Pawning Jewelry Goods Tips If You Need To Borrow Money
If you are thinking about pawning jewelry goods, there can be many reasons why you might need the money. You might be trying to cough up enough cash to avoid a late fee on a credit card or installment payment, there could be an event you want to attend that happens in a day or so you didn’t plan on, or you might just need money to get through until your next paycheck. These 7 pawning jewelry goods tips can help you out in all these situations.
In some cases, the jewelry is so valuable that you’re using it as collateral to free up money for something important. It could be rent or a mortgage payment, you might be trying to get your car fixed as fast as you can, or you’re just trying to free up enough money to cover last-minute expenses like Christmas shopping, knowing you’ll have tax refund money in a month or two to pay back the pawn shop. Even in these larger circumstances, keep reading to learn all 7 pawning jewelry goods tips you need to know:
1) Know the resale value of the item: How much a pawn shop is going to offer you for anything, jewelry or otherwise, is going to be largely based off of what they can get for it if they have to resell it. If you’re going to go in with a realistic shot of borrowing money, you can’t ask full retail. You also need to know what you can about the piece so you look informed and don’t get hosed. Know everything from any stones or gems that come with the jewelry, the metals it’s composed with, and the size (if applicable). Also clean it up to make it look nice.
2) Do not get hostile over what you’re offered: A pawn shop usually has a set percentage they loan out on items, and it’s never full price for a used good on the secondary market. Often, you’ll get maybe half that since many stores just look to double their money. Jewelry will sometimes commend higher prices, and it doesn’t take up a lot of their space, so you might get more than half. Expect a little wiggle room if you don’t like their first offer, but remember the more you borrow, then the more you have to pay back in your loan. Also, getting emotional over an offer never works in your favor. Even if a piece of jewelry has sentimental or family value, that does not translate to market value and matters nothing to the pawn broker. He or she is only looking to make money, either off of your loan, or by reselling it if you don’t come back for it.
3) Take the terms and conditions seriously: Listen carefully to the terms and conditions they go over with you at the counter, and read all the paperwork they have you sign. Also pay attention to signage posted around the store for important details that you need to know. In most states and municipalities, there are very strict laws, rules, and regulations surrounding pawning items, so know your obligations and rights.
4) Don’t pawn something you don’t own: Most individuals will know this goes without saying, but be sure you actually own what you are pawning. Local law enforcement is always in touch with local pawn shops about people trying to offload stolen or improperly-gained items. Never do this yourself, as it is a crime. So is ‘borrowing’ something from a friend or family member when you assume they will notice it was missing, thinking you can buy it back and put it back before it escapes their attention.
5) Keep your pawn ticket safe: You’ll be given some form of documentation of your pawned item and loan. Never lose it. While many stores can look up items and let you make payments based on phone number or Social Security number, you might need the actual ticket in order to reclaim an item when the loan is fully paid off. If need be, make a copy of the documentation to carry around and put the original in your safe or safety deposit box. Remember that ticket is virtually as valuable as the item you pawned.
6) Make your payments on time: Your pawn loan will carry interest. In many states you’ll have a window of time (often 90 days) to pay off the loan term and reclaim your item. After that, you’ll likely have to make minimum installments to continue the loan. Failing to keep up with this means your item can wind up on a store shelf for public sale or listed online.
7) Be ready to pay the price: If you fail to keep up the loan and the day comes the item is going for sale, you might still be able to buy it back, but you’ll need to be prepared to pay the full market value for the item.
As mentioned earlier, there are many reasons why you might need to pawn off your jewelry in order to get some cash in your hands. If you ever face this situation yourself, use these 7 pawning jewelry goods tips if you wind up needing to do this for money. Hopefully, you’ll get the money you need and then pay the store back in time to get your possessions back into your own hands in no time at all.