How to Find Pawn Shops

Find pawn shops that offer quick cash in exchange for a little bit of your valuable possessions. While pawning is a great way to make some extra money, it’s important to understand the pros and cons before you head down that pawn shop aisle.

Before making a purchase, you’ll be required to present a valid form of ID and your item will undergo a thorough inspection. This helps to protect against theft and to verify the identity of a pawned item.

How to Find the Right Pawn Shop Near You

The most popular items at a pawn shop include electronics, tools, and jewelry. Electronics can bring in more money if they’re in good condition and include the original chargers or cases. Precious metals, such as gold and silver, also hold their value quite well. Lastly, gems like rubies and sapphires usually bring in the most money, but only if they’re clean and free of cracks.

Furniture, on the other hand, tends to not do as well. It takes up a lot of space and styles change quickly. Most pawnshops won’t give you more than $100 for a piece of furniture unless it’s solid wood or an antique. Another thing to keep in mind is that if you default on your pawnshop loan, your property becomes the store’s. And if you don’t come back to claim it, the item will eventually be sold to someone else. Some pawnshops charge fees, such as storage or insurance, while others have higher interest rates, such as 20% a month (which turns a $100 loan into $240 in a year). This can add up very fast and is why it’s important to know your options.