Selling vs. Pawning: What’s the Difference?
When you’re strapped for cash, there are many options to consider. You could apply for a traditional bank loan, but the process often takes weeks. If you’re looking for fast cash, your two best options are selling and/or pawning. Chances are there are plenty of pawn shops nearby, which means you can get the money you need today!
Keep reading to learn about the benefits and drawbacks of selling vs. pawning at a local pawn shop.
Selling Items at a Pawn Shop
Chances are you have several items that you could sell at a pawn shop. Most pawn shops accept:
- Gold and silver
- Fine jewelry and watches
- Luxury handbags
- Name-brand clothes and shoes
If you have any of these items that you want to get rid of, you can sell them to a pawn shop for cold hard cash. Simply bring your items to a pawn shop, and you will be given a cash value. Upon accepting the cash value of your items, you’ll be given money, and then the transaction is complete!
When selling items at a pawn shop, the pawnbroker has more control during the transaction. Remember, the pawnbroker will give you a cash value that allows them to resell the item so that they can make a profit. Don’t go into a pawn shop hoping to sell your items for their total value. Have a reasonable cash value in mind so that you can get the money you need.
Another option for same-day cash at a pawn shop is to pawn items. Unlike selling, pawning is more similar to taking out a loan with the pawn shop. With this loan, your items serve as collateral. Also, unlike selling, you don’t sign away your items, as they will be given back to you once the pawn loan is paid off.
To pawn items, simply bring your items to a pawn shop. The pawnbroker will provide cash value of your items, and then give you money. Your items will then be kept in storage for a set time period. With a higher loan amount, you’re likely to be given months to pay back what you owe.
With a cash pawn loan, you’ll have to pay the total loan back plus interest before you get your items back. If you don’t pay the loan in total before the loan term is over, the pawn shop can sell your items.
Need Cash? Choose GEM Pawnbrokers
There are tons of pawn shops in New York to choose from, but, if you’re looking for an easy transaction and same-day cash, look no further than GEM Pawnbrokers. We offer instant cash payday loans with no credit check needed. Customers have four months to pay back the loan, which means you can make payments when they’re convenient for you.
If you’re looking for fast cash pawn, we’re the pawn shop for you. We offer the best pawn shop prices in the city, no matter if you’re pawning jewelry or selling your old electronics. Our friendly expert staff is here to help you get the money you need.
We offer 24 convenient locations throughout various boroughs. Find your local GEM Pawnbrokers location today!