Collateral is an asset a borrower pledges as security for a loan. If the borrower defaults on the loan, the lender can seize that asset. Collateral loans can be risky, but they don’t involve many qualifications. The lender will have fewer requirements knowing you put your asset on the line.

The loan process is typically used in a pawn shop setting. Pawn shops provide loans to customers who put their items up for collateral. This article will explain how the process works and what assets you can use for a collateral loan.

How Does a Collateral Loan Work?

The collateral loan process is easy. Here’s how it works:

1.    Come into the shop with an item of value.

2.    The salesperson will assess your item and make you a loan offer. The loan is typically equal to a percentage of the item’s value.

3.    If you accept the loan, you can walk away with cash in hand. You must continue making payments on the loan to retrieve your item.

4.    If you default on the loan, the pawn shop will keep your item, but the unpaid amount will never go into collections or impact your credit.

What Items Can I Use as Collateral for a Loan?

The items you can use as collateral depends on what the store carries. For example, some pawn shops specialize in luxury items such as designer purses and watches. Others may sell electronics or firearms. They may also be choosy about the brands they accept.

Generally accepted items include:

·  Valuable antiques

·  Jewelry, precious metals, and gems

·  Firearms

·  Electronics

·  Luxury watches

·  Musical instruments

·  Collectibles

·  Power tools

However, not every pawn shop will accept each of these items. Research pawn shops to find out the items they carry. This will help you determine if they will accept the item you want to loan.

Quality Counts

The pawn shop will also consider quality when they assess your item. If your item is damaged or non-functional, they may not accept it. Some shops will accept damaged items but offer a reduced loan amount.

Ensure your item is in the best shape possible for optimal loan amounts. Clean it before taking it in. Make small repairs to make it more functional if possible.

There are other things you can do to ensure the highest possible pawn shop loan. For example, a certificate of authenticity or original receipt may make your item more desirable. You should also research to find out your item’s value. This will give you some leverage when negotiating.

Cash Express Offers High Loan Amounts

Cash Express provides cash loans for valuable items, including gold, computers, antiques, watches, jewelry, coins, and other high-end items. We offer high values and low interest rates. Our staff is friendly and easy to work with. We will ensure you are happy with your loan amount.

Contact us when you are ready to buy or sell. We offer great deals and quality items.

You’re rummaging through your things looking for something to pawn. There’s a bundle of jewelry showing obvious signs of wear and tear. The question remains, do pawn shops buy broken or damaged jewelry? Fortunately, the answer is yes.

Pawn shops buy used items with faults. Fine Jewelry, for example often has solid value depending on the stones and types of metal. Ark’s Jewelry, Philadelphia, will most certainly consider your merchandise. When things are in really bad shape, the pawn shop may simply resell the viable parts. 

Why Jewelry?

At Cash Express, there are various items we always watch for, including well-worn items. We are more prone to make offers if we already specialize in repairing your type of item, or if we can easily sell it for parts. Sometimes we will have a piece fixed at a low price, or have a client who wants to tinker with the piece themselves. Feel free to call the Cash Express store ahead of time to see if what you have is a good match. 215-922-1560

Gold Buyer or Pawn Shop?

While it might be tempting to sell to a gold buyer, you’re likely to get lower prices than you would at a pawn shop. On average, gold buyers offer 40 percent of the value, whereas pawnshops go to 70% When you come to our store, we can appraise your pieces right on the spot. You will get an offer based on that professional appraisal. Also, unless there’s a gold buyer in town you take risks by having to mail the piece(s).

Pawn vs. Sell

Pawn shops buy broken or damaged jewelry. But you may be able to pawn it instead. Get the money you need quickly, then return for your goods before the loan expires. Mind you, selling outright is far easier. You get an appraisal and can talk out the deal from there. In this case, there is no need to return to the store. 

It’s worth noting that while a pawn shop offers an appraisal you don’t have to accept it on the spot. If you are uncertain, take time to think it through. If anything has sentimental value you might want to hold off. 

What to Expect

Pawn shops are pretty straightforward. You come in and an associate will greet you. Explain what you are selling (or pawning). With jewelry, a professional may take your items in the back for close examination for both gold/silver/platinum weights and the quality of any gemstones. This may take a few minutes, so explore the store in the meantime.

