Pawn Shop Near Me: How to Get The Most Money Pawning Things

Do you have a need for some quick cash? You can bring your stuff to the closest pawn shop as collateral for a short-term pawn loan. Let me show you where to find nearby pawn shops and the best items to pawn.

You might need to do business with a pawn shop for many reasons. One, you want to get rid of some stuff at home and still make money from them. You can bring your power tools, electronics, and appliances to pawn shops to pawn or sell them.

The second most common reason is that you need quick cash. Maybe you’re faced with a financial emergency and need some supplemental cash. Pawning your valuables, such as jewelry, could help you face this situation. You don’t have to go through awkward conversations about borrowing money from friends or family. Also, going to pawn shops is better than opting for payday loans.

It always helps to know how to find a pawn shop nearby, so you know where to go when you’re in dire financial need!

How To Find Pawn Shops Near Me: 7 Easy Ways

Locating a pawn shop near you is quick and easy.

Use the Google finder. This is such a super handy app that allows you to find pawn shops easily and quickly. Simply launch the app and enter your query.
Google Maps will provide you with the results of pawn shops near you.
You can try modifying your search term, such as using “pawn brokers” instead of a pawn shop. You could also narrow down your search by inputting the specific name of the pawn shop that you are looking for. For example, you can type in nearest EZpawn shop today, Money Mart Pawn shops near me, shop pawn America nearby, USA pawn, or Cash America pawn shops nearby.
Additionally, you could search for pawn shops open Sunday to make sure that the pawn shops you are eyeing are open on the day you plan to come.
Alternatively, you could search for specific types of pawn shops, depending on what you intend to pawn or sell. You could search jewelry pawn shops if you want to pawn jewelry or antique pawn shops if you’re offering gold coins antiques.
Narrow down your top 3-4 options of pawn shops. Before heading over, make sure to check them out online and read customer reviews. Do not deal with pawn shops that seem to do shady business, have a lot of customer complaints, and have poor customer service.
It also helps to call beforehand and inquire if they would accept the stuff you plan to bring and what their terms are. Shopping for the best interest rates and terms gives you the most value for the item you want to sell or pawn.

How Do Pawn Shops Work?

If you’ve never gone to pawn stores before, you’re probably wondering what the entire process of pawning entails. Here’s the process that most pawn shops follow.

Present your item for appraisal

First, you bring the item you want to pawn and present it to the pawnbroker or pawn shop owner.

The broker or owner subjects the item through appraisal. They inspect every aspect of the item to make sure that it is authentic. If you want to pawn jewelry, the item goes through a magnet, purity, and weighing test. These processes help jewelry pawn shop owners determine a reasonable value for the item.

Some pawn shops buy cars, and their appraisal process can differ from, say, jewelry or electronic pawn shops. Auto pawn shops work by appraising the value of your vehicle and giving you an offer. If you are agreeable, then you give them the car, the keys, and all the car-related documents. You go home with instant cash while the pawn shop stores the car for you until you can purchase it back from them.

Note that a car title loan is different from pawning your car at pawn shops. Car title loan providers allow you to drive your car, but their interest rates can be pretty high. Pawn shops could offer pawn loans on vehicles at lower interest rates.

Agree on the terms

Once you’ve presented your items for appraisal, the pawn shop owner will give you the terms of the pawn loan. Most pawn stores give you up to 30 days to redeem the item by paying them the loan amount.

It’s important to remember that pawn shops will charge interest rates on your pawn loan. You must pay them the principal amount plus the interest to redeem your pawned item.

If you don’t have the money within 30 days, you can just pay the interest rate, and the pawn shop will hold onto your item for another 30-day term. You could keep extending the term by paying the interest, but that’s always at the pawn shop’s discretion. If you are unable to retrieve your item after some time, the pawn shop may sell it at auctions.

What Can You Pawn at Pawn Shops?

You’re probably wondering what exactly local pawn shops accept as collateral for a short-term loan. The best pawn shops would accept anything of value; that’s why you could pawn necklaces, wedding rings, gold coins, and many more. But there’s more to it, so I’ve listed down the best things to pawn that fetch a good amount of quick cash.

Jewelry

Fine jewelry is some of the most in-demand items to pawn, and that’s why almost all pawn shops would accept fine jewelry as collateral. Jewelry pawn shops abound wherever you go, and they’re probably the most popular type of pawn shops.

You can walk into any pawn shop with your jewelry in hand. Also, try to have your jewelry appraised by an expert to determine its value and ensure that the pawn shop is not giving you too low a price for your prized possessions.

Musical Instruments

Not many people know this, but you can actually take out a pawn loan against your musical instruments. You can take your musical instruments to the closest pawn shops and have them appraised. In particular, pawn shops are after instruments that are rare, have a colored history, and are still in mint condition. If your items meet these criteria, then you very well take them to the nearest pawn shops open near you and ask how much they’re willing to lend you before making a decision.

Power Tools

Power tools are also some of the best items to pawn that fetch instant cash. Branded power tools will get you the most money, so think along the lines of Bosch, Stihl, and Milwaukee. You could take your large pre-owned power tools to the nearest pawn shops and take a pawn loan effortlessly.

Luxury Watches

It’s also easy to find pawn shops that would accept luxury watches as collateral for a pawn loan. Classic brands such as Rolex could fetch a hefty extra cash. Other luxury brands such as Breitling and Patek Phillipe are also excellent, as they are prized for their design and quality.

