Thursday, May 26 2022
Selling gold coins and jewelry is a good way to get fast cash when you need it. Whether your gold is from your collection, inheritance, or jewelry you’ve just stopped wearing, it’s important that you get the best price for your gold. Here is what you need to know about selling your gold to a pawnshop.
What Do Pawnshops Use to Determine Gold’s Value?
Individual pawnshops vary in what they pay for gold. Your gold’s value will depend on several factors including,
Typically, gold jewelry is the best to sell to a pawnshop since people often come to pawnshops for deals on these items for gifts.
How Do I Get the Best Price for My Gold?
You know what goes into the value of your gold. Now let’s look at what you can do to get more of that value as cash when you sell your gold to a pawnshop.
Research. Look up the kind of jewelry you’re wanting to sell – by checking other pawn shops or online sites like eBay – to get an idea of what your gold jewelry is worth.
Get your jewelry appraised. Visit an appraiser and have them tell you the value of your jewelry. Bring the appraisal document with you when you sell your gold.
Bring documentation you have about your gold. If you’re selling art or a collectible piece (gold coins, rare jewelry, etc) bring documentation that proves its authenticity.
Know the rules. Pawnshops have rules and regulations they follow to operate as businesses. Know your local rules for pawnshops. This will help you know when you’re dealing with a fair and reputable shop and help you prepare for any identification and documentation the shop may need for the sale.
Clean your gold jewelry. Take time to clean up your gold and jewelry before you bring it to the shop. Use a dry cloth and no chemicals (chemicals can wear away gold). If you must, use a damp cloth to help you clean your gold and dry it thoroughly with a soft cloth.
Sell outright. Pawnshops offer you the flexibility to pawn your jewelry (that is, get a loan with your jewelry as collateral) instead of selling it outright. If you know you can pay back the loan and that you will want your gold or jewelry later, this is a good option for you. However, if you’re just interested in selling it, most pawn shops will give you a better price when you offer to sell outright.
Are You Ready to Sell Your Gold?
Our expert staff is here to help you get the best price for your gold jewelry. If you have questions, contact us today. If you’re ready, drop by and we’ll help you walk out with cash.
Wednesday, May 11 2022
If you’re considering purchasing a high-ticket item, such as a television, smartphone, or computer, you’ve likely encountered a question. Do you purchase a protection plan or do you stick with the manufacturer’s warranty? Determining the right answer depends on a few factors, so let’s look at the difference between a warranty and a protection plan.
What is a Warranty?
A warranty is an agreement by the manufacturer of an item and is included in the purchase price. While exact coverage and terms vary, generally a warranty is a statement that the manufacturer will cover the repair or replacement of a defective item or part within a specified timeframe. Warranties can be as short as 90-days from initial purchase to as long as the lifetime of the product.
What is a Protection Plan?
A protection plan is a separate agreement between a customer and a retailer that provides additional protection for a product outside of the warranty. Some protection plans simply extend the time a product is guaranteed against defects while others are essentially service contracts that cover defects as well as accidental damage. Terms of a protection plan can vary; some examples include 1-year protection plans, 3-year protection plans, and 5-year protection plans.
Is a Product I Purchase at Cash Express Covered Under Warranty?
That depends on the product and the manufacturer. Some product warranties are short-term, 90-days to a few years, and products may be outside of the warranty period when their original owners turn them over to us. Some products may have a lifetime warranty. Sometimes those lifetime warranties transfer ownership, other times they do not. It depends on the specific terms of that manufacturer’s warranty.
Our knowledgeable staff can help you determine if a product is still eligible and covered under a warranty.
When Should I Purchase a Protection Plan?
Protection plans are a smart investment for items you intend to use for an extended period and whose cost of repair or replacement might be out of budget. Even if a product is still under a transferrable warranty, warranties typically only cover defects in an item, not wear or accidental damage. A protection plan helps ensure you can repair or replace your valuable item if something unexpected happens.
Whether you’re looking to purchase tools, a television, a smartphone, a computer, or any valuable item, you want to ensure that your purchase is a protected investment. Visit our store or contact us today with your questions about our products and the protection plans available.