Inside Cash Express

When you need quick cash, Cash Express is the pawnshop for you. We answer the question “Do pawn shops buy broken or damaged jewelry?” with a resounding yes. We specialize in precious metals and gems and can look through whatever you have to help you discover those most helpful treasures. 

For more information, you can use our online contact form or email us at info@pawnphiladephia.com.

You need quick cash. A pawnbroker is a good choice, especially if you have bad credit. Our professionals at Cash Express see people every day in need of our services. As the saying goes, “Life Happens.” Perhaps they’re late on rent or had their car break down. No matter the situation, not everyone has a rainy day fund. Pawn brokers provide money quickly, whereas a traditional bank loan can drag on, and on. 

Pawning 101: What Happens When I Want to Pawn Something?

What to Pawn: Step one is determining what you want to pawn. We highly advocate against pawning anything with sentimental value.

1. Come into our store located at 731 Chestnut St. Philadelphia, PA. Here, one of our appraisers reviews your item. 

2. You receive the value of the item, details on the interest rate for your loan, and any other important conditions. Note that some items like coins and jewelry have standardized factors used in determining an item’s value.

3. When you agree to the terms of the pawn, you get that much in cash. 

Cash Express keeps your item safely secured as collateral.

4. You will receive a ticket for your item. It will include a full description including any wear and tear. 

5. The ticket stipulates a time from within which to pay the loan back. Most pawns span 2-3 months. 

6. Keep the ticket somewhere safe. It is the key to getting back your item when you pay the loan. 

Can I Extend my Shop Loan If I Cannot Repay On Time?

Most often the answer is yes. Pawn shops offer extensions or renewals in these situations. The only limitation is any state laws specifying loan extension times. The shop may ask for a portion of the interest when you extend your loan.

BRING YOUR TICKET!!

Renewal is a little different. At the end of your current loan, you will pay the amount of accrued interest to date. If you wish, you can pay down some of the principal at that time. Or, you might ask for a cash increase. 

In either situation, we write up a new loan reflecting the remainder owed. The interest rate won’t change. Tickets include the new due date for repayment.

Both these options give you extra time to gather money. You may be able to enact either more than once.

What Happens if I Default on Payment?

If you do not repay the loan by the due date, or if you don’t ask about extensions or renewals, the item becomes the pawnshop’s property. Depending on how late you arrive, you may be lucky and find your item still on the store’s floor for sale. This is the reason we advise avoiding nostalgic items. If things go bad, you can lose them forever. 

A Little More About Cash Express

Cash Express is your “go-to” pawnshop in Philadelphia, PA. Quick Cash is our specialty. We are always on the lookout for coins, antiques, precious stones, high-end watches, electronics, musical instruments, and jewelry. If you want to check about your item, give us a call ahead of time and find out if we are buying.

Alternatively, you can use our online contact form to find out if your property is something we’re looking for right now (saves you a trip). 

For more information email us at info@pawnphiladephia.com, or call our office at 215-922-1560 

Pawning an item is a great way to generate income. Unfortunately, some pawn shops are not reputable. These businesses make lowball offers to maximize their profitability.

A seller that knows their item’s value in advance can protect themselves from shady pawn shops. They can reject or negotiate low offers. The trick is knowing how to determine your item’s value.

How to Determine the Value of Your Item

Online Marketplaces

Online marketplaces like eBay and Craigslist will give you some idea of your item’s value. Go to these marketplaces and look for your item or similar items. Find out the pricing most sellers use. This process should give you an idea of what your item is worth.

Use Google Lens

You can browse various marketplaces to learn about your item’s value, but Google Lens provides quicker results. Take a picture of your item and the platform will find comparable prices. It will generate links that show the item’s past and present valuations.

Get a Specialist’s Opinion

You may also consult a specialist to learn the value of your item. For example, you may go to a jewelry appraiser to find out the value of a precious jewelry piece. You can visit a comic store to get a comic book appraisal. 

Various online resources provide similar services saving you the trip. However, an in-person visit will help you understand the value considering your item’s condition. 

Calculate Resale Value

There is a formula that enables you to calculate an item’s resale value. However, you must first learn its depreciation rate.

