What Is A Pawn?

What Exactly Is A Pawn?

According to the dictionary it’s a verb that means “To deposit in pledge or as security especially in exchange for money.” Essentially, a pawn is a collateral based loan; you provide something of value such as gold & diamond jewelry, electronics, musical instruments, tools, designer handbags or anything with a secondhand value and a pawnbroker lends you money based on the value of the item.

Pawn Rules & Rates Vary From State To State

Rules can vary from state to state and even city to city since most pawn regulations are determined
locally. In Massachusetts the loans are for a 4 month period while in Rhode Island they are for 3 months.

This means you have that amount of time to return to the pawn shop, pay back the money that was borrowed, along with any interest or fees that have accrued, to take your items back. The Pawnbroker is required to hold the item for you during that period of time and cannot do anything with item since it still belongs to you.

How A Pawn Works

Here’s an example of how it works: Let’s say you bring in a gold ring that the pawn shop is going to lend you $100.00 on. The pawnbroker will hold onto your ring and give you a ticket. That ticket includes a description of the item, along with the terms of the loan and a schedule of the payment terms. In most of Empire Loan’s Massachusetts stores the interest rate is 3% per month with an appraisal fee in the first month. That means if you come back to redeem your ring anytime during the first 30 days, you would pay $111.00 to get it back. But you actually have 4 month’s before you have to do anything. If you wait the full 4 months you would end up paying $120.00 to get the ring back or you could just pay $20.00 to renew the loan for another 4 months.

Some of the advantages to a pawn include:

A) No monthly payments.

Simply pay back the loan plus interest and fees at the end of the loan period and take your item(s) back or pay what is due and renew the loan for another 4 month period.

B) No credit checks, no forms to fill out or waiting for the money.

Bring in your valuables and walk out with cash in minutes.

C) No Stings Attached:

With a pawn, if you can’t pay it back, no problem. The pawnbroker forecloses on the item(s) and you are free and clear. No bad credit reports or collection calls. As a matter of fact, you can come back and do another loan anytime as long as you have an item to provide as collateral to secure the loan.

It’s quick and easy to get the cash you need with a pawn.

For questions on items that we do or don’t accept please visit our “Accepted Items Page” for more information or contact us today via our convenient contact form or by calling in directly at 1-800-375-PAWN

Where Can I Sell My Tools?

Every now and then, it’s time to clean out that tool shed, but you might be curious about what to do with the tools that you no longer use. Either you got a new one, or you found the tool you have is too small (or big) for the jobs you do. There can be a variety of reason as to why you may want to sell your old tools. Maybe you no longer need the tool or rarely use it anymore and are looking to create some space around the house. Maybe you are moving and don’t have the space? Tired of doing everything yourself? Or maybe someone gave you a tool as a gift that you will never use but don’t want to hurt their feelings? Maybe you just have too many tools. Whatever the case may be, if you are looking to sell your tools in Massachusetts, here are three options to consider:

Sell Your Tools Privately:

If you have time and don’t mind the hassle, list your tools for sale on a website like eBay or Let It Go. This will take a bit of effort as you’ll need to take the pictures, write the description and possibly ship it, but this way you can get the maximum value. Find out what others are selling similar tools for and name your price based on the competition. The positive here is that you can hopefully get more money.. The problem is you may have to deal with shipping or worse yet, returns from unhappy customers. You also need to be careful of unscrupulous characters. In this case: Seller beware!

Donate Your Tools:

Trade schools and community organizations will sometimes take your old tools. They can use them for training programs and possibly even sell them to raise money for their cause. Believe it or not, it can be a challenge to find an organization willing to take your unwanted tools however it’s still a chance to do something good!

Bring Your Tools To A Pawn Shop Like Empire Loan:

Pawn shops like Empire Loan will examine and test your tools before they make you an offer. As long as they appear to be in good working order with no serious problems, Empire Loan will look it up online with websites like eBay to see what they are selling for used, and then offer you a percentage for a buy or loan. Generally this can be anywhere from 20% to 40% depending on what you have and what you want to do with it. While it’s true this is less than you would get selling it privately, at least you get the cash on the spot and walk out free and clear.  That’s it. Quick, simple and safe! Empire Loan has been buying tools for cash since 1985 and features 8 locations in Massachusetts and Rhode Island to make it convenient for you.

As Empire Loan says, It’s That Easy! 

For questions on items that we do or don’t accept please visit our “Accepted Items Page” for more information or contact us today via our convenient contact form or by calling in directly at 1-800-375-PAWN