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!
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.
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.
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!
Pawn Shops are regulated by local, state and federal laws pertaining to loans, purchases and privacy issues. People often think when their property is stolen they simply go to a pawn shop and see if their merchandise is on display there, but it’s really not that simple. Here’s a description of the process and what you should do if your merchandise is stolen.
First, understand that Pawnbrokers and other second hand dealers are generally required to report all transactions they make to local police or authorities. In addition to pawn shops, jewelers and consignment shops that buy gold and silver jewelry and other items are all required to maintain records of transactions and report them to local authorities on a regular basis. This often includes providing pictures and descriptions of all the items they take in, along with a copy of the ID and photos of the person who brought the item in. The pawn shop must then hold the item for a specific period of time, usually a minimum of 30 days, to allow the police time to investigate if the merchandise was part of a crime.
Fairly recently New England law enforcement agencies have centralized this information through NESPIN, New England State Police Information Network, where all six New England states (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont) share the information of what has been brought into pawn shops and second hand dealers across the region, allowing local law enforcement the opportunity to search database to see if items brought in were the result of a crime. This database is not available to the public but is accessible to local law enforcement.
As a victim of crime, here’s what you should do:
Empire Loan wants to help you recover your merchandise. Hopefully the above information will help you figure out how to do just that. If you have any questions or need any further information, feel free to contact any of Empire Loan’s 8 locations, check our website (www.EmpireLoan.com) or call us at 800-375-PAWN
October is a special month with the changing of the seasons and a choice of two birthstones that come in a wide range of colors; opal and tourmaline.
Tourmaline has become very popular in jewelry due to the wide range of colors it can be found in. There is something for every style and taste. Tourmaline is best known for featuring multiple colors in each gemstone, featuring two, three or more colors in a single gemstone and is known for having the widest range of colors of any gem. The more distinct these color differentiations, the more desirable to stone is. Tourmaline colors ranges from black, blue or dark brown through green, red, pink and yellow. One type of tourmaline is referred to as Watermelon Tourmaline for its green and red color variation in a single stone.
Tourmaline is found all over the world including Afghanistan, Brazil, East Africa in even in the US.
The other October birthstone is the opal, from the Greek Opallos, meaning “to see a change (of color)”. Opals also show a wide range of colors from a milky white to black with flashes of yellow, red, green and blue. The 3D reflection within opals is one of the stones finest and most notable features.
The GIA describes opal as: Fireworks, Jellyfish, Galaxies, Lightning with a shifting kaleidoscope of colors unlike any other gem. The most often used term is Play-of Color, which speaks to the floating reflections of light and color or fire in the stones. The five main type of opals are:
If you need a fast cash loan and have tools, Empire Loan at 1271 North Main Street in Providence can help.
Power tools from manufacturers like DeWalt, Bosch, Porter Cable and other top quality brands can be converted into fast cash loans at Empire Loan in Providence. Our staff will take a look at what the tools in similar condition are selling for second hand online with websites like eBay and Amazon and offer you a cash loan based on a percentage of what they sell for. Customers have brought in tools and gotten pawn loans from Empire for anywhere from $40 or $50 to a few hundred dollars.
Hand tools from major manufacturers also can be used as collateral to get a loan from Empire. Brands like Snap On and Klein are just a couple of the manufacturers that Empire can turn into cash. Complete sets or individual tools all have value.
It’s not just tools that Empire Loan in Providence takes in for loans. Musical instruments including guitars, trumpets, saxophones, flutes and even accessories like amplifiers, pedals and microphones can be converted into cash as can DJ equipment, electronics such as flat screen TV’s, tablets and laptops and even smart phones. Designer hand bags from Coach, Louis Vuitton, Fendi and others that have the proper paperwork can also be used as collateral for a loan from Empire Loan in Providence.
If it has secondhand value, let Empire Loan on North Main Street in Providence turn it into cash!
Earth Day and Recycled Jewelry
Since 1970, the world has been celebrating Earth Day. This is a time when we demonstrate our support for the protection of the environment. People all over the world have been increasing the amount of recycling of paper and plastics to protect the environment, but people have actually been recycling gold, silver and diamonds for centuries.
Gold and silver are very easy to recycle, being melted and turned into gold and silver bars. These precious metals can also be re-purposed into various electronic devices (cell phones and computers for example) and into beautiful jewelry. There is no degradation in the quality of gold and silver that is recycled and there is no way to examine a piece and determine if it was “freshly mined” or recycled.
When the price of gold started its meteoric rise in 2008, millions of people sold the gold jewelry they had to take advantage of the rise from around $500 an ounce to $1,900 an ounce in under 5 years. Even silver went along for the ride from around $9 an ounce to almost $50 an ounce. This meant there was plenty of gold and silver (platinum too) being sold and melted down. These precious metals found their way back onto the market as bullion and coins for investors, but also into new electronic devices and of course new jewelry.
The same thing happened with diamonds. As more jewelry was sent to the refineries to be melted down, there was a glut of diamonds that came back onto the market. These diamonds were also recycled for industrial purposes! Because they are so durable, diamonds get a second life being used for cutting and grinding.
Diamonds are also often removed from their settings and re-cut or re-set in different pieces of jewelry. Re-cutting a diamond will help get rid of imperfections in the stone or make them more stylish and modern. Giving a stone new life is exciting, because some diamonds were formed billions of years ago, meaning they pre-date many generations of end users.
Recycling these precious metals and gemstones can also help the environment by limiting the damage that the mining causes. The toxic waste created by the mines as well as the destruction of the lands where they are found can have lasting effects.
This Earth Day, going out to buy gold and diamond jewelry may be one of the best things you can do for the planet.
