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Pawning or Selling: Know the Difference

What you should know before pawning or selling your possession

When you need cash urgently, there are many options you can consider. A bank loan is the obvious option but not everyone may be eligible and the process may take a long time. If you are looking for some quick cash, pawning or selling a possession may be your best option. All you have to do is visit a reputed pawnshop in your neighborhood and get the money you need today. However, like many others, you may wonder if it is better to sell or pawn at a pawnshop. Well, the answer depends on many factors.

If you have never visited a pawnshop before, it important to first learn the difference between pawning and selling. Read on learn the pros and cons of pawning or selling.

Selling at a pawnshop

If you have any valuable items that you don’t need any more or want to get rid of, you can sell them at a pawnshop for cash. You can sell items such as electronics, jewelry, watches, musical instruments, gold and silver, tools, collectibles, and luxury handbags. When you visit the pawnshop, they will give a cash value of your item and once you accept this value, they will give you the money. The pawnshop owner will offer a price that allows them to resell the item and earn a profit. So, keep this in mind when you are estimating the amount of cash you expect to earn by selling your item to the pawnshop.

Benefits of selling

  • You are likely to receive a higher cash value when you sell items compared to when you pawn them. You can get more money for fast selling and unique items.
  • Another benefit of selling an item rather than pawning it is that you don’t have to worry about paying anything back. You sell the product to the pawnshop, get money in exchange, and it ends there.
  • You can get rid of things you no longer need or want and get quick cash in return. It is probably the fastest way to get cash in exchange of things you no longer need or you can easily part with.

Pawning at a pawnshop

The other way to get some quick cash is to pawn your items. Pawning is similar to taking a loan against collateral. When you pawn an item, you use it as collateral to borrow money. For example, when you pawn an electric guitar at a pawnshop, you get cash in exchange for it with the understanding that you can buy back your guitar later. To get back your item, you have to pay the amount borrowed as well as interest. When you take your items to the pawnshop, they will provide a cash value for them and give you the money. They will keep your items in storage for a specific time period.

Benefits of pawning

  • If the item has sentimental value for you, it is best to pawn the item and not sell it. You will lose the item only if you default on the loan. In that case, the pawnbroker will sell your item to recover their money
  • Even if you default on your pawn loan, all you lose is the item you pawned. It does not affect your credit score.
  • Pawning is a much more convenient and faster way to borrow money compared to a bank loan. It requires no credit checks or employment verification.

If you are in need of quick cash and you can’t secure a bank loan in time, now you know you have two options, pawning or selling an item for cash. You can either sell or pawn an item at a pawnshop and get the money in a matter of minutes.