Decide if you’re pawning or selling.
Often, you can get more money for your item by selling it.
However, with a pawn loan, you can get the money you need, and you still get to keep your item.
The pawnbroker may offer you more or less than what you’re asking for your item.
Is pawning better than selling?
Both terms refer to giving up an item for financial gain. However, selling means, you also give up ownership of the item. When you pawn, you can still get the item back as long as you return the money you borrowed. At face value, it might look like pawning is the better option.
What percentage does a pawn shop give you?
In return, the pawnbroker typically lends you approximately 25% to 60% of the item’s resale value. The average amount of a pawn shop loan is about $75–$100. You’re given a short time, typically a few months, to repay the loan and are charged interest, often at a very high rate.
What do pawn shops buy for the most money?
According to PawnGuru, the most in-demand items at pawn shops (and the ones that pay the most) include jewelry, watches, power tools, electronics, video games consoles, firearms, and musical instruments. These items offer a higher rate of return because they tend to sell the fastest on the retail end.
Do pawn shops give good money?
Pawn shops only accept items in good condition that their customers will want to buy. If you’ve heard that pawn shops will give you money on everything but the kitchen sink, think again! Popular items like electronics, jewelry, and some collectibles sell fast and bring more money into the pawn shop.