A guide to pawning your belongings

Pawning items may seem like a last resort but it shouldn’t be. If you get behind on payments you can get into trouble easily with charges and interest. By getting extra money from a pawn store you will often end up paying much less interest than you would on a loan, credit card, overdraft or unpaid charges elsewhere.

With a pawn shop you are offering up security and so the risk for the pawnshop is low and they will charge you relatively little interest as a result of their lower risk. If you don’t bring in money to repay the loan you have been given within a certain amount of time the store sell your items of course so you need to be careful what you pawn still.

Items you pawn should ideally be things that you can do without. If possible don’t pawn the tools you use for work or your vehicle or kitchen appliances. Good items to pawn include watches, especially if you have a cheap watch you can wear for the time being and a more valuable watch that will allow you to borrow a good amount. Jewelry as well can get you good amounts, even if the amount you get loaned is based on the scrap value of the jewelry. The scrap value of other items you have such as solid silver candlesticks, trays and cutlery may also surprise you and these may be good items to pawn or you may want to consider selling them if they have little value to you.

If you don’t think you will be able to afford to get something out of hock in time then you may be better to sell it in the first place than let it be lost to you. When you pawn an item you get less of a loan then the value you would get for selling. The Pawnshop has to store an item for a while before you lose it and they can sell it and this has a cost to them so this is what that pays for. If you think that chances are you won’t be able to pay to get an item back then it makes sense to sell it in the first place so you get more: especially if it is something you can buy again such as a Games Console.

At many Pawn stores you will have to prove you own items or at least prove who you are so if items are proven to have been stolen at a later date or seized by police they can find out who you are and ideally where you are. For this a driving license and recent utility bill may be needed. A proof of ownership or proof or purchase may be better though and you may even get a better deal as the Pawnshop is otherwise taking a risk, they often do have items seized as stolen and need to build this potential loss this into their offers.

Whatever offer you get if it is an item such as a watch or jewelry that you don’t know the value of it may be a good idea to get offers from different pawn shops if you want to maximize the money you can borrow. Different stores tend to offer different amounts, especially if they specialize in certain items.



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