Let me guess; you are in need of some quick cash right? You have probably explored all other avenues such as bank loans, asking friends and family etc and are now considering pawning some of your goods as a last resort.
For many people, pawn shops are an opportunity to get some fast cash. They will buy your valuables directly from you or alternatively, use them as collateral for a loan. If you are selling your items directly to a pawnbroker you can usually expect slightly more cash than if you were to take out a loan.
When you use your items as collateral for a loan you will have a certain timeframe to pay back the money borrowed before your items will be sold on.
So what do pawn shops buy?
What Can I Pawn?
People considering using a pawnbroker might be thinking what do pawn shops buy. The short answer is that you can pretty much pawn anything of value. Some shops will only take items such as gold or jewellery but most will consider other valuable items that can be sold on such as electronics, power tools and musical instruments.
A Pawnbroker will need to take extra care to ensure that they do not handle stolen goods so make sure you take any documentation or proof of purchase with you.
Replica items are also something that will usually not be accepted so try not to pull the wool over anyone’s eyes. Items also need to be in full working order.
5 Most Popular Items That Pawn Shops Buy
Below are 5 of the most popular items that a pawnshop will buy or loan against.
Jewellery
Purchasing jewellery is usually a safe bet for a pawnbroker. I mean, there are not many people who do not wear jewellery right! Even though not as liquid as diamonds or gold, the demand for jewellery is still high. There are many people that purchase their jewellery items from pawn shops as an alternative to using a jewellers. This makes purchasing jewellery attractive as the price can often be marked up and still remain competitive.
Precious stones such as diamonds are also popular to pawn.
Watches
Were you aware that one of the first things that a lady will notice on a man is the watch he is wearing! This may seem a bit silly at first, however a watch is different to other pieces of jewellery. A watch is able to summarize everything that a man represents. There is a psychological bond between a man and his watch and this allows retailers to charge top notch prices for certain types of watch.
Popular brands that get pawned often include Rolex, Hublot, Ulysse Nardin, Panerai, Omega, Breitling and Rado.
Designer Items
Other popular items that can be pawned include designer items such as handbags and purses. Not every shop will pay cash for these, especially ones in rural areas, however, city stores will often be a safe bet. The amount you can pawn your purse or handbag for depends on the condition, brand and age of the item. It is important to bring your purchase receipt with you to prove that the handbag is authentic.
Electronics
Electronics are something that every house in the UK will have. It is thought that the average house will hold at least 20 electronic items. These items include obvious things such as computers, TV’s, game consoles and mobile phones.
Whilst electronics may be accepted, do not expect to get much for them as they lose their value quickly after the original purchase. The only items that you will likely get more for are mobile phones as new smartphones cost more than £500 these days.
Power Tools
The average working man (mechanic, handyman, construction etc) cannot afford to purchase power tools brand new. A working man is often considered as good as the tools he works with and if he only has a small amount of tools available, he will likely lose out on a lot of work. Single 5-piece combo power tool kits usually cost around the £500 mark on Amazon.
A pawn shop can offer an alternative to these high prices and many have become “used depots” for working men trying to make a living on a tight budget. You can expect to receive around £50 to £150 for a high quality tool in good condition.
If you are in need of pawning some items to make some fast cash. Please contact us today to see how we can help you!