If you are in a pinch and need quick cash, one of your best options is a pawn loan from a local pawn shop. Pawn shops provide quick cash without affecting your credit score and with interest rates that aren’t based on your credit score. One of the best options of what to use for your pawn loan is a personal electronic device. In this guide, we will cover how to get a loan for electronics when to sell vs when to pawn, and more information on pawning electronics. If you live in the NYC area and are interested in pawning an item or selling a used electronic, give us a call or come visit one of our locations in the Bronx.
How Much Are My Electronics Worth?
Your electronic devices like smartphones, tablets, laptops, or gaming consoles are valued based on a few different factors. First and foremost, you should always contact your local pawn shop and ask them what they take. Before bringing over a large TV or another electronic device, a quick call can save you a trip if they aren’t going to accept a specific item. How much you get for your item will depend on what the pawn store could sell it at if they needed to resell it, in the event that you decide to not pay off the loan. The condition of the item as well as the model or generation (especially for phones and laptops) will greatly affect the potential resale value. The amount you get for an item is usually based on a percentage of what it could be sold for.
Bring Cables & Other Parts
If you are selling an item that requires power cords, other cables, and other parts (i.e. keyboards, and computer mouses), you should bring all of the parts with you to a pawn shop. The full kit is going to be worth more to the pawn shop than the item by itself. Charging cables and other accessories should also be brought as well as they will increase the overall value of the item.
Clean Up & Reset Your Devices
Before bringing your device to the pawn shop you should dust it off and remove dirt/debris. You will also want to wipe the system if you are able to. For example, phones or laptops that have personal files on them should be reset completely. When you bring the item to the pawn shop you will need to demonstrate that the item is fully functional and not at all broken as a pawn shop is not going to take a defective item.
Selling vs Pawning Electronics
One thing to consider is that you can make more money if you sell to the pawn shop vs getting a loan. Regardless of the items you bring, it is standard across pawn shops that selling gets you a larger return than pawning. If you do not need the electronic or plan to replace it, we would recommend selling it for a higher value.
Pawn Electronics in The Bronx
If you live in NYC or the surrounding area and need quick cash, we can help. Give us a call or visit us at one of our two locations in the Bronx to learn more about buying, selling, and pawning electronics.