Luxury Bags

If you’re going to ask around pawn shops near you, they’d probably tell you that you can pawn your luxury bags. Luxury bags tend to increase in value over time, so they make excellent collateral for a cash loan. Designer bags are already expensive, to begin with, but their pawn value depends on a number of things, such as authenticity, market value, and condition. If you want to make the most money by pawning your designer bags, take them to the closest pawn shops in the city or urban locations, as this is where pawn shop owners could potentially re-sell if you default on your pawn loan.

Smartphones

A lot of pawn shops also accept smartphones as collateral. You can bring your smartphone to pawn shops open near you and see how much they’d take it for. The best pawn shops would give you a fair rate, depending on your device’s brand and model, market value, and condition.

Laptops and Personal Computers

These computing devices are also in high demand in most pawn shops. Higher-end and gaming models are sure to get you higher instant cash loans than older ones. Just make sure to bring all the accessories, such as charger and manual, and wipe off your data by restoring it to factory settings before bringing it to pawn shops near you.

Firearms

Not all pawn shops would accept firearms, but you should be able to find pawn shops that would accept them. After all, firearms are valuable objects, so they’ll likely consider them as collateral. While pawning firearms is almost similar to pawning other items, in this case, it is crucial to provide proof of gun ownership to ensure a successful transaction.

Should You Pawn or Sell?

Apart from getting pawn loans out of your collateral, you can also sell your item outright to the pawn shop.

But when does selling make more sense than pawning?

Both pawning and selling to a pawn shop give you access to cash fast.

Pawning

Consider pawning if you need some extra cash but intend to get your item back. You’ll get quick cash when you pawn your item without going through credit checks and lengthy waiting periods. Also, you can redeem your item and then pawn it over and over again. If you aren’t able to redeem your item right away, the pawn shop will keep it safe for you, so there’s no risk of it getting damaged or stolen.

The downside of pawning is that pawn shop owners typically charge higher interest rates. Also, you must ensure that you at least pay the interest to extend the terms of your pawn agreement. Even so, there’s always the risk of your item getting sold off if you miss your due date.

Selling

The best pawn shops would give you better deals when you opt to sell your items to them. So yes, selling is better than pawning when it comes to making the most cash.

But that is not the only consideration, though. Some items are better pawned because you can’t bear to part from them. You don’t want to sell jewelry that has been handed down to you for generations because it has sentimental value to you. In the same case, you probably don’t want to sell your engagement or wedding ring because you’ll permanently lose them.

You might consider selling to pawn shops near you if you are convinced of getting rid of the item. For example, you were gifted with 4k flat-screen TV, but you already have yours. You could sell off the other one to pawn shops because you think you don’t need two TVs, and it’s better to make money from one of them.

Selling the TV will fetch a higher offer from pawn shops than pawning it. Selling makes more sense if you don’t care about getting it back.

How to Make the Most Money at Pawn Shops

If you want to make a huge extra cash fast from your items, you shouldn’t just walk into the closest pawn shops and assume the best. In most cases, pawn providers would quote you up to 50% of the item’s value. This is not too bad, especially if you’re in dire need of some quick cash.

So how do you make sure that you get the highest offer for the items you want to pawn? Here are the ways:

Clean it first. Whether you want to pawn a gun, a piece of restored fine jewelry, or a designer purse, cleaning them before taking them to a pawn shop near you will increase your odds of getting a higher offer.
Consider selling your item instead of pawning it. If it doesn’t hurt you to part with the object, then find pawn shops that offer the highest price for selling it.
Research your item. Do not go into a pawn shop not knowing how much your item is worth, especially if we are talking about luxury bags, watches, and jewelry. If possible, have it appraised independently by an expert before taking the item to your trusted pawn store.
Consider the season. This is especially true for specific items like power tools. Most people buy second hands tools from pawn shops after winter as they’re most excited to clean the yard and take on home improvement projects.
Let the owner give you the price first. Do not volunteer any information regarding the item, especially how much it was worth when you purchased it. Let the pawn provider give you the offer first and think about it. Do not take it right away.
Negotiate. You could always negotiate with pawn shops, so don’t be afraid to haggle. Be nice, but be firm. You could always walk away if you aren’t happy with the pawn shop’s final offer.
Listen to your instinct. Although the pawn industry is now highly-regulated, pawn shops still try to prey on unsuspecting customers. If they don’t have great customer service, don’t display their business licenses, and you get an overall shady vibe, just walk away.

Pawn Shops Near Me Frequently Asked Questions

Do pawn shops check my credit score?

No, pawn shops do not check their customers’ credit scores. This is the main difference between cash loans you obtain from mainstream financing institutions and pawn loans. You could always go to pawn shops open near you, present your item, and walk away with instant money, regardless of your credit score.

What are the items that I cannot pawn?

You cannot pawn fake products, perishable items, contraband, and illegal products. Some pawn shops specialize in specific products, so you can’t pawn a laptop at a pawn shop that only accepts antiques. Additionally, it is essential to prove ownership of specific items, such as guns and luxury products, and pawn shops will most likely ask for identification.

What if I can’t redeem my collateral?

Most pawn shops give you a 30-day term to redeem your collateral. You must extend the term by paying the interest if you think you can’t redeem it by that period. Otherwise, the pawn shop has the discretion to sell the item.

Conclusion

A quick search online allows you to find pawn providers easily. But pawn shops aren’t the same. Their offers and interest rates vary. So if you want to make the most money from your pawned items, check out the pawn shops open near you and compare their offers. Make sure to know the value of your item and how much you’re willing to take. If you aren’t happy with the first pawn shop, you could always move on to the next one.