Wednesday, April 20 2022
When is a purse not just a purse? When it’s a designer handbag. For some, a designer handbag is a mark of luxury and a sign that you’ve “made it” in your life goals. Unfortunately, designer handbags come at a steep price and even if you’ve met your financial or career goals, you might not want to spend the money for one. Or maybe you’re still working on those goals and hoping to dress for success. Either way, here are some reasons you should consider getting your designer handbag at a pawnshop.
They’re More Affordable
It should go without saying, but you can save 50% or more on a designer handbag from a pawn shop. While the handbags are used, most are in excellent condition – after all, the pawnshop only wants to buy handbags they know they can sell. If you take the time to examine the bags available in your local pawn shop, you are sure to find a beautiful luxury purse at huge savings.
You Can Find Hard-to-Find Designer Handbags
Because people will often choose older items they don’t use to pawn or sell to a pawn shop, you may find handbags that you just won’t find anymore. This can include designs that you can’t find in stores anymore. Pawnshops can be treasure-troves for hard-to-find items, especially handbags, as people will sometimes pawn items left to them by loved ones.
You Can Find Handbags from Previous Seasons
Have you ever seen a handbag that you really liked and decided to wait until you have the money, only for it to be gone a couple of months later? Like all fashion, handbags often follow the seasons for their styles and trends. If you want a designer handbag, but aren’t happy with the current selection, check out your local pawn shop. You may find an older designer bag in the style you prefer.
You Can Also Save Money on Current Trends
Have you ever bought something, used it once, and realized that you won’t need it again? This happens more often than people realize, and pawn shops are an excellent solution. You can take that item you aren’t going to use and get some of your money back for it.
Consider that people do this with handbags all the time. Just as you can find older designer handbags at pawnshops, just as often you can find newer designs as well. So, stop into your local pawnshop and browse their selections. You might find that designer bag you saw at the department store at a much lower price.
Wednesday, April 20 2022
Sometimes an unexpected bill or emergency can throw us for a loop, leaving us struggling to pay our regular expenses. A quick short-term loan can help you meet your expenses. Two popular choices are pawn loans and payday loans, but which is better? Let’s look at both types of loans and the benefits and drawbacks of each one.
What is a Pawn Loan?
Pawning is the act of putting up an item of value as collateral for a loan – known as a pawn loan. You can pawn a variety of items including jewelry, electronics, and even some antiques. When you enter into a pawn loan agreement, the pawnshop agrees to loan you an amount that is a percentage of what the item or items are worth. If you repay your loan within the agreed timeframe, you receive your item(s) back.
What is a Payday Loan?
A payday loan is a short-term loan that you pay back on your next payday. Typically, a payday loan company will determine the maximum amount you can borrow between pay periods and you can take a loan up to that amount. On your payday, the loan company your bank account for the loan plus interest charges. You usually have the option to pay the loan before your payday to avoid the automatic draft to your account. Note that payday loan companies may require that you have direct deposit in your bank account, as this is how they “guarantee” you pay back the loan.
Which Loan Is Right for You?
Choosing between a payday loan and a pawn loan depends on your needs and what you have available to you.
Both types of loans have their advantages and disadvantages as you can see above. If you’re willing to have the loan company draft your bank account, a payday loan seems like a good option, as you don’t have to put valuable items up for collateral. However, what happens if you can’t repay your loan?
In the case of a payday loan, if you can’t repay your loan, your bank account is drafted anyway, leaving you with overdraft fees. If your bank pays the draft, you must pay the negative balance on your account (which will take away from your next paycheck). If your bank doesn’t pay the overdraft, the payday loan company will turn your loan over to a collector, where it then goes on your credit report.
With a pawn loan, however, if you can’t repay your loan, the pawnshop simply keeps the item(s) you pawn and puts them up for sale in the shop. While this means you don’t get your item back, it also means no collection calls and no defaulted loan on your credit report.
Why You Should Choose a Pawn Loan Over a Payday Loan
Flexible payment options are the number one reason you should choose a pawn loan over a payday loan. With a pawn loan, you and the pawnshop can negotiate the terms of your loan, including how long you have to pay. This means that you can budget payments over time to ensure you pay your loan and get your items back. With a payday loan, you have no choice but to pay your loan back on your payday. For many people, this means that you don’t have that money after your next payday, which leads many people to take out a new payday loan, often for several pay periods until they can catch up again.