The depreciation rate is based on the years an item is expected to be useful. For example, if the item’s useful life is five years, it will have a depreciation rate of 20% annually.

Once you know the depreciation rate, you can use the following formula to find the item’s resale value:

1.    Subtract the depreciation rate from 1

2.    Rise the resulting number to the power of the number of years used

3.    Multiply that number by the original purchase price

Considerations When Determining Value

• Consider Condition: The item's condition directly affects its value. If your item is broken or badly damaged, you may get a low valuation or you may be unable to sell it at all. If it’s in pristine condition, the valuation will be on the higher end of the scale.

• Consider Retail Value: Pawnbrokers need to profit off the items they sell. Therefore, their offer will only be a percentage of the resale value- typically between 25% and 60%. Try to work with pawn shops that make offers on the higher end of the scale.

Cash Express Offers Maximum Valuations

Sellers must work with pawn shops they trust to provide fair evaluations. Cash Express is a reputable dealer. Our expertise in antiques, diamonds, precious metals, and other upscale items means we know what luxury goods sell for. Our reputation in the industry ensures we treat customers fairly.

Contact us when you’re ready to pawn your luxury items. You will be happy with the offer you receive.

Most people think of pawn shops as places to buy and sell affordable goods. People sell items they no longer need and/or wish to trade in for money. Consumers come in to purchase these items at a reduced cost.

However, the process is a bit more complex than that. For example, sellers also have the option to loan their items. We will walk you through the steps, starting from the seller’s point of view, so you know what to expect.

Pawn Process Steps

1.    A Person Has an Item to Sell

It all starts when a person has an item to sell. They may no longer need the item or they may sell the item because they need money. Either way, they should consider the item’s value and the best pawn shop to work with.

Most pawn shops will only accept valuable items. Some pawn shops specialize in certain items like jewelry. Others also carry electronics. Do some research to find out which shops are suited to your selling needs.

You should also find out information about the shop’s reputation to ensure they are reputable and offer reasonable valuations.

2.    Get the Item Ready

Next, get the item ready for sale. An item in good condition will bring a higher valuation than a slightly damaged item. Get your item in the best shape possible by cleaning it and making minor repairs if necessary. 

You should also find out how much the item is worth. This information will help you determine if the pawn shop is making a reasonable offer.

3.    Decide if You Want to Sell or Loan

Pawn shops offer two options for sellers. You can either sell your item outright or get a loan.

Selling is straightforward. You come into the shop with your item. The salesperson will appraise it and make you an offer. If you accept the offer, you can leave with cash in hand.

A loan allows you to get cash and hold on to your item. The pawn shop will appraise your item and offer you a loan based on its value. If you accept, you leave with cash in hand, but you must repay the loan with interest over time.

When the loan is paid off, you can get your item back. If you cannot pay the loan, the pawn shop will keep your item, but the unpaid amount won’t reflect poorly on your credit or go into collections.

4.    Your Item Goes on Sale

Depending on the circumstances, your item may go on sale. It can be difficult to part with valuable items but think of it this way. You will help someone purchase an item they would otherwise be unable to afford.

Cash Express Pawn is Your Pawn Shop Destination

The pawn process offers a convenient way for sellers to make money and buyers to afford expensive goods, but you must work with a trusted dealer. Cash Express Pawn is a reputable business specializing in jewelry, watches, and high-end pieces. Our expertise in antiques, diamonds, and precious metals ensures accurate valuations.

Contact us when you’re ready to start your pawn process.

Cash Express is the number one pawnbroker in Philadelphia, PA, when you’re looking for quick cash. But if you’ve never pawned anything, you may be uncertain as to the process. We’re here to help.

What is A Collateral Loan

As a borrower, you have to provide some type of asset that will act as collateral, securing your loan. There will be a set period within which the collateral loan can be repaid. If you do not pay on time, the collateral becomes the payment for the loan.The possibility of having your item become the property of the lender is one of the reasons we advise thinking carefully about your chosen asset. 

What are Collateral Assets?

.1. Precious metals, gems, coins, jewelry.

This is one of the most common collateral assets. Once you know how much you need to borrow, you can assemble what you need for the loan. When you bring that (those) items to the Cash Express store, we’ll assess it (them) and let you know the loan amount, which is based on a percentage of your item’s value.

