A pawn shop is the type of place that will offer individual money in exchange for an item. Many pawn shops allow you to either “pawn” the item or “sell” the item.
When you pawn the item at a pawn shop, you will be able to get the item back after you have paid the borrowed amount back to the shop – if you fail to pay the money back on time, they will sell the item.
Depending on the pawn shop, you should have between 30 to 90 days to pay the money back. If you take the route to sell the item to the pawn shop, then you will not have the option to pay the money back in order to get the item back.
When you choose to sell the item, many times, you will get more money than you would if you were to “pawn” the item. Regardless, if you’re looking for some fast cash and you have some descent stuff lying around your house, this would be a suitable route to take.
What You Can Pawn
Some pawn shops will buy a variety of things, including televisions, movies, laptops, jewelry, musical instruments, antiques, and so much more. There are some shops that will take items on consignment and the profits that are earned from the item may be split between the store owner and the owner of the item. However, there are other pawn shops that are simply jewelry based, and are only interested in buying jewelry.
Laws in the United States
In the United States, there are strict rules in regards to running a pawn shop – these rules will vary from state to state. However, two of the rules that are required to be followed include:
The amount of time the pawnbroker needs to wait before they can sell the item that has been pawned, and the percentage of the market value for which the merchandise can be pawned. The laws are there in order to protect both the pawnbroker and the individual pawning the items.
Make Sure Your Items Shine and are Properly Cleaned
Once you figure out what you are going to pawn or sell, you need to make sure they are super clean. If you’re cleaning jewelry, it’s important that you know the cleaning methods required for your precious metals or gemstones.
If you have a silver or gold piece that has a gemstone, then follow the cleaning instructions for your gemstone, and not the metal, because gemstones are much more delicate than the metal. If it is a very expensive piece of jewelry, then you may want to have a professional clean it up for you.
Pawn shops are great little places you can go to in order to find some pretty cool stuff to buy. However, when times are tough, or you simply don’t want a certain item anymore, they are a great place to go to in order to get money in exchange for merchandise. Majorpawn.com is a good place to go to if you’re wanting to see what a pawn shop is all about.