Want to make quick cash by pawning something? Then it’s worth knowing about these high-demand pawn items.
Do you have financial woes and want to make money fast and with minimal effort? Do you own small valuable items? If you say yes, then you might consider pawning to make quick cash!
Pawning is a quick way to get money when you need it the most. Fortunately, there are many things you can pawn right now for money.
But remember, if you want to pawn something, make the most money, and not get ripped off by shady pawnshops, you must pawn wisely. So, read on to learn how to make the most of pawning and the best things to pawn.
How Do Pawn Shops Work?
Pawn shops are business places that offer you some sort of personal loan in exchange for collateral (or items to pawn).
The pawn shop broker or owner appraises the value of an item based on its current resale value (and not the value at the time you purchased such an item).
The broker then gives you an offer, ranging from 25% to 50% of the item’s resale value. Sometimes, a pawn shop might give you a lower offer if they already have a huge inventory of the same item. The item should also be in good condition to fetch a higher price offer.
If you agree to the offer, the pawnbroker gives you a ticket containing the transaction’s details. You must keep this ticket since you need to show it when you want to redeem your pawned item.
The term for pawning usually runs for 30 days. You can take your item back if you pay the loan in full. Otherwise, the loan accrues interest. You can pay the loan plus interest when you redeem the item or just pay the interest, so the pawn shop holds onto the item for a little longer.
If you fail to pay the loan’s interest, the pawn shop reserves the right to re-sell the item to recoup its losses.
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Pawn or Sell: Which is Better?
Pawning is not the only way you can make money from pawn shops. You can sell your items too.
Selling items at a pawn shop is just as easy as taking your item and getting cash. the main difference is that you can get a higher price if you sell instead of pawning.
But not every situation calls for selling an item. For instance, if the item has sentimental value (like an heirloom handed down through generations), you pawn it. But you want to get the item before the loan term expires, or the interest will keep accumulating until you can.
You could sell your stuff if you don’t mind parting with it. Some things only have material value, so selling them for a higher price won’t really hurt you. For example, if you constantly upgrade your gadgets and devices and have no use for old ones, then selling them for cash makes a lot of sense.
Pros and Cons of Getting a Loan From a Pawn Shop
Getting a pawn shop loan can be your next best step if you can’t use your credit card or take out a low-interest personal loan. But before you go ahead and pawn your stuff, it’s best to know the pros and cons of taking a loan from pawn shops.
Pros
- You don’t go through a credit check so you can take a pawn shop loan even with poor credit.
- You can redeem your pawned item once you’ve paid off the loan and its interest.
- Pawning is a quick and easy process that can be completed in a few minutes.
Cons
- Although pawn shops are regulated, their interest rates are still higher than traditional loans.
- The pawn shop owner could sell your item if you default on your loan.
- You could incur extra fees for things like renewing your loan.
What are The Best Things You Can Pawn for Cash?
Are you ready to make some money quickly? Here are the top things that pay the most at pawn shops.
Precious Metals
Precious metals are some of the best things to pawn. These metals can come in the form of gold coins and silver jewelry which you can easily pawn for quick cash. Precious metals almost always increase in value, are in great demand, and are easy to re-sell.
Apart from gold and silver, some pawn shops accept other types of precious metals that make great items to pawn, are Rhodium and Platinum. Pawn shops usually subject these items to test their purity.
Power Tools
Do you have some perfectly working branded power tools that you no longer use? If so, you may consider pawning them for some quick cash. These tools include circular jigsaws, drills, sanders, and chainsaws.
Power tools are also excellent things to pawn for 100 dollars or even more. Even better if these tools are made by a well-known brand, still work great, and look clean. Consider cleaning your tools, so the pawn shops give you a higher quote.
Musical Instruments
Musical instruments, especially guitars, could also be pawned for cash. Musical instruments are typically expensive when purchased brand-new. Many people want to save money, so they look into pawn shops to find branded original, yet second-hand instruments.
If you aren’t emotionally attached to your instruments and want to make a lot of money, consider selling them to the pawn shop rather than just pawning them.
Designer Handbags
Luxury handbags are some of the top things to pawn for 500, depending on the bag’s brand and condition. If you want more money from your designer handbag, consider pawning it in larger cities than in your local pawn shop because that’s where its market is. Make sure your item is original, as pawnshops would need to evaluate its authenticity before accepting it as collateral.