2. Real Estate

Private or commercial properties can act as an asset for a collateral loan. In this case, a lender’s representative comes and reviews the property. As with jewelry, your loan amount is based on that valuation. 

3. Stocks & Bonds

Securities are viable assets for a collateral loan. As with other assets, there needs to be a valuation and a quote for the lending amount. Should you default, the lender can sell the stocks and bonds to cover the loss.

4. Collectables & Valuables

There are a lot of miscellaneous things a pawn shop seeks that you can use as collateral. Examples include antiques, vehicles, power tools, musical instruments, electronics, and firearms. You can call ahead (215-922-1560) to make sure your intended pawnshop will consider your item depending on inventory.

5. Vehicles

This includes boats, motorcycles, motorized scooters, and cars. The valuation process is handled like real estate unless the item can come to the store.

What You Can Expect

Now that you know what assets you can potentially use for a loan, it’s nice to know how a collateral loan works face-to-face. The first step is having the lender assess your item. Most lenders use computers to determine prices based on current demands and condition of the item. 

Step two is handling the inevitable paperwork. You will complete a loan application with any documentation requested by the lender. For example, you’ll need to bring proof that you own a car in case the title has to be transferred upon default. There is no credit check involved.

Step three is bargaining. If you go into a pawnshop with a solid understanding of your item’s value, you may have wiggle room on the loan amount. This is also when repayment terms and loan duration are explained.

Then you get your money in whatever way you’ve agreed upon like a fund transfer or cash.

The experienced professionals at Cash Express are happy to help you with your questions. You can use our online contact form, phone (215-922-1560), or email us at info@pawnphiladephia.com to get your loan started.

Everything old is new again. Pawn shops originated in China about 3,000 years ago. And just like modern pawn shops such as Cash Express, independent business people offered short-term loans to commoners. The model created in Buddhist monasteries remains to this day.

The Greeks and Romans had pawnbroking establishments. As the Roman Empire spread, the prevalence of pawnbroking likewise grew. Mind you, only some were welcoming of the idea.

In Medieval Europe, pawnbroking was slowly formalized as an institution. When people wanted quick cash (sound familiar?). Local authorities oversaw the businesses to insure legitimacy. 

Come the time of the Roman Catholic Church, prohibitions on charging interest on loans were in place. The rule put quite a calabash on merchants trying to keep a business going. The Franciscans had some leeway and could offer aid to the poor. 

French Crusaders used the pawning system to broker their holdings to monasteries so they could supply their armies. The Church did not require a financial return. Rather, they garnered crops at an agreed amount in each season. 

The History and Evolution of Pawn Shops: Peasants and Kings Alike

In times of war, Kings would pawn their valuables, usually jewels, to increase the size of their war chests It’s worth noting that jewels remain a high-interest item at Cash Express. Both Edward III (1300s) and King Henry V (late 1300- mid-1400s) took advantage of the system.

The Renaissance was the proverbial golden age for pawn shops. They accepted a wide variety of collateral. In turn, they provided funds to people needing them. This remains true of modern pawn establishments like Cash Express. Diversity was a friend to both buyer and seller. 

Then the tides turned. In early 1600, there was an Act against Brokers in London, which remained firmly in place until the late 1870s. There was a viable reason for the Act. It was intended to deter counterfeit brokers, namely fences. 

Here and Now

Pawnbroking has become a regulated industry. There are laws about how much one can charge for interest, for example. Most areas also have licensing requirements and detailed regulations for pawnbrokers. 

As the internet grew, pawnshops put this technology to good use. They could share their goods with a wider audience and review potential retail sales for items. Additionally, online listings help determine if an item is stolen goods.

Some pawn shops have specialties, others diversify, and others still combine the two ideas. For example, Cash Express has Antiques by Ark as a spinoff focused on older valuable items.

Enjoying the Pawn Experience

Do you have items tucked in the back of a closet or attic that might have value? You can clean out your home and get money for the effort. Remember that items should be in good condition. You might want to call ahead to see if shops in your area are looking for your offerings. You can reach our shop at 215-922-1560. 

