards, going to pawn stores is the next best step in getting small-dollar loans to cover unexpected costs. You won’t be able to get that kind of financial assistance from big banks, so pawn stores are in a unique position to help you.
First Time at a Pawn Shop? Here Are Some Tips
1. Know if you’re selling or getting a loan. You’ll get more if you sell, though, says Bankrate. However, some pawn shops do offer loans. That way, they can generate some repeat business out of the exchange.
2. Offer items of quality. Don’t go to a pawn shop expecting to pawn off your 10 year old laptop or that silver spoon you picked up at a garage sale. Jewelry is the most popular item on the list, along with tools. Both sell quickly enough. If you’ve got extra firearms, you can get as much as 85 percent of the market value of these items. The same goes for Rolex watches.
3. Find out how much. Before you sell jewelry, ask how much money you can get for it. Some pawn owners loan money for the item instead of buying so their considerations would include the following: storage cost, future demand for the item along with security costs and resale value. It would fall on them cover the following costs if you default on your loan payment. The National Pawn Brokers Org says that the national average loan amount is $150. Loans for different amounts, though are possible, hugely depending on the value of your item.
4. Know the terms. Make sure you know the loan terms. Interest on the loans is usually paid on a monthly basis. Remember not to skip a payment. These can all amount to a hefty sum if the payments pile up. Don’t let that happen. You’ll have a harder time making the payments if you end up having to shell out money for a huge amount.
5. On defaulting on your loan. When you fail to repay the loan, you won’t have to worry that this can negatively affect your credit score. Since loans with pawn shops are based on an actual piece of property, it’s considered paid when you hand over the item.
A pawn shop can help you during a rough patch. For further questions or inquiries, you should waste no time in getting in touch with a reliable pawn shop.
Gelman Loan Company offers stress-free, quick loans. If you need fast cash to cover unexpected costs, call us today.
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