Designer Watches
Like luxury handbags, designer watches are some of the high-end things you can pawn. You could even pawn a luxury watch for 1,000 dollars if its resale value is significantly higher. Rolex, Breitling, Cartier, Richard Mille, and Patek Philippe are some of the best watches you can pawn for cash.
Jewelry
One of the top things to pawn is jewelry. All pawn shops are likely to deal with gold and silver jewelry as these are easier to store, increase in value over time, and are convenient to sell. If you have some precious jewelry, you can pawn these to get a loan quickly, perfect for financial emergencies. In fact, most people refer to gold (including gold jewelry) as an excellent hedge against inflation.
Electronics and Appliances
You can also make quick cash from your high-value electronics and household appliances. Some of them you can pawn for 100, such as refrigerators, flat screen TV, speakers, and AC units.
Some pawn shops also accept game consoles, Apple products, and electronic guitars to pawn for cash.
Workout Equipment
Few people know they can get a loan by pawning their workout equipment.
The thing is, purchasing such equipment brand new could be pricey. People are willing to buy second-hand from pawnshops as long as they are in good condition. If you are no longer using or have bought new ones, consider pawning or selling your exercise equipment, such as treadmills and ellipticals, and make money immediately.
Recreation and Sports Equipment
If you are a sports or hobby enthusiast, you may have some sporting goods lying around in your house. And if you no longer want to use them, you can bring them to pawnshops and make some extra cash.
What sports items can you pawn for cash? That includes golf clubs, archery sets, billiard sets, bowling balls, and BMX bikes.
You could also pawn your camping gear and tents.
Collectibles
Pawn shops also accept collectibles as loan collaterals. These may include rare video games, coins, and board games. Rare and collectible coins, for instance, can fetch a hefty sum because they typically contain gold or silver. But you must research the worth of your coins first if you want to pawn them so you can fairly negotiate and not get ripped off!
Some pawn shops may also accept vintage jewelry, sports memorabilia, vintage electronics, and music memorabilia (those first edition albums that go way back could make money today!). Not all pawn shops deal with collectibles and vintage stuff, though. So if your local pawn shop won’t accept these, it’s best to look around.
Art Pieces
Art pieces are some of the high-end ticket items you can pawn for cash. Artworks that were made by popular artists do pay more.
If you are quite familiar with art, you’d know if you have high-end artwork that could help you get cash. Some art pieces could pawn for 500, even more if you know they’re worth more money. One of the key ways to get more money is to have an art expert appraise the artwork so you can negotiate the offer when you go to a pawnshop.
Fortunately, many pawn shops now accept artworks, so don’t accept a lowballed offer.
High-End Devices
If you’d like to pawn something, you don’t have to search far and wide. That extra laptop, iPad, or smartphone you have is worth some money if you pawn them.
But remember this before going to the pawnshops: factory reset your device and remove it from any linked device, such as your computer or laptop. You don’t want to pawn something with your valuable and sensitive information!
There are a few caveats in getting the best price on your device or gadget. First, bring it to the pawnshop in its original box and accessories. Also, it should still be in good condition. The model, iOS, and generation of the device all play important roles in the offer. Essentially, the newer your device is, the more value you’ll get should you pawn it.
Firearms or Guns
Your local pawnshop may also take your gun or firearm as loan collateral. However, a gun can be a tricky item to pawn, than say, pawning your golf clubs or rare coins.
That is because you’d have to provide paperwork to prove your ownership of the firearm, such as the gun’s license and registration and your identification. The pawnshop may decline you if the gun is not in your name. Also, the owner may conduct a background check on you if he deems it necessary.
Still, firearms are some of the best items to pawn. Old, ordinary guns could fetch a couple of hundred dollars, while rare ones could pay 1,000 dollars or more. Some guns are so valuable that they could be pawned or sold for millions.
Conclusion
Pawning is a quick and straightforward process. If you’re in dire need of cash, can’t tap your credit cards, and don’t want to borrow from family and friends, going to a pawn shop can be your best (but probably the last option). You can make money with the things you already own without having to go through rigorous credit checks or awkward conversations.
Consider looking for items to pawn that are high value because they typically fetch a higher offer. But before you do that, research and see what your items are worth. Some pawn shops may give you ridiculously low offers; if you accept, you miss out on the chance of getting paid more.
It always pays to go around a couple of pawnshops and have your items appraised before circling back to the one that gives you the best deal.
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