Tuesday, March 22 2022
Do you have gold jewelry that you don’t wear anymore? Maybe you inherited gold coins or jewelry that you don’t need. If you want to put unwanted or unneeded gold to use for you, a pawn shop is a good option. You can sell your gold for cash right away, perfect if you need extra money for a rainy day or something unexpected. If you’re planning to sell your gold to a pawn shop, here are our tips to help you get the best money for your gold.
Know the Karat of Your Gold
If you have gold jewelry, you can usually find the karat marking on the inside band for rings and solid pieces and the inside clasp for bracelets and necklaces. Karat is indicated with a K (for example, 10K or 16K) Karat determines the purity of your gold, important in determining the value.
Know the Weight of Your Gold
Before you take your gold to the pawn shop, make sure that you weigh it. A kitchen scale is perfect for measuring your gold jewelry since it is sensitive and designed to weigh small items. Make sure that you have it set to grams so that you can easily convert the weight to pennyweight (standard jewel scale) if necessary.
Separate Your Gold by Karat
When you put your gold together to bring to the pawn shop, make sure that you separate it out by karat. You’ll ensure you get a fair price for your gold since the value will be based on karat and weight.
Clean Your Jewelry – Don’t Polish It
While you want your gold to make a good impression, don’t polish it before you bring it to the pawn shop. Instead, clean it gently with a damp cloth to remove dirt and dust. Polish can remove gold, especially from jewelry, resulting in a loss of value.
Look Up the Market Value
You’ve done a lot of work so far to ensure you get a good price for your gold. You should do three more steps, though, to get the best price you can. The first of these last three steps is to look up what your gold is worth. While a pawn shop will not pay you the full market value (they have to be able to sell and make money too) you can still ensure a fair price with knowledge.
Get Prices Before You Sell
The second of the final three steps is simple: shop around. Go to a few different area stores and let them make offers before you choose the pawn shop you want. Getting different offers will let you know what the value of your gold is in your area and will arm you in negotiating once you’re in the shop to sell.
Go to a Licensed and Reputable Pawn Shop
The final step is to choose a licensed and reputable pawn shop. Check reviews. Look into their licensure. Do your research on the shop. A good pawn shop will be reflected in their business practices and their reviews.
Do you need extra funds for an emergency? Do you just want some extra cash? If you have gold or jewelry you’d like to sell, contact us or stop by today. We’re here, serving Philadelphia and the surrounding areas.
Tuesday, March 22 2022
If you have some collectibles and other unused items around your house, you’ve probably considered selling them. It’s a good way to get the extra money that you may need. If you’re looking at eBay or other auction sites, we have some things for you to consider. You may find that your local pawn shop is a better choice.
No Fees on Your Transactions
eBay earned the moniker “fee-bay” for a reason. For many sellers, especially those selling certain types of collectibles, the site can take several fees. They’re not alone. Most auction websites require listing fees, and some have transaction fees that can be imposed at the time someone purchases your items or later when you go to take your funds. Pawnshops, however, offer you a way to sell your items without worrying about additional fees.
Unless you’re selling a high-demand item, you’ll likely have to wait for your item to sell. That wait can take weeks or even months, depending on how you put your item up for sale. Worse, if another seller undercuts you or if the demand for the item drops off, you may not sell it at all. At your local pawn shop, you have no wait. Once you bring in the item, the pawnshop buys it right away and you walk out with your money.
Pawnshops Are Easier
Online selling takes work. You need to set up your listing, including researching the price it’s selling at (which may or may not be what it’s worth). You have to write up the description and take photographs to upload. With a pawnshop, all you need to do is bring in the item you want to sell.
eBay Sales Are Final
Once you sell your items on a site like eBay and ship them off, they’re gone. What if you need some extra money, but don’t want to give up your jewelry or collectible? Pawnshops give you the option to pawn the item instead of selling it – that is taking a loan against the item for the cash you need now to pay back later. As long as you pay back the loan, you can get your item back. If you need cash but don’t want to sell your things, a pawnshop is your best option.
Pawnshops Are Good for Buyers Too
Selling isn’t the only time a pawnshop is better. For buyers, pawnshops offer advantages too. If you’re looking for inexpensive jewelry or used or collectible items, some reasons to consider a pawnshop over sites like eBay include,
Do you need extra funds for an emergency? Do you just want some extra cash? Are you looking for jewelry or collectibles? Contact us or stop by today. We’re here, serving Philadelphia and the surrounding areas.
