Have you always wondered how a pawn shop
works? People pawn jewelry
, cars, tool and guns, among many other possessions in order to make cash. It is done in a matter of a loan
and so that a bank isn’t involved and a credit check is not run. The loans
are a convenient solution, but it is important that you understand how to safely pawn your jewelry
for a successful experience.
Understand How it Works
Before entering the shop
, it is important to understand the ins and outs of how pawn shops operate and that they are a regulated business.
Pawnshops offer collateral-based loans
; meaning the loan
is secured by something of value. You bring in something of value and the store will offer you a loan
. The pawnbroker then keeps your item until you repay the loan
. The loan
amount will likely be a fraction of the item’s actual value.
The only consideration for exchanging an item for a loan
is that the loan
must be paid back within the allotted time. Most shops give people a few months to repay the loan
, with the addition of fees and interest. The pawned item becomes the property of the shop
if the borrower fails to meet their obligations of the loan
Make Sure You Use Your Own Items
When making any transactions for a pawn loan
, make sure you have sole ownership. Do not use items you bought and gave to someone else or property you expect to inherit someday. It is important if there is more than one owner that all owners are present at the time the pawn agreement is made.
Read the Agreement
All completed pawns have a receipt and agreement or contract. It is important that you read through the agreement to know the details of the transaction and understand the terms
for repayment, interest rates and fees.
Save all Receipts
Make sure to keep your contract and all receipts for record. If there is a failure to pay the pawnshop will put your item up for sale and it is important to keep those records in case there is a mistake.
Parker Pawn & Jewelry
is your go-to pawnshop in the Fayetteville area for precious metals, jewelry
, musical instruments
, and a wide selection of electronics. Do you have jewelry
you want to exchange for cash? At Parker Pawn & Jewelry
, we offer a generous repayment term and a grace period, so people have the time they need. Parker Pawn & Jewelry
will help you with all your needs! Visit us online at parkerpawn.com or visit one of our storefronts in Fayetteville and Spring Lake. Give us a call today at (910) 321-0500.
Fayetteville, Jewelry, Parker Pawn
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