How Pawn Shops Work

Pawn shops have been around for hundreds of years and are no new concept to society. The act of pawning has evolved from ancient Chinese money loans for peasants to online transactions from the comforts of your home (just like what we at cash4jewelry.com do). Being such a popular service to avail of, it’s no wonder people everywhere are getting involved in the pawning business, whether it’s as consumers or brokers. Do you seem interested in the world of pawning? Even if it’s because you like to watch popular pawnshop TV shows or because you plan on pawning off your items at home for some quick cash, it is good to get a head start on familiarizing yourself with how it works.

Basic Pawning System

 

Whether it’s done in ancient China or the 21st century, pawning has a basic system. First there is a customer who is in need of a certain amount of money to be given to him immediately. The sum can range from something as small and simple as $20 or as big as thousands, this all depends on what item the consumer has to offer to the broker.

Let’s say our customer offers us a gold watch. The value of this watch may be around $500, but since we are giving a loan for this item, we will pay for about 70% of the retail price. Our customer will then be given this loan for a certain period of time under our interest rates. Now, the unique part of pawning will come in. If the person wants his item back, he simply pays the loan off. If the person decides to sell the item to us, we then get to keep it and sell it in our pawn shop.

Items Sold at Pawn Shops

 

One of the best things about pawning is that on your end, you can offer virtually any item of value that you have in your possession. If you are the broker and the customer decides to sell the item to you, you can sell it second-hand in your pawnshop where potential buyers can flock to you for cheaper goods. Given the nature of pawning, almost anything can be sold and bought.

The most common goods sold by these shops are jewelry because of how easy it is to objectify their value. Customers themselves can determine the estimated prices of their gold and silver based on karats and weight without going directly to a pawnshop yet.

Other items like electronics, tools and even land titles are usually offered by brokers. These items are also sold at much lower prices in comparison to shops that specialize in selling them. Instead of heading to the nearest hardware store for your power tools, it may save you money if you check out the second-hand tools in a pawn shop.

Interest Rates

 

There is no “one size fits all” when it comes to interest rates because they’re actually controlled by the state or country where you live in. For example, the local government of a certain state mandates that the maximum interest rate for a pawned item is 40%, then expect that interest rates in that state will be no higher than what the law says. These interest rates offered by pawnbrokers are typically lower than bank loans. However, be aware that additional fees and service charges may be added because of extra work that brokers must pay for, such as shipping and storage.

Determining your Item’s Value

 

As stated in the earlier example, the loan value of jewelry can be determined by their weight, thus, most customers prefer this because of the objective appraisal process. Items such as laptops and gaming consoles are heavily affected by trends. Are there newer models of your old MacBook available? Then it is more likely to sell for less since the newer MacBook is currently more popular.

Pawn shops have been around for quite a while and are no new business to people who need money, fast. However, like all services, you should be aware of how their system works to maximize your investments. Don’t be a reckless seller and instead be a responsible customer who knows how proper pawnbrokers operate. Visit our site to get the most reliable services in this industry.

What You Need To Know About Www.Majorpawn.Com

Living in New York City gives you the opportunity to choose from a wide variety of product and service providers. One of the most sought after services if you are in need of instant cash are pawnshops and other loaning stations.

Unfortunately, not all pawnshops are created equal. Some pawnbrokers might not be so willing to accept an item for pawning or for sale if it is damaged or broken. In fact, they might not even give you a proper assessment after taking one look.

However, we at www.majorpawn.com are willing to accept any item that you are willing to pawn or sell even if it is used or damaged. Even if the item is not new, we will be more than happy to assess its value and give you a good price. For that reason, many of our clients keep coming back and pawn their items in exchange for some quick cash.

The History of Major Pawn

Major Pawn and Metropolitan Pawn Brokers has been in the business for over 20 years. Since our early beginnings in 1989, we have been providing New York residents from all walks of life with the option to trade in their coins, watches, silver and gold and receive instant cash.

Some of the watch brands that we accept range from Cartier to Rolexes.  You can check outwww.majorpawn.com to learn more about the possible valuables that you can pawn or sell at our stores.

Services Offered

Pawn Our basic services include buying or providing loans in exchange for your valuables. Simply proceed to www.majorpawn.com to get fast and reliable assistance from our skilled employees.

One of the main reasons why you would need the services of a pawnbroker would be due to compromised resources. Though it might seem risky at first, as long as you associate with a long established and reliable pawnshop such as Major Pawn, you can get fast relief and peace of mind. Whatever valuable item you might have at your disposal, we will help you convert it into usable cash.

Basics of Pawning with Major Pawn

Although you might initially consider pawning an item as a last resort especially when it comes to an item of great sentimental value, certain events might hinder you from paying back that item within the designated time frame. Fortunately, www.majorpawn.com will not force you to pay back the loan if you truly do not have the means to do so. In fact, we can offer you a no strings attached loan option that you might not be able to get from other pawnshops.

Our flexible services will enable you to be set free of any payment obligations by changing a pawn into a sale. This means that if you cannot pay back your loans in time, we can then simply sell your items to other clients in order to reimburse our expenses.

Paying Interest

Naturally, like all other pawn shops, we will charge an interest rate of 3% per month for any of the pawning services that we render. For this reason, you are free to choose which pawn shop you want to trust with your valuables. However, we can guarantee all of our clients that we offer the most competitive rates in New York City and its surrounding areas.

Retrieving your Merchandise

Pawn BrokerYou will not have to worry about the safety of your items since will give them the same care that they would get if they were to stay in your possession. They will be carefully stored in our vaults until the time that you come back to retrieve them. Our payment plans can be extended for up to 4 months to give you enough time to pay back your loan.

We will provide you with a special pawn ticket after you make your deposit and you will need to bring back this ticket in order to claim your item. This ticket includes a unique pledge number as well as the due date for your loan.
At least 30 days before your loan due date, one of our associates will contact you to remind you of the deadline. We require that you call in advance so that we can ready your items for you before your arrival.

Why Choose Major Pawn?

In the end, our extensive experience in the industry for over 2 decades should be enough to put your mind at ease and trust in our services. However, the main reason why our clients continue to patronize us for as long as they do is due to the fact that we offer reliable and friendly services which we know our clients need the most.

During your most trying and cash-strapped days, we can give you both the cash as well as the peace of mind that you need with no strings attached. We can guarantee that we will give you the most bang for your buck and offer you with the most flexible payment schemes and the most competitive interest rates that you can hope to find in and around New York.

 

If you need instant cash so Majorpawn is one of the best pawn shop for you. Here we accept all pawn items like jewelry, watches and many more.