Wednesday, February 23 2022
Do you own a luxury watch that you’re not wearing anymore? Timepieces make wonderful gifts, but all too often they’re left sitting in the bottom of our jewelry box or the back of our dresser drawer. You could leave it in the drawer, hoping to wear your watch again one day – or you can make some money. If you’re ready to put your watch to use for you, here are 3 options you have for selling your watch.
With the internet at our fingertips (chances are good you’re reading this on your phone), it is easy to sell anything we have online. Sites like eBay have become staples for buying and selling items. Putting your watch up for sale is as simple as taking some pictures and putting up a description. Online selling has its drawbacks, however. You have a lot of competition for someone to find your watch as sites like eBay have millions of sellers using their service. You also must compete with prices that can range from extremely undercutting the value of your watch to over-pricing the watch. Then there’s the time factor. Because you must wait for potential buyers to find your listing, it can take several days or even weeks for your watch to sell.
Buy/Sell/Trade stores are another option for selling your watch. What is a buy/sell/trade store? It’s all in the name – they run on a business model of buying items at agreed-upon prices, accepting items in trade for store credit, and selling items people like you have brought it. If you need fast cash, they are a good option, as you are selling locally the same day you go in. However, once you sell the watch, it’s sold. In most cases, you can’t reclaim it from the store without paying the retail price.
If your watch has been sitting in your jewelry box or the back of your drawer for a long time, it’s probably because it holds more than monetary value to you. Sometimes, we’re hesitant to part with watches and jewelry because they were gifts or because we know we’ll want to wear them one day.
Like buy/sell/trade stores, pawn shops give you the ability to sell your watch locally and fast. Pawnshops have one advantage over the buy/sell/trade store, however. If you have been hesitant to sell the watch – or just want the option to hold onto it – you can use it as collateral for a loan instead of selling it. If you’re able to pay back the loan, you can reclaim your watch later. This gives you the cash you may need or want now, and your valuable watch back after you’ve paid off the loan.
Are you looking to sell your watch fast for cash? Contact us today to discuss your needs.
Wednesday, February 16 2022
If you’re strapped for cash, you want a reliable pawnshop. Knowing where to go to get the best price for your jewelry, clothing, or electronics, though, can seem daunting. We have a lot of pawn shops in the area and choosing the right one is important if you want to make sure you’re working with someone you can trust. Here are 5 ways you can make sure that you’re choosing a reliable pawnshop.
People use pawnshops often, so chances are, you know someone who has either pawned items before or bought something from your local pawnshops. Ask them for recommendations. Find out what the staff at the shop is like – are they polite and knowledgeable about the items that come through their shop? Do they offer fair value for items?
Look at the Reputation
When you’re looking for a pawn shop, check out the reviews on local sites. What do people say about working with them? Are they listed with the Better Business Bureau or local agencies? Are their complaints, and how were those complaints resolved? A company having a bad review, or a complaint is not always a red flag. Not everyone will be happy and sometimes, the unexpected can happen even in customer service. What you want to pay attention to for warning signs are,
Research Market Prices
Knowledge is important when it comes to pawning your valuable items. Look up what your jewelry or electronics are worth so that you have an idea of what kind of price you should expect to get. Expect some variation in what a pawn shop is willing to offer you. Market prices are averages, not fixed rules. However, if a pawnshop is significantly undercutting the value of what you want to pawn, they’re not reputable and you don’t want to work with them.
All businesses must follow certain requirements with the IRS as well as state and local government agencies. Don’t be afraid to ask about the pawn shop’s license and be proactive, looking them up with your area small business agency. If they’re not in compliance, that is a good sign they aren’t reputable.
Trust Your Gut
The most important factor in whether you can trust a pawn shop is how you feel when you go inside. No matter what kind of reputation they have, what recommendations you get from friends, if you walk in and don’t like what you see, don’t work with them. If the shop is filthy, if merchandise looks to be poor quality, or if the staff are inattentive or rude, those are good signs that you’re in a bad shop. You can always shop around a little more.
