Pawn shops give you quick access to cash in case of financial emergencies. Unlike bank loans, pawn loans do not require a lot of documentation unless you’re pawning a gun. You are also not compelled to present evidence of creditworthiness – there are no credit checks and minimum credit score requirements. This is because you are securing your pawn loan with an item of value. The amount of money that you can loan will depend on the assessed value of your item. You want to match the value of your item to your financial need. It would not be wise to pawn a luxury watch worth over $10,000 if you only need a couple hundred dollars to cover unexpected medical bills. This would be impractical as you would have to pay interest for money that you can actually do without. Plus, you would risk losing your valuable item when you have difficulties raising money for your repayments. You do not necessarily have to pawn your most valuable items to get emergency money. There’s a wide range of items that you can pawn other than jewelry and antiques. Here are some examples of some of the best items to pawn:
- Consumer electronics and gadgets – these are among the most popular items to pawn because they have good value for the customer and they are easy for the pawn broker to sell. These include mobile devices, gaming consoles, and high-end TV sets. Items that come with complete accessories and are boxed are valued higher. The store personnel would also want to test the item to make sure that it’s functioning properly.
- Power tools – these items cost a lot of money and are often just left lying around in storage after the project they were bought for has been completed. For quick cash, these can be great items to take to the pawnshop for pawning or selling. Pawn brokers are willing to take in these items as there is a growing demand for second hand tools. Many DIYers choose to ‘experiment’ first with different brands before they purchase more expensive brand new tools.
- Musical instruments and accessories – guitars, violins, clarinets, trumpets, and other musical instruments that have been kept in good working condition also fetch a high value in pawn shops. This is especially true with musical instruments of notable manufacturers like Fender, Gibson, and Yamaha. Older instruments that were properly cared for are priced higher, but more affordable barely used new instruments are more in demand mostly by parents of children who are just starting with their music lessons.
A to Z Pawns
1818 W Bell Rd #105
Phoenix, AZ 85023