Did you know that more than 30 million people in the U.S. are underbanked? These people don’t have access to financial institutions, limiting their chances of getting loans from institutions. Fortunately, pawn shops can help when one needs quick cash.
Pawnshops accept any valuable item in exchange for a collateral loan. The loan amount will depend on the value of the item. If you want to pawn for cash, you need to get valuable items that will get you out of the financial crunch instantly.
Do you know some of the best items to pawn? Here are 10 valuable items that you can pawn for quick cash.
10 Best Things to Pawn
1) Pawn Your Car for Cash
Pawning your car when you’re on a tight financial spot is a feasible option. A car is one of the best things to pawn for quick cash, especially if you need a relatively higher amount. Nonetheless, there are crucial factors to consider before rushing your car in a pawn shop.
It would be best if you worked with a reputable loan provider when giving your car as security. The last thing you want is nasty surprises when repaying the loan. Ensure that you work with a pawn shop that complies with the relevant agency.
The vehicle assessment process should be based on the mileage, history, and condition of the vehicle. You might want to talk to several car dealers to know its approximate value. It would also help to know the schemes used by the company you have identified to establish if car pawning resonates with you.
2) Gold and Jewelry – Best Thing to Pawn
Gold ranks highly as the best items to pawn for cash. If you have gold sitting away in a treasure chest, you have a fortune. With gold, you have to be careful as many pawn shops are filled with swindlers and crooks.
It is crucial to know the value of gold before pawning. The value keeps fluctuating but being familiar with the cost of gold per ounce; you’ll know the amount you expect to get. You’ll also need to know your gold’s karat to avoid confusion when picking your jewelry after repaying the loan.
A legitimate pawn shop that buys gold should have a license. They should also ask for your government identity card to avoid handling stolen gold. With the right dealer, gold and jewelry can fetch you a decent amount. Title loans can be a great way to get the financial help you need without parting with your valuables!
3) Power Tools
Your basement and garage probably have several power tools that you haven’t used for years! When decluttering, you’ll be surprised at what you will get. Power tools such as air compressors, bandsaw, or power drills are some of the things to pawn on quick cash.
If you’re pawning power tools, know that the power tool might fetch you less cash if it’s old. You can clean your tool before taking it to a pawn shop for a better appeal. Clean out the sawdust, dirt, and grease to give the tool an attractive luster.
For power tools, brands can make all the difference. Dealers are likely to give you an attractive offer for renowned brands. You need to research more on the power tools brands to know the ones preferable when you want to pawn for cash.
4) Guns/Weapons – Pawn For Cash
About 30 percent of American adults own guns. An additional 11 percent confirm living with a person who owns a gun. Guns are some of the common weapons that you can pawn for a fortune!
Guns, whether hunting rifles or pistols, are high-value. You’d be guaranteed high returns if you took your gun to a pawn shop. Selling your firearm in a pawn shop will be the most convenient and quick way to get a cash loan.
The good thing about guns is that they retain their value more than any items that can be pawned. If you own an antique gun that one would hardly find in modern times, you can get a considerably higher amount for it. However, it is best to visit a pawnshop that has a license to sell firearms.
5) Art Pieces
Art pieces often have sentimental value to the owners. They carry several memories and pawning them might be quite challenging. Regardless of the value, you might perceive your artwork is worth; a pawn shop might quote a lower amount for homemade art and finger-paintings.
If you have art pieces crafted or designed by popular artists, their value will be unmatched. A rare art piece will interest a collector. You’ll end up with a great stash of cash for the art piece.
You can assess the value of the art piece by comparing deals from different pawn shops. Once you get a dealer who knows the art’s value, you’ll be smiling to the bank.
6) Rare Coins
Do you collect rare coins? Chances are that your old jar has spare changes that you have kept for years. If you take these rare coins to a pawn shop, you can earn a good amount.
Other than valuable coins, paper currency can also be a great item to pawn for cash. The federal reserve notes and silver dollars that you have stashed away can be valuable than you can imagine. The rarer the coins are, the more valuable they will be.