Do you need extra funds for an emergency? Do you just want some extra cash? Contact us today to discuss your needs. We’re here, serving Philadelphia and surrounding areas.
Monday, January 31 2022
Life can hit us with unexpected emergencies, sometimes faster than we can easily react to them. An unplanned bill because the pet is sick, something is leaking from the car, or something broke in the house can easily put you behind. Sometimes monthly expenses add up and just put you behind on bills. There are lots of reasons that you may find yourself wanting to take out a quick loan to keep up. Here are some reasons why you should consider using a pawnshop for that loan.
No Credit Checks
Credit checks are a hassle even when we’re not stressed about bills and emergencies. Depending on your credit history, credit checks can also delay how quickly you can get the loan, just compounding the emergency. With a pawn shop, you don’t have to worry about a credit check, since you’re borrowing against collateral (the item you put up for pawn). You don’t have to worry about the extra time, possible credit declines, or potential hits to your credit for applying for the loan.
The Pawn Shop Gives You Choice
With a pawn shop, you have a choice on how you want to get the extra money that you need. You can pawn the item and take out a loan based on its value with a promise to repay the loan later. If you are concerned about paying back a loan or don’t want to worry about paying it back, you can choose to just sell the item outright. That kind of flexibility is important when you’re short on cash or have an emergency.
You Don’t Have to Sell Treasured Items
Just because you can choose to sell the jewelry, electronics, or other items that you bring to the pawnshop doesn’t mean that you must sell them. One of the biggest advantages that a pawn shop offers is that you don’t have to give up your items. As long as you are able to repay the loan, the pawnshop will hold what you pawn for you to reclaim.
It Doesn’t Have to Be an Emergency
A pawn shop loan isn’t just for emergencies. Any time you want some extra cash – extra money for a date, cash to treat yourself to something new, or any other splurge – a pawn shop is there. If you have electronics or jewelry that you’re not using, you can take it in and get the cash you want. You don’t have to worry about having to justify the loan the way you might for other short-term loans.
Do you need a loan for an emergency? Do you just want some extra cash? Contact us today to discuss your needs. We’re here, serving Philadelphia and surrounding areas.
Wednesday, January 19 2022
You find yourself needing fast cash and you’re looking at two options – pawn shops and buy/sell/trade stores. They look similar – often the stores use similar signage and advertising verbiage. There are some important differences though, both for people who are looking for fast cash and people looking to buy.
What Is a Pawn Shop?
At its core, a pawn shop is a place where you can get a short-term loan by putting personal items up for collateral. Where a bank will require you to put up, say, your home for collateral for a loan, a pawn shop will loan you money based on the value of things like jewelry and electronic equipment. Once you pay off the loan, you can reclaim the item and take it home with you. Since pawn shops also buy items outright and sometimes people don’t pay back their loans, they also offer items for you to buy, usually well below retail price.
What Is a Buy/Sell/Trade Store?
It’s all in the name; a buy/sell/trade store is one that allows you to bring in items to sell, offers items for you to buy, and allows you to trade things you have for things you want in the store – usually by establishing store credit for what you bring in. Once you sell your items to these shops, they’re gone. If you change your mind, you won’t just be paying back the money you bought it for. Usually, you’ll pay whatever price they want to sell the item at.
Which Is Better?
Pawn or sell, it depends on what your needs are. Both are good fast-cash options. With a buy/sell/trade store, you get cash in hand and don’t have to pay anything back. The deal is final. With a pawn shop, you must repay the money based on the terms the store establishes with you. If you feel confident in repaying the loan, going with a pawn shop means that you will get the item back in the end. This is good if you’re looking at the possibility of selling valuable jewelry or something with sentimental or family value.
If you’re in the market to buy something under retail price, both types of shops offer value. Since they deal with the public, you can usually find things you won’t find in retail stores anymore. You will also find items at prices well below retail price for the same or similar items. Since a pawn shop will often buy items outright, if you have something you want to sell, you can still save money. For those in the market to buy, the main difference comes with waiting time. If a pawn shop is displaying items still under loan, you won’t be able to buy it until the pawn shop knows whether or not the person who pawned the item will be able to pay back the loan. With a buy/sell/trade store, the items on display are available to buy right away.
Do you need fast cash? Contact us today to discuss your needs.