Pawn shops have been around for hundreds of years. They are a fast and easy way to get cash for your valuables without having to sell them. Simply bring in your valuables and the pawn shop will lend you money based on the value of the items you bring in. When you repay the loan along with the interest and fees, you get your items back. It’s that easy. The question many people have is: what can I bring in to get cash from a pawn shop? These are some of the top items we see:
Gold & Diamond JewelrySilver and Platinum too! Jewelry is the most popular item to bring in to get cash from a pawn shop. Gold has been trading at an all-time high and is what most people use to get a pawn loan. You can bring in your old unwanted gold and diamond jewelry in any condition and walk out with cash in minutes. A pawnbroker will test and weigh your gold jewelry and lend you money based on the scrap value of the metal. It is not based on what you may have paid for it at retail or what it appraised for. It is strictly based on the scrap value of the metal. Diamonds are valued for a percentage of the wholesale value of the stones and colored stones rarely have any secondhand value to a pawnbroker. Platinum and silver are also valued by these same parameters. Regarding silver, keep in mind that while gold is currently trading for around $1800 an ounce and platinum is trading at around $1200 an ounce, silver is currently trading for $26 per ounce. This means you would need a lot more silver than you would these other precious metals for a loan.
ElectronicsTV’s, laptop computers, and other electronic devices are high-priced items when you buy them and may be used as collateral for a pawn loan as well. The challenge with these items is that the value invariably goes down quickly as technology changes and new models come out. It was only a few years ago that a 50” TV was considered state of the art and sometimes sold for thousands of dollars. As technology has improved and new models came out, that same TV often ends up retaining very little value. The same thing goes for laptops, tablets and other electronic devices. You may still be able to get the cash you need but it may not be as much as you anticipated. Electronics also must be in good to excellent condition and will need to be in good working order before a pawn shop is able to consider them. In most cases, a pawn broker will look up similar items on secondhand websites like eBay to determine what the item is selling for and then offer you a percentage of that for a loan. Don’t be surprised if your 2-year-old item is already considered obsolete.
ToolsMany pawn shops will offer cash loans for tools that are brought in as collateral for a loan. Hand tools, power tools, and even gas-powered tools can be brought in for cash pawn loans. Much like electronics, tools need to be in good working condition and not have too much wear and tear in order to retain their value. The value does go down over time as new models are released and technology changes, however, they can still be used to get a loan. Higher-end brands generally have more secondhand value, and lower-end brands may not be accepted. Pawnbrokers will still research the secondhand selling prices for an item before they make you an offer but you may still be able to get the cash you need when you’re on the spot. Before hauling your tools in it would be best to call the pawn shop with the brand and models of the tools you have to make sure they would be able to consider them. At Empire Loan, for example, we are unable to accept gas-powered tools due to storage concerns. It’s always better to check in advance.
Musical InstrumentsPawn shops often lend money on musical instruments like guitars, brass instruments like trumpets and saxophones, and even drums and sound equipment. In most instances, instruments would need to be in good working condition and likely need to come in a carrying case for storage purposes. At Empire Loan, we also ask the customer to play the instrument to prove it works and help assist in proving ownership. Some instruments have more value than others so bear that in mind when using instruments as collateral for a loan. Here again, pawnbrokers will look for the secondhand selling price of an item before they make an offer. Generally speaking, pawn shops will offer around 25% of the secondhand selling price for a loan.
Designer handbags:Over the years, the value of designer handbags from companies like Louis Vuitton, Chanel, Gucci and others has seemingly grown into the thousands while others like Coach, Michael Kors and Kate Spade to name just a few have fallen in value. Regardless of which bags you may have, pawnshops have become a great place to get cash loans for them. An authentic Louis Vuitton handbag in pristine condition with original dust bag, box and tags could get you a pawn loan over a thousand dollars, while a coach or Michael Kors bag may be less than a hundred. Either way, designer handbags are often popular items to pawn for a fast cash loan at a pawn shop.
Contact Empire Today For A Quick & Easy Cash Loan!
These are 5 examples of some of the most popular items that are brought into pawnshops for loans. As Empire Loan always says, it’s that easy! If you think you have an item of value, call our main line at 1-800-375-PAWN or contact your local Empire Loan store, as 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!