MA & RI Pawn Shop Blog | Empire Loan

How To Get Cash For Gold And Diamond Jewelry

How Do I Get Cash For Gold & Diamond Jewelry?

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:

Selling Your Gold & Diamond Jewelry

  • Selling your gold and diamond jewelry: If you have gold and diamond jewelry you don’t want, sell it to Empire for instant cash. Broken, damaged or simply unwanted gold and diamond jewelry can get you the cash you need. Condition does not matter. The staff at any of Empire Loan’s 8 stores will take your items, test and weigh them and make you a cash offer on the spot. All offers are based on the scrap value of the metal and a small percentage of the wholesale value of any diamonds. Loose earrings, broken chains or bracelets, or items missing stones, will still get you cash.

Loaning Your Gold & Diamond Jewelry

  • Loans for gold and diamond jewelry: Suppose you need cash but don’t want to sell your jewelry? Empire Loan can help with that too. Empire Loan offers cash loans using your gold and diamond jewelry as collateral. Bring in ANY gold and diamond jewelry items and we will test and weigh them and offer you a cash loan based on the value of the item, but you still own your jewelry. We store it in our secure vaults until you repay the loan and take your items back. You have up to 4 months (3 months in Rhode Island) before you even have to make a payment. The best part? Over 90% of Empire Loan’s customers repay their loans and get their merchandise back. It’s that easy!

When It Comes To Cash, Condition Isn't Everything!

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!

Get Cash Fast With Empire Loan

If you need cash, Empire Loan makes it easy! Find a convenient location near you, or contact us directly for assistance via our contact form, email, or directly by phone @ 1-800-375-PAWN

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

Where Can I Sell My Handbags?

Styles change. Needs change, but unfortunately the space in your closet hasn’t! You might be wondering, what to do with the closet full of used & like new designer handbags that you have collected over the years! Lucky for you we have an answer, turn them into cash! There are a variety of options to consider such as: sending them out to companies that will sell them for you (for a fee of course), post them on websites like Let It Go and Facebook Marketplace to sell them yourself, or bring them to a pawn shop like Empire Loan for Instant Cash. To make the decision process easier we have compiled a detailed overview for each potential route you might take:

Consignment sales:

There are online platforms & brick and mortar consignment sales channels that will do the heavy lifting for you. Certain online sites will buy your handbag outright or sell it on consignment for you. You send your unwanted handbags to them to be priced, posted and sold but then you’re done. The good news is they take care of everything. You do pay a fee (upwards of 50% or more on certain sites) but they take care of the details for you. The issue is you don’t know how much they may offer you before you send them your bag or how long it will take for them to sell it or even when they will “Show you money”.

Post Your Handbags For Private Sale:

This is where you may be able to maximize your return. If you research the price your bag is selling for on the secondhand market, you can post it for sale on websites like eBay, Let It Go or Facebook Marketplace yourself. Aside from fees you may need to pay a site like eBay, you get to keep the all the money yourself. The downside is you don’t know how long it will take to sell it, you will need to prove authenticity and you need to deal with strangers. This is another example of “Seller Beware”.

Bring Your Handbags To A Pawn Shop like Empire Loan:

Empire Loan is in the business of buying and lending on the value of your designer handbag & purses. The staff in any of Empire Loan’s 8 stores will be able to appraise and authenticate your designer Louis Vuitton, Gucci, Chanel and other designer handbags and pay you cash on the spot. They will determine what the bag sells for on the secondhand market and make you a cash offer in minutes. It may be less than what you may be able to sell it for privately, but there is no waiting, no dealing with strangers, no waiting for your money and no worrying about disgruntled customers. You agree on a price, they pay you cash and you are done. Quick and Simple.

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

How To Avoid Overdraft Fees

Avoiding Overdraft Fees

It happens, sometimes when we least expect it. You write a check to pay a bill; the rent, a car repair, even money you borrowed from a friend. Without realizing it, a deposit you were expecting doesn’t clear the bank in time and poof, you’re hit with an overdraft fee from your bank. That’s how it may start. 

How Overdrafting Quickly Adds Up

The bank charges you $35 but the property manager you pay your rent to can charge you a returned check fee. Wham! Add another $30 to the bill. That’s $65 extra, plus the headaches and damage it may do to your credit rating. Depending on the amount of the bad check, it could become a criminal matter.

