Pawn Exchange Near Me (2024)

FAQs

What is the most a pawn shop can give you? ›

Most pawn shops offer loan amounts of 25% to 60% of your collateral's value. Be aware that pawn shops have high APRs that can make them one of the most expensive options to borrow money. Pawn shops do not require credit checks.

At a pawn shop, you leave your property and, in return, the pawnbroker typically lends you approximately 25% to 60% of the item's resale value. The most commonly pawned items are jewelry, electronic and photography equipment, musical instruments, and firearms. The average amount of a pawn shop loan is about $75–$100.

The first option for people that pawn their items but want to get them back is to pay the loan back along with a fee. Typically, there is a due date on the loan. That means there is only a certain amount of time for the person to pay the pawn shop back and receive their item.

Yes you absolutely can negotiate prices at a pawn shop. In fact, you are expected to negotiate. Anyone in a pawn shop you deal with who does not see you negotiate will wonder what the heck you are doing. So yes, go into the pawn shop expecting to haggle, whether you are buying, selling, or pawning.

Pawn shops only loan you about 25% to 60% of an item's resale value. If you pawn a piece of jewelry worth $1,000, you might get a loan amount of between $250 and $600, but you won't get the value of the item. And, of course, you'll risk forfeiting a $1,000 piece.

Value. If you decide to pawn an item, you'll likely receive less cash than what it's worth. Selling, however, typically means you'll receive a higher amount of money. Keep in mind, though, that even if you receive less cash to pawn an item, you'll be given that item back as soon as you repay the loan.

Limited funds: Pawn shop loans are typically fairly small. If you need access to a large amount of money, these loans may not be a fit. High cost of borrowing: The interest rates on pawn shop loans can be much higher than other forms of financing, such as personal loans.

Shops know they can sell your tools faster (and for more money) when they're trusted brands. Usually, pawnshops will pay anywhere from $30-$200 for working tools, but you can expect that price to increase if you have any of the top brands.

With pawn shop loans, you stand to lose the item you left with the pawnbroker if you default on your loan. Depending on what you put up for collateral, that could be a big loss for you.

A pawn store will generally offer more money if you're selling your item instead of pawning it. However, it does depend on a few factors. For instance, if you're selling an in-demand item, such as gold jewelry or a high-end watch, the pawnbroker is more likely to offer you a higher cash value.

What happens when you sell an item to a pawn shop? ›

Pawn shops are short-term loan institutions. You'll bring in an item like a computer and they'll give you money in return. They'll keep the item until you pay back the loan and they'll return your item. The other way is just to sell the pawn your item to the shop and they'll resell it for their profit.

While there's no traditional "penalty" for not repaying a pawn loan, the main consequence is losing the item you've pawned. The pawned item simply becomes forfeited, and the pawn shop owner can now sell your item. However, nothing bad happens to your credit and nothing is reported.

DON'T: Do not point out flaws in an item you want to purchase. This is just rude to the pawnbroker who spends their time assessing the value of the item and has years of experience doing it. Do you think you're better at pricing secondhand items than them? Perhaps not.

What do pawn shops offer that a secondhand shop doesn't? - Money loans for collateral.

Most pawn shops do negotiate for sales – but don't expect to get more than 60% of the value of your item. Remember – their end goal is to resell your item for a profit.

It really depends on the pawn shop, but typically you can expect anywhere from $100 to $200 for a PS4, assuming it's in good condition and comes with all the cables and a controller.

For example, if you took a pawn loan of $200 for 2 months, the Interest Payable would be 1.5% x $200 x 2 months = $6. Alternatively, you may use the MoneyMax Pawn Loan Interest Calculator at the bottom of this page to calculate your pawn loan's daily interest.