National Earth Day is celebrated each year on April 22. This annual day is held to demonstrate support for environmental protection. The concept of Earth Day was established in 1969 at a UNESCO Conference in San Francisco. On March 21, 1970, a sanctioned Proclamation was signed by Secretary General U Thant at the United Nations. On April 22, 1970, U.S. Senator Gaylord Nelson founded Earth Day. (http://www.earthday.org/earth-day-history-movement)
Celebrate National Earth Day by getting engaged in Earth Day activities in your area. Share your Earth Day experiences using #EarthDay on Social Media.
National Earth Day is not considered a National holiday at National Day Calendar. However, we encourage you to learn more about this important day at http://www.earthday.org/earth-day-history-movement. HAPPY EARTH DAY!
Pawning in Providence
Times have changed at pawn shops in Providence. At Empire Loan on Broad St. and North Main St. in Providence the majority of customers still come in and get cash loans for their gold and diamond jewelry but over the past year or so, more and more customers have gotten cash for tools, cash for electronics and in particular, cash for guitars and musical instruments.
The two Empire Loan stores in Providence are very different; Broad St. is Empire’s original Providence store having opened in 1989. It’s smaller and as a result does not have the space to store some of these larger items. Empire’s North Main St. location is much larger and has an added benefit; that store is connected to Empire Guitars, a large old school guitar store that features dozens of amps, pedals and accessories along with an amazing collection of guitars that range from entry level acoustic guitars to classic and collectible guitars that are valued at tens of thousands of dollars. This means they have experts on site that are able to assess and appraise your instrument and get you the most cash for your gear.
When it comes to electronics, Empire Loan in Providence will appraise whatever you have and based on a percentage of what the items sell for used, they can offer you cash buys and loans that will help you when you need it most. Some of the electronics people are pawning in Rhode Island include flat screen TV’s, laptops, smart phones, digital cameras and tablets. Many of today’s hottest gadgets can get people the cash they need with a pawn loan from Empire.
Getting cash for tools in Providence has been a growth category too. Through the years, homeowners have taken on more and more do-it-yourself projects and they have the tools to get the job done right. Instead of letting it just sit on the shelf in the garage collecting dust, Empire Loan is finding more and more customer coming in with those tools to get cash. Drills, sanders, circular saws and more can be converted into a fast cash loan at Empire Loan’s North Main St. location.
April Birthstone: Diamond
The birthstone for the month of April is diamond. Quite simply, diamonds are some of the most prized gemstones and represent many things to many people: love & commitment, prosperity & class, bling & flash. Anybody with the diamond as their birthstone would most likely appreciate any type of jewelry but it’s important to know how to select the right one. Mostly referred to as the “4 C’s”, here’s how diamonds are graded and rated
Cut: The cut of the diamond is simply the shape of the stone and the number and quality of the facets. The most widely used shape is the round brilliant cut which highlights the facets and cuts of the stone better than most. That’s because diamonds are cut to allow light in and then reflect outward, creating a sparkling appearance. There are many other shapes with their own unique qualities; emerald cut, princess, marquis, heart shaped, pear and even triangle shaped diamonds referred to as trillion. While round brilliant cuts are the most popular, an expert diamond cutter can use their skills to highlight the best aspects of each individual stone and mask or hide the diamonds imperfections.
Color: A better way to think of the color of a diamond may be to describe it as lack of color since diamonds should really be transparent or colorless. The Gemological Institute of America (GIA), the foremost authority of gemstones, uses a D-to-Z diamond color-grading system that measures the degree of colorlessness by comparing a stone under controlled lighting and precise viewing conditions to determine the stones color. This is one of the most difficult things for a consumer to determine without some knowledge of what they may be looking at, but any diamond in the colorless to nearly colorless category is considered to be a more desirable stone.
Clarity: Diamonds are created after thousands of years underground, essentially from carbon. This means they often have imperfections in the stone such as carbon spots, bubbles and other imperfections that may not be visible to the naked eye, but are referred to as inclusions. Professionals will use a 10X magnification loupe and even a microscope at times to locate and plot these flaws. The GIA grades diamonds on a scale that starts at Flawless/Internally Flawless where even under a microscope, there are no visible signs of imperfections. From there, the scale moves to VVS 1 or 2 (which stands for Very Very Slight Inclusion) where under a microscope there may be slightly visible imperfections, to VS 1 or 2 (Very Slight Inclusion) where under 10X magnification, there may be some slightly visible inclusions, to SI 1, 2 or 3 (Slight Included) where under 10X there will be visible imperfections that may also be visible to the naked eye. Finally the chart goes to I 1, 2 or 3 (Included) where the imperfections are multiple and visible to the naked eye. As the chart indicates, with each step down the scale, the imperfections in the stone become more visible and the value of the diamond goes down as well.
Carat: The Carat weight of a diamond is different than the Karat or fineness of gold and represents the “size” or weight of a diamond or gemstone. While a diamond needs to be removed from its setting in order to determine its exact weight, many professionals are able to fairly accurately gauge the size of a diamond or gemstone based on the size of the stone as measured in millimeters (mm). Diamonds carat is expressed in points and carats with 100 points equaling 1 carat. So a ¼ carat diamond is actually 25 points or .25CT while a ½ carat diamond is 50 points or .50CT and so on. You may also hear the term “total carat weight” or CTTW. This involves combining the carat weight of several diamonds in one setting and totaling their individual weight. For example, a diamond wedding band with 4 stones that are each a quarter of a carat or .25CT each will add up to one carat or 1.0CTTW. Remember though, the value of one 1.0CT diamond is much more valuable than 4smaller diamonds that total 1.0CTTW.
Always remember the 4 C’s and you’ll be shining in the glow of April’s birthstone.