Imagine you’re going to pay your cell phone bill for $200.00 and because of a delay in your direct deposit, your account is $100 short to cover the check you just wrote. Between the $35.00 overdraft fee from your bank, the $30.00 charge from the cell phone company for the returned check and possibly a reactivation charge to turn the phone back on, it could cost more than the original bill. this is not an ideal situation to find yourself in.

Quick & Easy Overdraft Solutions

One solution could be a fast and simple pawn loan from Empire Loan. Simply bring something of value; gold and diamond jewelry, electronics, musical instruments, tools or other items with a secondhand value and you could have walked out with the cash to cover the shortage. A typical pawn loan for $100.00 from Empire Loan would cost you about $11.00. That’s it. No long forms to fill out. No waiting for approvals. Just bring in your merchandise and walk out with the cash you need to avoid this disaster.

Your One Stop Money Shop

Empire Loan has been serving Massachusetts and Rhode Island since 1985, getting our customers the cash they need, when they need it. Contact us via a convenient form, call them today or find a location near you to see what they can do to help.


Empire Loan Owner & CEO Michael Goldstein today announced that his company will offer furloughed federal workers interest free, no fee loans for the duration of the government shutdown


Boston, MA – Empire Loan, the “one stop money shop” for Greater Boston and Providence, Rhode Island consumers, has a solution to help local area federal workers survive the historic government shutdown. Today Empire Loan announced that they are offering no interest, no fee loans to qualified furloughed employees.


This past Friday, roughly 800,000 federal employees missed their first paycheck. About 380,000 employees have been furloughed and another 420,000 are currently working without pay. Congress has already passed a bill that guarantees all federal employees will receive back pay once the shutdown is over, but that does little to help them while it drags into its fourth week.


“I hate to think that there are so many federal workers out there with little or no financial options to ensure their bills are paid and they have food on their table to feed their families,” said Michael Goldstein, owner and CEO of Empire Loan.  “So we decided to offer them what we’re calling an FDT Loan … a loan that they can access Fast, Direct, Today.


An Empire loan uses a customer’s personal property as collateral instead of their credit. What individuals can borrow is based on the value of the item they bring in to Empire Loan for appraisal.  For example, jewelry, coins, electronics, musical instruments and tools can all be used as collateral for a loan. Based on the value of that item, Empire Loan will lend furloughed federal employees cash on the spot with no fees, no interest, no credit check, paperwork or spiraling debt.  Once they are back to work – no matter how long it takes for the government shut down to end –  furloughed employees can pay back the interest free loan and get their collateral back without compounding interest or lingering debt.


“We want these federal employees to know that we are in this with them for the long haul,” said Goldstein. “Obviously we all want this government shutdown to end as quickly as possible, but if it continues indefinitely, our offer stands for the duration … interest free loans with no fees involved for all qualified furloughed federal employees.”

About the December 2018 Shutdown

The second shutdown of the United States federal government in 2018 – which has continued into January 2019 – began at midnight EST on Saturday, December 22nd, making it the longest U.S. government shutdown in which federal workers have been furloughed in history. The shutdown occurred when the United States Congress and President Donald Trump could not agree on an appropriations bill to fund the operations of the federal government for the 2019 fiscal year, or a temporary continuing resolution that would extend the deadline for passing a bill. The Antideficiency Act prohibits federal departments or agencies from conducting non-essential operations without appropriations legislation in place. As a result, nine executive departments with around 800,000 employees had to shut down partially or in full, affecting about one-fourth of government activities.


About Empire Loan

First established in 1985 by Michael Goldstein, Empire Loan is New England’s leading pawn shop with 8 locations in Boston, Providence, New Bedford, Worcester, Stoughton, Lowell and Lynn.  Empire Loan is more than just a pawn shop, it’s a local, community-focused business that strives to change the image of pawn shops. Empire Loan enthusiastically supports the communities where they operate, providing donations to organizations like the Boys & Girls Club, Girls Inc., Health Centers, and local Arts & Entertainment organizations. In 2011, Goldstein created the Empire Loan Charitable Foundation which supports a wide range of programs in the communities where Empire Loan operates.


How A Pawn Loan Works

A pawn loan uses something you own as collateral instead of your credit. What you can borrow is based on the value of the item you bring in, which can be jewelry, electronics, musical instruments and tools. Based on its value we lend you cash on the spot with no credit check, paperwork or spiraling debt.


You pay back the loan with interest in a few months and get the collateral back without compounding interest or lingering debt.


And over 90% of our customers do get their merchandise back.

