Pawn shops have been around for centuries. They offer a way for consumers to borrow, buy and sell items for cash. They are not always located in the busy town shopping hub, so they often get overlooked. But the cool thing is, they offer more than just a place to hock an old engagement ring. Not only can you set up a quick loan if you need some extra cash, but there's also a lot more a pawn shop business can offer. Let's explore these top 5 reasons why!
1. No Credit? No Problem
Strapped for cash? Your first thought may be to get a short-term loan. But, if your credit is shaky, you may not qualify for a bank loan. The good news? You have valuable items that you could use as collateral.
A popular reason people visit a pawn shop is to pawn an item. What does this mean exactly? You bring in one or more items with a good resale value. It could be:
- Fine jewelry
- Power tools
- Registered firearms
- Precious metals
From there, the buyer will set up a short-term loan. In exchange for a monetary amount, you will hand over your valuables. From there, you will have 30 to 60 days to pay back the cash or they will keep your valuables.
2. Need to Sell Something Fast?
If you don't want to pawn an item, you can sell it outright. The appraiser at the pawn shop will examine your item closely. From there, they will determine the general resale value and offer you a specific amount.
This is good if you need cash right away and don't want to take the loan option.
3. Huge Selection of Everything
If the building looks small on the outside, don't pass it by. Go in and take a look at what they have. Most pawn shops have a lot of items on display for customers. But if you are really looking for something specific, or a high-value item, ask the associate.
They may have some items locked up or hidden in their shop. The fun part? You never know what you might find. From diamond rings to antique firearms, it's a treasure hunt!
4. Find a Great Deal
Most things for sale are priced to move. If you don't mind purchasing a secondhand item, a pawn shop is a great place to start looking. For example, an expensive toolset may be for sale at your local pawn shop. You could save big compared to buying retail.
5. Free and Accurate Appraisals
Unsure about selling the old jewelry set your aunt gifted to you? It could be worth a lot or just be some flashy costume jewelry. Pawn shop workers are trained to appraise items fairly. They will give you a fair market estimate so you can decide if you want to sell, pawn, or keep it.
Local pawn shops often get overlooked when it comes to finding great deals. Not only can you find the perfect gift at a pawn shop, but they can also help you out of a financial bind. Visit a local pawn shop such as Wimpey's Pawn Shop today. Your next adventure awaits.