When you need quick cash, look at high-end items in your collection. Pawn brokers aren’t like second-hand shops. They can’t accept everything coming through their doors. If you are uncertain and want to provide detailed information, you can email us infor@pawnphiladelphia.com or use our online contact form. We are a trustworthy pawnbroker in Philadelphia, and our staff is happy to answer any questions you have. 

Is it time to clean out your designer handbag collection a bit? You can go to a pawnbroker like Cash Express for a fair return on your investment. 

Before you think about pawning your handbag, it helps to know the parameters with which you’re working.

1. Authenticity. Any paperwork you have about your handbag, like original receipts or tags, adds to the value. Also, see if you have the box or bag. This is called provenance. You are illustrating the bag’s history. If you have accessories, all the better. 

2. Brand: There are some high-end handbags that are classic, and rarely lose their value. The company, like Chanel, has a reputation for quality and desirability.

3. Condition: The better condition your bag, the higher the value. Visible damage impacts the offer you receive considerably.

4. Demand: In one day, out the next. The demand for your handbag at the time of sale affects the value. If a piece has a celebrity endorsement, appears in a high-profile collection, or just appeals to current trends, you are in luck!

5. Equivalent Sales: At Cash Express, we check how much your designer handbag sold recently at auctions, consignment shops, etc. 

6. Model and Style: There are certain releases from brands that have higher resale value than others, such as limited editions or iconic designs. 

7. Rarity: Vintage doesn’t always equate to value. However, age does matter if the style has been discontinued. With age, you want to make every effort to preserve your handbag in good condition.

Desirable Handbags

While there are hundreds of designer handbags you could pawn, these are some of the ones that will fetch a pretty penny.

• Balenciaga Classic City Bag

This city bag has an elegant simplicity. Lambskin exterior with cotton canvas interior, it matches nearly everything. The Balenciaga Classic City Bag appeared in 2001, became a celebrity impulse buy, and holds its place as a classic.

• Chanel Medium Boy Flap Bag

This handbag appeals to individuals who dress formally. It offered seasonal changes, a strong design, leather ribbing, and Chanel’s diamond quilting. This is one of bags most often faked. The experts at Cash Express, especially those at Antiques by Ark can quickly determine if it’s authentic.

• Chanel Medim Classic Flap

Coco Chanel created this bag in 1955 when it was known as 2.55. All flap bags in this line follow the same construction. Two words sum up the Classic Flap: timeless luxury. These bags typically increase in value because of their sophisticated details. 

• Givenchy Small Antigona Bag

A small, stylish leather bag honors the Goddess Antigone whose name means “unbending.” The Antigona is strong and durable thanks to both quality materials and masterful craftsmanship.

• Gucci Dionysus

A staple among designer handbags, the Gucci has timeless appeal. Features a double-tiger head closure and chic appeal. Endorsements flooded in from celebrities for this style.

• Hermes Birkin

Enthusiasts love this bag. It’s elegant, classic, sophisticated, and made by skilled craftsmen. The limited availability of Hermes Birkin means it retains (or increases) its value.

Two other names suitable to this list include Louis Vuitton (Neverfull MM and Speedy 30) and the Prada Saffiano Tote.  

It’s Time to Shop or Sell!

Now comes the fun part. Shopping for a new bag or selling one to which you’re not particularly attached. Or maybe work out a swap. 

You can count on Cash Express in Philadelphia Pa for fair pricing, well-trained staff, and an overall pleasant experience.

There are three ways to contact us besides coming to our storefront:

Our online contact form t

Email: info@pawnphiladephia.com, or 

Call our office at 215-922-1560

A respectable and trustworthy pawn shop like Cash Express has laws by which they must abide, including keeping a record of personal information. That requirement makes perfect sense when you think about the services pawn shops provide.

• Collateral Loans: A person receives a loan based on the value of the item they bring in. There is a certain time within which the individual can pay the loan back, otherwise the shop can resell the item. The need for a paper trail here is pretty clear especially for people who cannot get a loan by other means. Collateral loans are often used for fast cash in emergency situations.

Tip: 

Avoid pawning anything things that have emotional sentiment. Should something happen and you cannot repay the loan, you will feel terrible about the choice.

