Pawning is a great solution for when you need quick cash. If you have a sudden expense you need to be covered and do not want to outright sell an item, a quick pawn loan is an effective way to secure the funds you need. When you work with a good local pawn shop you can get the cash quickly and have a plan in place to pay off the loan so that you can recover whatever item(s) were used as collateral. One of the common questions we hear at Paradise Pawn in the Bronx is “How much can I get when I pawn ____”? It is important to always understand that pawn shops provide a percentage of the resale value you would be for an item. So if an item could be sold for $100, the pawn loan would be less than that. In this article, we will provide additional information about pawning and how to get the quick cash you need.
How Much Money Can You Get When You Pawn An Item?
In order to understand how much money you will get when you pawn an item we first have to go over the pawning process. When any item is brought to a pawn shop, the employees there will appraise it to figure out what it is currently worth. If a client is outright selling the item to the pawn the pawn shop will buy it for a little less than what they believe they will be able to sell it for. But if an item is simply being used as collateral for a loan, the pawn shop will provide less money because they won’t be selling that item unless the loan is never paid back. So, if you are planning on pawning you need to bring items that are significantly higher value than the loan you need.
What Types Of Items Can I Pawn For $100 or More in NYC
If you need $100 or more dollars from a pawn loan you might want to bring multiple items. In some cases, you might not have a singular item that will get you hundreds of dollars as a loan. Here are a few categories that can help you get larger loans from pawn shops.
Gold & Silver Jewelry
Luxury Watches
Electronics
Gold & Silver Jewelry
If you have multiple pieces of jewelry that is made with real gold and silver you can pawn them together including bracelets, necklaces, sets of earrings etc.
Luxury Watches
If you have a collection of luxury watches from well-known brands like Rolex, these watches can be pawned for significant amounts of money based on their condition and their resale value.
Electronics
Electronic devices like computers, smartphones, and laptops can also be pawned together to help secure a pawn loan. As long as the electronics are relatively new and in good condition, you can get a decent amount of money when pawning them.
Get Your Pawn Questions Answered By Our NYC Team
Paradise Pawn has two locations in the Bronx where we are happy to provide answers about the pawning process, how much money items might be worth, and other important information about securing and paying off a pawn loan. For more information, please contact our team.
