The most popular items people sell to pawn shops is electronics, but you can sell or borrow money against many other things, too. If you need a way to get cash fast and do not have perfect credit, borrowing money against stuff you own is a great idea. To do this, take your items to a pawn shop and get a loan. As you prepare for this event, here are several things you should expect from the loan they offer.
You May Receive About Half the Value of the Item
Pawn shops will buy or offer loans for just about anything, but they will not give you full price for the stuff you bring. If they did, they would have no way to make a profit by selling the items. So, when you borrow money against an item, do not expect to get the full value of it. Instead, you may get around half the amount it is worth. Depending on what the item is, you may get more or less than 50% of the value.
You Will Have Around 30 Days to Repay the Loan
Secondly, when you borrow money against your assets, the pawn shop will give you around one month to repay the money. They will issue you a ticket that states all the important details of the arrangement, including the due date. If you want your item back, you will need to visit the business by the due date with the cash you owe. The ticket will state the amount you must pay to retrieve your things.
You Can Extend the Loan If Necessary
If you cannot manage to repay the full balance by the deadline, stop in or call the shop to request an extension. While not all shops will offer extensions, it is worthwhile to ask for one if you need it. An extension gives you more time to pay off the loan. You should understand, though, that you may have to pay an extra fee to get the extension you need.
You Should Retain Your Paperwork from the Shop
Finally, you need to keep the paperwork the business gives you. Some shops offer receipts or invoices, while others may issue tickets. The ticket, invoice, or receipt you receive contains the information the pawn shop needs to locate your items. It also proves you sold or loaned the items to the shop, and you will need this to get your things back.
For more information, contact a pawn shop like Wimpey's Pawn Shop.
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