What do pawn shops pay?
You find yourself a bit short on cash. Payday isn’t until next week, and you have some outstanding bills and a water leak to fix. There isn’t enough money to go around. Do you start to think about where you can get help around town?
Cash loans were easy when your credit rating was good, and you had a different job that paid better. Now you are working more hours and getting paid less. Life seems like a total mess. You don’t have a checking account because it had a negative balance and the overdraft fees added up so high you couldn’t pay them, so you were sent to collections.
A financial institution won’t even consider you for a personal loan because of your financial trouble. You don’t have life insurance or retirement funds, and your savings account is a joke.
The water leak is an emergency, and this unexpected expense has thrown you over the edge.
What is the answer? You put in your search bar, “Need fast cash,” and Parker Pawn & Jewelry comes up as one of the local pawnshops in your area.
You haven’t ever been inside a pawnshop and certainly not to make a loan request because you heard the interest rates were outrageous. Without a cash advance, you can’t fix the water leak, and consequently, you can’t shower, do laundry, do dishes, or even flush the toilet. Ugh!
Payday loans are out of the question because you had already pursued this option, but your check isn’t enough to pay the current bills if the payday loan institution takes your next check. You don’t own a credit card, so a credit card cash advance is out of the question.
As you look through the Parker Pawn & Jewelry website, the shop services people from all walks of life. Whether you need to solve cash problems with a short-term collateral loan or sell jewelry, watches, diamonds, gold, silver, coins, electronics, musical instruments, tools, and much more, Parker Pawn and Jewelry is a smart option.
You remember receiving a gold and diamond tennis bracelet as part of your grandmother’s estate. She hadn’t been a fancy gal, and the tennis bracelet wasn’t her style, but she saved it, hopeful you would meet someone you would like to give it as a gift. That hasn’t happened, and the bracelet takes up space in your safe alongside some gold and silver coins and a few pieces of gold bullion.
You considered liquidating some of the estate pieces earlier in the year but hadn’t gotten around to it. You were happy you hadn’t sold them since gold is now at a higher spot price.
You thought about just selling the pieces but maybe getting a short-term collateral loan was the answer instead.
Pawnshops are banks, but they can help with financial emergencies and quick cash loans.
You decide to do more research about pawnshops and whether they are safe to get a cash loan. You learned that pawnshops are part of communities and provide a necessary service for people who may have bad credit, no credit, or may not have a bank account, checking account, retirement account, or any other way to borrow money.
Many pawnshops are family-owned, and they have been in business for years. Parker Pawn and Jewelry’s website said they build relationships by being friendly, honest, and fair. This was nice to read. You were happy to see that getting a pawn loan is confidential and handled respectfully. You undoubtedly didn’t need someone talking down to you or condescending. Your situation had created a desperate feeling you didn’t want to reveal.
The pawn show has three stores. Wow, you thought they must know what they’re doing. They facilitate intelligent decisions and help with financial decisions, and you could use someone to bounce some ideas off. You knew you were a “nub” when pawning an item, so having a pawnbroker give you correct information was in order.
Some people think of pawn shops like the television show Pawn Stars, but this depiction is far from the truth.
You gathered up the thing you had to pawn; the diamond and gold tennis bracelet, an older Rolex, some gold and silver coins, and four gold bullion bars. You called and made an appointment with the pawnbroker because, frankly, you didn’t want to “hang out” in the store because you were uncomfortable with pawning your things.
You were going through the doors of Parker Pawn and Jewelry with your less than perfect credit, high-end items in hand, and anticipating the worst outcome; you were immediately put at ease by the pawnbroker who greeted you with a warm welcome and smile.
You explained you had the worst credit in the world, no way to secure a personal loan, and emergency expenses that you weren’t clear on how to pay. You explained you had estate items for him and needed a pawn loan.
He noticed you were a bit anxious; it must have been the rapid speech and shifting from foot to foot. He explained how the pawnshop was available to customers and made a few jokes that made you laugh.
He explained the process of getting your items appraised, and this proved helpful.