How Pawn Shops Avoid Stolen Items

The idea that stolen items end up in pawn shops simply isn’t true anymore. Extensive reporting requirements for every item that comes in is a huge deterrent for thieves. At Empire Loan, everything we receive is meticulously described, photographed and transmitted to a police database. Learn more.

Unwanted Gift Cards? Empire Loan Will Give You Cash!

The holidays are done and the presents and decorations are packed away. Now what do you do with the gift cards you’ll never use? Bring them to Empire Loan and turn them into cash!

Empire Loan buys gift cards from over 700 merchants and pays cash on the spot. No machines to fuss with, no sharing credit card or bank account information, just bring in your gift cards along with your ID and you walk out with cash in your pocket.

All those gift cards to the clothing store you would never be caught dead in, can be turned into cash that you can use wherever you want. If you’ve ever received a gift certificate to a high end department store where the $50 card might get you a pair of socks, you would probably prefer the cash. One customer even came in with a gift card for a restaurant chain that doesn’t even have locations in New England. In all these cases, Empire Loan will pay cash for those unwanted gift cards.

Everybody thought gift cards would be a popular holiday gift for family, friends and service providers when you couldn’t figure out what to give them as a gift. Gift cards would let them shop for themselves and get the right size or color item. Unfortunately, you can’t please everybody. Instead of letting it sit in your wallet or purse taking up space, bring your unwanted gift cards into any of Empire Loan’s 8 locations in Boston, Providence, New Bedford, Worcester, Stoughton, Lowell or Lynn along with your ID and you could be walking out with cash.

Some retailers are offering to buy your gift cards from their competitors in exchange for gift cards to their stores. Others are offering store credits to their stores for gift cards to their competitors. If you didn’t want a gift card for their store, why would you necessarily want one from a store that basically sells the same things?

The advantage to getting cash for your gift cards is that you get CASH that you can spend anywhere you want to get just what you want. Once again, Empire Loan makes it easy!

Fast Cash for Your Valuables

3 Options for Your Broken Jewelry

Broken jewelry – everybody has some, but nobody wants to just throw it away. What can you do with your broken or damaged gold, diamond and silver jewelry? Empire Loan has 3 options you can do with those broken items that have just been sitting in the bottom of your dresser drawer.

  1. Sell it! Broken, damaged or simply stray pieces of old gold and diamond jewelry can be turned into instant cash. Remember the earring that you lost the match to? It’s gone forever. How about the chain or bracelet that got crushed when you were doing yardwork? Of course, there’s also the ring that was mangled by the kitchen garbage disposal. If it’s gold, platinum or silver, Empire Loan will buy it, as is, for cash. Simply bring it in and the Empire Loan experts will test it, weigh it and pay you cash on the spot….no matter what condition it’s in.
  2. Get a short-term loan! Any gold, platinum or diamond jewelry you have, regardless of the condition, may get you a cash loan. If you want to keep that broken ring your great-grandmother handed down to you, Empire Loan will lend you cash based on the value of the gold and diamonds in the ring. Empire Loan holds it safely and securely in their vaults until you repay the loan and take back your valuables. It’s that easy. You never have to sell your precious mementos, they still belong to you. Empire Loan simply lends you money based on the value of the item. It doesn’t matter what condition it is in, so long as it’s gold or platinum. Silver trades for under $20 an ounce so most silver jewelry may not have enough value for a loan, regardless of what you may have paid for it. Grandma’s silver tea set though could weigh enough that you could get a loan from just a few dollars, on up to thousands, depending on the weight.
  3. Fix it! We live in a disposable society. When things wear down or break, we just throw it away and get a new one. Part of the problem is finding somebody who has the ability to fix things properly, particularly with gold and diamond jewelry. It takes a true craftsman to be able to repair a broken chain or pair of earrings. Empire Loan has goldsmiths available to bring your broken jewelry back to life. Even if you’ve just outgrown your ring, Empire Loan’s expert craftsmen can re-size it to fit the way it’s supposed to. We can fix that broken chain, pendant or ring the way it’s supposed to be and it’s like you have bought a new piece of jewelry. Not sure if what you have can be repaired? Bring it into any Empire Loan location and we’ll give you a free assessment and honest appraisal as to whether it can be repaired or not and how much it may cost. Then it’s up to you. Bring your broken jewelry in and see if Empire Loan can make it new again!

There is one other option: just let that broken jewelry sit in the bottom of your drawer collecting dust. But why do that when the other options are so much better!