How to Sell at a Pawn Shop

Thanks to reality TV series like Pawn Stars, pawn shops have enjoyed somewhat of a comeback in the last decade or two. While the focus in the mainstream media is new, the industry is not. Pawn stores have a long history, dating back over 3,000 years.

In many respects, today's pawn shops function as mini-banks for millions of unbanked Americans, as well as locations to purchase and sell products for individuals of all backgrounds. The approximately 12,000 pawn shops in the United States deal with a wide range of things, including musical instruments, jewelry, and electronics.

What is meant by pawning?

Giving an item to a pawn shop in return for a cash loan is known as "pawning." For a $75 loan, you might, for example, offer them your mountain bike as security. You may get your bike back if you return the loan by a specific period, usually 90 to 120 days after you pawn it. Interest and fees are controlled by the state and will be included in the loan payback amount.

If you don't pay back the money on time, the pawn shop will take possession of your bike and sell it. Pawn shops also buy objects outright in order to resell them. Working with pawn shops may be beneficial to both the seller and the buyer, but it is not always the case. The following are some pawn shop selling and purchasing recommendations and suggestions.

How to sell something from a pawn shop?

• Look for the best pawn shop

Look up what others have said about dealing with pawn shops in your neighborhood on the internet. Then, find a trustworthy business and broker with whom you feel at ease. It's also worth noting that certain pawn shops specialize in specific products. If you have an antique, for example, seek for a pawn store that specializes in purchasing and selling antiques.

• Decide whether you want to sell or buy

Before you walk into a pawn shop, educate yourself on the possibilities and understand the benefits and drawbacks of each. Your capacity to repay a loan and the value you set on the object you're pawning or selling should both go into your choice.

• Negotiate

It's important to remember that pawn shop proprietors are resellers, not collectors. Just because a collector appreciates your antique record at $100 doesn't imply a pawn broker will pay you that much. Set a minimal price in advance so you don't make a hasty choice that you'll later regret.

• Be ready to prove your ownership and value

If you bring in an expensive piece of jewelry, for example, consider having a competent jeweler provide an evaluation so you can substantiate its value. If the item relies on batteries, make sure they're new so you can demonstrate that it works. It's generally a good idea to bring products in their original packaging.

• Bring items in their best condition

On an antique, a coating of dust makes sense, but not on your printer. Consider how you would like the thing to seem if you were about to buy it.

• Make the payment on time

If you pawn an item for a loan, be sure you repay the loan, plus interest and fees, on time and in full. If you don't, you'll either lose your item or must prolong the loan, which will cost you more money.

As you can see, selling something at a pawn shop is not something difficult at all. Just follow these steps and you will end up with getting some quick cash.

Michael Kelly is a Freelancer Writer, Entrepreneur and passionate blogger. A writer by day and a reader by night.