Using A Pawnshop For Cash? Follow These Tips

Posted on: 29 April 2020

If you are in need of some cash for an emergency, your best bet will be to visit a pawnshop. They will allow you to use valuable items as collateral in exchange for instant cash, with the only risk of not paying back the loan being that you'll lose the item. Here are some tips for using a pawnshop.

Know What To Pawn

There are many things that have a high value that will be best to give to a pawnshop. Precious gems are an item that always retains a high value and will be in demand. Gold jewelry is another item that can get you a lot of cash since gold also retains its value quite well. It's worth going through your jewelry box and seeing if there are any items that are worth handing over to a pawnshop, especially if you will not feel too heartbroken if you do not get the items back.

If you have firearms that you do not use at the moment, they can be worth giving to your pawnshop since they also retain a high value. Pawnshops are a place where many people go to find cheap firearms, so the pawnshop knows that they will sell quickly. 

Know The Value

It's a good idea to look up the value of items before you take them to a pawnshop. Do some research and find out what the going price would be for these things to sell them elsewhere. A pawnshop is not going to give you the full price for the item, but the value of the item will determine how much you can borrow by using it as collateral. Be aware that a pawnshop may not authenticate an item for you, so bring in any sort of authentication to help prove the item's true value.

Know When To Haggle

A pawnshop will usually offer you about half of the item's value when selling it to them. Since you know the value of what the item is worth, this will give you a good idea of when it would be appropriate to haggle for a higher price. You may be able to push the item's value up to 60% if it is a high-value item that is in demand but do not expect much more than that. It is always worth the attempt to ask for more money, just as long as you have realistic expectations about what you can get when negotiating.

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