When you are in urgent need of cash and own some sellable valuables, the ideal option is to opt for a pawn shop. A pawn business offers instant cash and even allows the cash borrower to have their pawned item back. To do so, you simply have to visit an online or offline pawn shop, say/fill, I want to pawn my phone, in case, if you are pawning your phone.
Several individuals have pre-convicted the idea of pawn shop business and have failed to realize that these shops could be the source of instant cash, whenever needed. The facts say that the business has been in practice since Roman times and has remained unchanged since then.
Now, you must be thinking, what exactly a pawn shop offer?
Let’s explore!
A Pawn Shop offers instant cash against collateral, which is usually represented by a personal possession or a household owner, who can collect the pawned product back, once repaying the amount borrowed within a specific time limit.
The interest rate and buyback policies of a product differ from shop to shop. Some pawn shop charges a flat rate of one percent for the first week, followed by an increased interest rate for the following weeks. While others charge a flat rate of interest, without giving any contemplation to the time the borrower may take for replaying the landed money.
The retrieval time interval differs from the dealer. The general redemption period is 30 days from the day of pawning your item, but several pawn shop owners offer a longer period and charge supplementary interest when the money borrower seeks a time extension.
Other aspects of the business include offering cash on a consignment basis, i.e., the borrower allows the pawn shop owner to sell your product. The product owner gets paid only when the pawn shop owner successfully sells your item. No need to mention that he will hold a margin for himself as per the agreement. Or in other ways, the product owner can sell his item by himself straightway to the dealer and collect the cash in return. The dealers, then render the respective items for further selling purposes.
Common items for which the pawn shops pay top dollar:
At one time, pawn shop owners accepted items such as gold, silver & diamond jewelry, cars, properties. Even today, several shops deal in such items plus other items.
Present-day pawn shops usually deal with expensive electronic gadgets like computers, laptops, cell phones, home speakers, Vintage Hi-Fi equipment, DAC’s, McIntosh Products, Tube amplifier, and pre-amplifier and may others. Some people pawn their gold teeth as well, as gold always fetch a good loan value.
Some people are inclined to buy items at pawn shops; they are becoming more popular day by day. When pawing any electronic or electrical item, do take all the additional accessories along with you like charger, or remote control. Bring all the items that were encompassed in the box.
Pawn shop deals are very simple and convenient, the staff at the pawn shop are customer friendly and willing to resolve concerning pawing your item. Do not be afraid to deal with pawn shops. The best part about pawn shops is that they would not threaten or sue you if you fail to repay your loan. Moreover, you do not have to deal with the collection agencies harassing you in your workplace or home.
If you are intending to get your item back, ensure to keep your pawn ticket with you. The pawn ticket carries the pawned item description, maturity date, the interest rate on the item and other items of the loan. Losing your pawn ticket means paying extra and you surely would not want that. Note your loan’s due date and if you managed to arrange the money before your due date, pay the amount to the respective pawn shop as soon as possible and claim your item back. By doing so, you also save money on the interest rate, and if your item is an heirloom, the sooner you claim-the better!
Pawn & More is an online pawn shop offering a multitude of financial services. They are widely known for being the lowest interest rate for cashing payroll and business checks near Pompano Beach, Florida. To pawn a valuable item, you simply have to fill the ‘Apply here’ form and in ‘item to pawn’, simply write pawn my phone, in case if you are pawning your phone.
At Pawn & More, have the most promising, reliable and hassle-free pawning experience.