The pawnbroker explained that they have experts in the store and equipment to authenticate and help them value the items brought in. He said they would also compare the item with its current market value, sold online like on eBay and other resale sites. He noted that pawnshops are a business and need to profit and pay their overhead to stay in business.
He explained they had helped hundreds of customers with short-term collateral loans and loved to work with repeat customers.
You weren’t sure what he needed to start the process, and he explained that they don’t do credit checks or need to know employment history or anything about direct deposits, financial assets, or income because the items that were appraised would be held in the safe at the store to secure the loan amount.
Many people bring in silver jewelry, gold jewelry, a diamond ring, gaming systems, designer handbags, digital cameras, power tools, collectible coins, silver half dollars, and other valuable items to either sell outright or use as collateral.
The pawnbroker explained that a collateral loan wasn’t intended to be a forever loan like many mainstream lenders write. Hence, the interest rate is higher with the intent that the pawn loan is paid back within the duration decided when the loan is written. The first payment is due 30 days after the loan is secured.
He looked at the items and appraised them. You were delighted with the appraisal and value. You decided to borrow the whole amount, knowing you could pay the loan amount back with how the loan payments were set up. Your state-issued ID was copied, and you were set to jet with fast cash in hand.
When you were driving home, you remembered how you felt at ease at Parker Pawn, and no one pressured you into accepting their offer. The pawn terms were straightforward and honest, and you were comfortable with the whole process. Now you could pay the past due bills and fix the water leak with the emergency cash you received.
You knew you wouldn’t permanently lose any valuable items because you would set aside a small amount to pay the payment starting next payday. You also knew you could call the shop anytime, explain if something came up, and work out a win-win deal. Parker Pawn and Jewelry was just this kind of place.
Glossary of Terms Learned
You had learned so much. Your head was filled with a glossary of pawn terms you hadn’t known before.
Pawn – You were somehow relieved that pawn means a pledge to provide a physical asset to warranty repayment of a debit. Somehow this seemed like a financial term, not a derogatory term like you thought before. State and federal laws regulate pawns.
Selling an Item – This is a standard purchase for the same appraised value as the pawn value. Selling an item is final, and you knew this wasn’t an option you wanted to take today.
Pawn Promotions – Products and services created to meet the customers’ needs. These can include discounts, free services, Opt-in lists, and holiday games.
Pawnbroker – A person who lends money for interest to someone securing the loan with equal or higher value.
Financial Education – Receiving information from someone knowledgeable in financial protection, personal finances, financial practices, budgeting and saving, and living expenses.
Fixed Interest Rate – A fixed interest rate is an unchanging charge set on a loan to use the money loaned throughout a specified period. Personal loans, mortgage loans, car loans, and pawn loans have fixed interest rates and a repayment schedule.
Market Value – Also known as open market value, is the price something of value can be sold for in the marketplace.
Quick Loans – This is a loan you can get approved for and funded on the same or within a few days of applying for the loan. Personal loans may take up to a week to approve and fund. Pawnshops provide same-day funding because they don’t require an approval process, and they only need a state-issued ID and an item to secure the loan valued at or above the loan request. Pawn loans are considered a quick loans where you can receive quick cash before you leave the store.
What do pawn shops pay, and what items do they take?
Knowing now what you do, you wondered what other pawn shops take and what they pay for them. You learned that you could either sell an item of value outright or get a collateral loan. You know you have things in your garage and shop that may allow you to make money on them instead of just taking up space and collecting dust.
From what you gathered during your visit with the pawnbroker, each pawnshop is slightly different. Still, most shops take jewelry, gold, silver, diamonds, cameras, musical instruments, name-brand tools, and even collectibles. Pawnshops consider items that have value and that they can appraise and either sell or loan against. Some also have online shops, making it easy for customers to shop.
What the pawnshop will pay for an item is dependent on the market value and appraised value, and offers are fair and honest.
The more valuable an item is, like gold, gold bullion, and gold coins, the more fast cash loans or money they will immediately bring if the item is sold outright.
Parker Pawn and Jewelry
Parker Pawn and Jewelry have three stores located in or near Fayetteville, NC. The shop treats people the way they want to be treated, with respectful – straightforward service.
