A pawn shop is a type of business that buys, sells, and offers loans on all kinds of valuable items, including (but not limited to) gold and diamond jewelry, electronics, collectibles, musical instruments, accessories, memorabilia, rare items, and more. According to the National Pawnbrokers Association, there are over 10,000 pawn shops in the United States, most of which are locally owned and operated. Despite the fact that there are pawn shops all across the country, many people have never visited one of these types of businesses and don’t recognize the benefits that they bring to the communities in which they are located! In this article, we’ll talk about three of the primary benefits of visiting a pawn shop! If you have any questions about pawn shops or would like to learn more about the process of buying, selling, or getting a loan on an item at a pawn shop, contact Empire Loan at any of our locations in Massachusetts or Rhode Island today!
Get Cash Quickly & Easily
One primary benefit of visiting a pawn shop is that you can get the cash you need extremely quickly and easily. When you bring an item into a pawn shop to sell or use as collateral for a cash loan, you can walk out in just minutes with the cash you need in your hands! Selling prices and loan amounts at a pawn shop are typically determined by either:
- A percentage of the scrap value of the precious metals in a piece of jewelry (e.g. gold, silver, platinum, etc.) plus a percentage of the wholesale value of any diamonds.
- The secondhand value of items similar to the one you brought in on online marketplaces like eBay, for all non-jewelry items (e.g. electronics, watches, power tools, collectibles, etc.)
Get Loans Without Affecting Your Credit
Another primary benefit of visiting a pawn shop is that it will allow you to get a cash loan without having any affect on your credit score. In order to get a loan from a pawn shop, you’ll need to use an item that you own as collateral on the loan. This means that if you do not pay back your loan on time (or ever pay it back at all), the pawn shop will take ownership of the item you used as collateral to secure the loan. The good news is that, other than losing ownership of the item you used as collateral, there won’t be any additional consequences for defaulting on your loan and there will be absolutely no effect on your credit score!
Shop For Unique Items At Low Prices
One more primary benefit of visiting a pawn shop is that you’ll be able to shop for all kinds of unique items and buy them at huge discounts that traditional stores simply can’t compete with! Whether you’re looking for a unique piece of jewelry for a loved one, an old-school gaming console for yourself, or a new guitar for a friend, there is no better place than a pawn shop to find unbelievable deals on these items!
Contact Empire Loan!
If you have any additional questions about pawn shops or how the pawn loan process works, please contact our team at Empire Loan today! With eight locations across Massachusetts and Rhode Island, we’re proud to be New England’s most trusted & reliable pawn shop! Contact us today at your local Empire Loan location or call us toll free at +1 (800) 375-PAWN!
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1130 Washington St.
Boston, MA 02118 - (617) 423-9366
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Silver Line or Bus Route 11
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700 Southbridge St.
Worcester, MA 01610 - (508) 757-1150
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Bus Routes 25 and 42
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358 Broad St.
Providence, RI 02907 - (401) 273-7050
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Route 11 Broad St.
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1271 North Main St.
Providence, RI 02904 - (401) 437-8421
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Route 99 N. Main Street
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1304 Acushnet Ave.
New Bedford, MA 02746 - (508) 997-1307
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Bus Route 2, Lunds Corner
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353 Washington St.
Stoughton, MA 02072 - (781) 341-2500
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Bus Route 14 to Stoughton
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731 Lakeview Ave.
Lowell, MA 01850 - (978) 513-2300
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Route 11 Broad St.
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431 Lynnway
Lynn, MA 01905 - (781) 586-8383
- Monday – Saturday 9:00am – 6:00pm
Closest Public Transit
Bus Route 442