Pawn shops have changed over the years and so have many of the potential items you can bring in for a quick cash loan. Here, in no particular order, are 5 of the most common items pawn shops will take in for cash loans!
The winner and still champion is gold & diamond jewelry. Pawn shops have been offering cash loans for gold & diamond jewelry for literally centuries and this is still the #1 way to get a cash loan. The price of gold is still sky high and so gold is one of the more common items pawn shops offer loans on. Remember the loan amounts are not based on what you may have paid for it or what it appraised for.
Pawn shops generally make offers based on the scrap value of the metal and a small percentage of the wholesale value of the diamonds, so remember this before you go in. An average 14K gold wedding band, no diamonds or anything special could potentially get you a loan of $60 to $100 based on the weight. Loans on gold and platinum are common however, silver jewelry has little scrap value. Gold is currently trading over $1,500 an ounce while silver trades for around $17 an ounce. See Live Gold & Silver Prices Now!
Pawn shops have always taken in a variety of tools for cash loans. Tools must be in good working order and the better the condition, the more valuable the tools are and therefore the more money you may be able to borrow. It wouldn’t hurt for you to check the tools carefully before bringing them into a pawn shop. Clean it up and get some of the dust and dirt off of them. Make sure it is charged and ready for testing and that there is no damage that may affect the tool’s operation. Just as importantly, certain brands hold better value: DeWalt, Milwaukee, SnapOn, Bosch, MAC, Bostitch and Makita are just a few of the more valuable tool brands. Others like Black & Decker, Stanley and Ryobi may be able to get the job done, but they do not have much in the way of secondhand value.
Pawn shops have taken in a range of musical instruments throughout the years. Guitars, saxophones, trumpets, violins and even accordions have been used as collateral to get a loan at a pawn shop. The amount you can borrow will be based on the brand, model and condition of the instrument you bring in and there may be other requirements.
A reputable pawn shop will look to find the average secondhand selling price of the instrument on websites like eBay and offer you a percentage of that amount for a loan, usually between 20% – 30%. Condition will definitely be a factor and you may very well have to have a case of some sort to store it in. Empire Loan also requires you to play it to prove it works and aid in verifying ownership. Just remember, it’s not based on what you paid for it but what it is actually selling for secondhand.
Electronics can get you a surge of cash: Electronics are some of the biggest monetary investments we make, but they always drop in value very quickly. Laptops, flatscreen TV’s, tablets and digital cameras are just some of the items pawn shops will take in for collateral. The problem is that many of these items become obsolete in less than a year or two. A laptop computer you may have bought $2,000 to $3,000 today may be worth as little as 1/10th of that within a matter of months. A pawn shop will only offer you a percentage of that amount for a loan.
While certain brands hold their value longer; Apple, HP, Dell are some examples, it does not mean it holds its value as the technology changes. With any of these items, make sure you have all the accessories that come with it: cables, cords, remote controls etc., and that you have cleaned it up before you bring it in. This may help you get a little more money than you would otherwise.
This is a newer category that pawn shops have been taking in as collateral for pawn loans in recent years. Designer handbags from companies like Louis Vuitton, Gucci, Chanel and other high-end manufacturers can sometimes sell for thousands of dollars each brand new and often retain a decent amount of their value on the secondhand market. This means you could potentially get a loan for hundreds if not thousands of dollars on selected designer handbags.
That said, other designer bags may sell for a fraction of that. Brands like Michael Kors, Coach, Dooney and Bourke may have popular and stylish handbags and wallets but they do not have the same value as the other high end manufacturers. It’s helpful if you have things like the outer dustbag or box that it came in, as well as the original tags or certificates that originally came with it. These items not only help with identification and authentication, they sometimes even increase the value of the bags.
These are examples are just a few of the types of items pawn shops accept as collateral for a loan. If you think you have something else that may be of value, call our main line at 1-800-375-PAWN or contact your local Empire Loan store, we’d be happy to help!
If you prefer to submit your questions online, “Ask Mike” via our convenient contact form!
For more information on additional items that we accept, please click here!
When you run a little short on cash, how can you get quick cash for some of the gold and diamond jewelry you may have? Empire Loan has 8 convenient locations that serves the greater Boston area, from the Merrimack Valley and North Shore to Metro West and Worcester, to the South Shore and South Coast, to Rhode Island with two stores in Providence, Empire Loan is here to help!
Empire Loan offers two options when it comes to getting rid of gold or diamond jewelry: Sell your old unwanted gold and diamond jewelry or get a loan based on the value of the items. Here’s how it works:
Again, the condition does not matter because all of our offers are based on the scrap value of the metal and a small percentage of the wholesale value of any diamonds. It is not based on the price you may have paid at retail or even what it appraises for. The current market price for gold is over $1,500.00 per ounce and platinum is over $1,000.00 per ounce. Silver, on the other hand, is trading for around $18.00 an ounce. Just keep that in mind when trying to determine how to get the money you need.
The only other requirement is that you have a valid government-issued ID. No credit checks, no forms to fill out, no bank accounts or credit cards needed. That’s it!