• Buying and Selling: Having documentation (typically computerized) helps the owner keep track of their inventory and profits. The customer selling wants to know their item receives the best possible valuation. Likewise, a person buying wants to trust in the presented quality.

Types of Records Retained by Pawn Shop

1. ID: The clints must present valid identification like a driver’s licence.

2. Transactions: The pawn shop keeps records of items received and sold, the amount, date, and the client’s ID. All new items go into a national database monitored by police watching for specific descriptions of stolen goods. If there is a suspicion of criminal activity (like selling stolen goods), authorities may request transaction records for review directly from the shop. This allows them to identify the person who pawned the item, too.

Privacy

You will be happy to know that pawn shops like Cash Express in Philadelphia, PA, must comply with privacy regulations. Your personal information only comes into play when lawful or legitimate business purposes are involved.

Duration and Disposal

The length of time a shop keeps records depends on local and state regulations. 3-5 years is not unusual. When it comes time for disposal, the store must dispose of the materials in a confidential manner by deleting electronic archives and shredding any paper ledgers. This protects your personal information from being compromised or stolen. 

Reputation Matters

For a pawn shop to retain its reputation for superior service, people need to feel comfortable that their personal information is safe and storage is suitable for any associated laws. Additionally, there should be procedures in place for verifying value. Some storefronts offer on-site appraisal. Otherwise, computer data becomes the source for obtaining average worths. 

Cash Express is the premiere pawn broker in Philadelphia, PA, when you’re looking for quick cash, no credit check involved. We are always on the lookout for jewelry, watches, precious metals, and gemstones. Additionally, we have a storefront dedicated to antiques, Antiques by Ark.

Stop by for some proverbial window shopping so you can see our variety for yourself. You can  fill out our online contact form to find out if your property is something we’re looking for You can also email us at info@pawnphiladephia.com, or call our office at 215-922-1560

Different pawn shops may sell various items, but you will be hard-pressed to find any that don’t work with gold and diamonds. Their dealings with precious gems and metals have made them valuable to the fine jewelry industry. Read on to learn about their role in helping people connect with the luxury items they desire.

A Pawn Shop’s Role in the Gold and Diamond Industry

Connecting Buyers with Fine Jewelry

Diamonds and gold are expensive. These fine jewelry items may be out of reach for many people. A pawn shop makes them more accessible.

Pawn shops sell fine jewelry at a fraction of the cost of new items. They are discounted because they have been worn and may not come in their original boxes, but often, they are just as lovely as they were when they were new. Some jewelry may have minor signs of damage, but they can be melted down or recut for their beauty and value.

Lowers Environmental Impact

Gold and diamonds are lovely, but their manufacturing methods are bad for the environment. Both products are mined. Mining can contaminate water and land and pose a danger to workers.

Pawn shops encourage the reuse of gold and diamonds. They can be recut, repolished, and set into new jewelry items. Diamonds can also be used in industrial applications. Their reuse lowers environmental impact.

Stimulates the Economy

Pawn shops give people an opportunity to make money off their fine jewelry. People can bring in their items to sell or loan. Doing so helps them get out of a financial rut.

Selling jewelry is a straightforward process. Loans are a bit more complicated, but they allow you to get money for your fine jewelry without saying goodbye to it forever.

With a loan, you bring your jewelry to the pawn shop. The salesperson will appraise it and offer you a loan. If you accept the loan, you can leave with cash in hand.

You must repay the loan. Once you do, your jewelry will be returned to you. The pawn shop will keep your jewelry if you cannot pay the loan. But the unpaid amount will never go into collections or damage your credit.

An Authentic Buying Opportunity

Some people are wary of buying diamonds and gold at a pawn shop because they feel it may be stolen or inauthentic. Pawn shops are often targeted as places where thieves and con men sell stolen or subpar goods.

However, this is exactly why pawn shops have redoubled their efforts. They know what to look for when buying goods. The shops go out of their way to ensure their stock is real and aboveboard.

Cash Express is Your Destination for Affordable Diamond and Gold Jewelry

Cash Express is a pawn shop you can trust. We sell high-end gold jewelry at a fraction of the cost. We offer reasonable evaluations and fair loan terms. We do our part to lower environmental impact and stimulate the economy.

Contact us for all your fine jewelry needs.