If you have the Ben Franklin half-dollar or the 2004 Wisconsin State quarter, you can get a pawn shop that will know the coin’s value. You can have your coins appraised in different shops to determine their value. While each of the coins might cost a few cents, having many of them can get you a good amount.
Instruments are quite expensive. If you have a piano or guitar gathering dust in your basement, you might pawn it for quick cash. As long as the instruments are in good condition, pawnshops will be willing to take them.
Before pawning your musical instrument, check whether it’s an antique to determine its value. You can consult an expert in a local music store. You might also want to check the serial number of manufacturer marks to know if it is an antique.
Antiques can be pricier than typical musical instruments. Gathering this information will allow you to have an accurate estimate to avoid selling yourself short. You can further go for an appraisal to determine the fairest price you can sell the instrument.
8) Smart Devices
More than 69 percent of American households own a smart home device. The advent of advanced technology has increased the use of smart devices. Some households have more devices than they actually need.
Besides home devices, smartphones and iPhones are other smart devices that you can pawn for cash easily. If you have newer models in a fairly good shop, the iPhones are hot sales in pawn shops. Check if you have the accessories and original boxes for the iPhones as they will give you better bargaining power.
iPads are also high-end devices that get commendable appraisals. You’ll get more cash depending on your device’s features, generation, and model. Other types of tablets, such as Kindle Fire or Galaxy Tab, can also get you a decent amount.
9) Pawn for Cash With Designer Fashions
Designer fashion is timeless! The Chanel bag you bought a decade ago can still get you a good amount today. Designer pieces are ever-stylish, even if their popularity declines.
In fact, a designer piece that’s no longer in the market can keep appreciating, meaning that selling it in a pawn shop will get you a worthwhile amount. If you have kept your designer item in good condition, the better. However, you’ll still earn an amount with a minimally roughed up designer piece.
Some retailers and collectors look for specific types of designer items. You don’t have to worry about your Louis Vuitton bag’s state as long as it’s an original. Some of the collectors repair the items and sell them at a higher price.
Fine gems are a quick sale in pawn shops. Diamonds are some of the popular gemstones often taken to pawn stores. The smallest diamond pieces can earn you thousands of dollars.
You can also pawn rubies, often ingrained in jewelry. The bright red stones are highly valuable. Other types of gemstones to consider for pawning include topaz, opal, emerald, sapphire, and amethyst.
You need to know the gems’ history to give you leverage when selling. It would help if you verified the gemstones’ authenticity as pawn shops don’t want to risk getting fakes. The receipts or certificates for the gemstones will ensure that pawnbrokers are aware of the items’ value.
Pawn for Cash Is One of the Easiest Ways to Get Out of a Financial Crunch
For most people, establishing the items to pawn for cash is always a dilemma. You might never be sure of which items are valuable enough for pawning. With the list of items listed here, you have an idea of what to take to a pawn shop.
While at it, be keen to understand all the terms and conditions of the engagement. Some pawn dealers are fraudsters, and you might want to vet each thoroughly before engaging.
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- How old do you have to be to Pawn something?
In most places, the legal age to enter into a pawn transaction is 18 years old. However, in some states or countries, the age requirement may be higher (such as 21 years old)
- How much do Pawn Shops pay for 14k gold?
The amount a pawn shop pays for 14k gold can vary depending on different factors, such as the current market price of gold, the weight and purity of the gold. Normally, Pawn shops will pay anywhere from 25% and up of its determined value.
- How to open a Pawn Shop?
Opening a pawn shop can be a complex process that requires careful planning and preparation. Seek advice from experienced pawnbrokers, industry associations, and business consultants to ensure you are setting up a successful business.
- how much do pawn shops pay for laptops
Pawn shops typically offer a loan amount based on a percentage of the laptop’s resale value, usually ranging from 25% to 60% of the laptop’s estimated value.