Availing of pawnbroking services is an extremely quick and effective way of acquiring instant cash. We will look at what you should do before visiting a pawnbroker, but first let’s understand why this is such a convenient method of converting personal belongings into ready cash.
Why use pawnbroking services in the first case:
The vast majority of us will go through periods where our cash flow hits a temporary blockage. There are times when unexpected (and unwanted) bills are received or an expense comes out of the blue.
If your ‘liquid cash’ finances are stretched it is natural to lean on family and friends for a loan, but they are not always in a position to assist. Another option is to apply for a bank loan or avail of other loan offers
The problem here is that this takes time and in many cases, the reason you need cash quickly is because time is not on your side.
Consider pawning an item of value:
The route to instant cash can be found in pawning an item or items of value in return for instant cash. Here are some of the most cash-value things you can offer:
- Jewellery – Any jewellery of value, particularly items made from precious metals and stones command a very respectable pawn price. Having said that, these items are definitely the hardest to part with. Many pieces mean something special to the person concerned, but take comfort by viewing this transaction as a loan to yourself. When your finances are in better shape you can redeem your jewellery by paying back the sum advanced plus an agreed interest rate.
- Smartphones: The more sought after the make and the newer the model the more attractive the pawn price.
- Power tools: This may be a surprise to many, but the fact is that quality power tools from recognised makers hold good value. That is assuming they are in good condition and in working order.
- The list goes on: Rolex watches, iPads, laptops and desktop gaming machines are just a few more examples.
Do some research before your visit:
While the need for quick cash may be pressing, it would be wise to take a step back before dashing off to your local pawnbroker or committing to an on-line transaction with one.
Decide which item(s) of value you are prepared to pawn and do a like-for-like search on the internet to ascertain current value. Local newspapers and community noticeboards can also be a useful resource.
Pawn valuations may be lower than your research suggests:
The prices your research reveals should be used as a guide only, and be aware that the valuation offered by the pawnbroker may be lower. There are obvious reasons for this that include the pawnbroker’s business costs, their profit margin and their risk factor.
Before entering negotiations with the pawnbroker, you should decide on a minimum acceptable price. This will allow you to make an instant decision on the valuation given.
Don’t forget your documents:
To complete a transaction, you will need to provide proof of identity. Make sure you take your passport and/or driving licence as well as a utility bill or official letter stating your current address.
Carrying out these things to do before visiting a pawnbroker will help set expectations. It should also help you carry out much needed money with the knowledge that your item(s) can be reclaimed as soon as your financial situation improves.