Friday, September 14 2018
Have you ever wondered if there is a difference between selling and pawning? Maybe you have never stepped foot in a pawn shop and are curious about how they work. At Cash Express, we offer a huge variety of items for our customers and we’re always ready to help explain the process, too.
Many people like selling items at pawn shops because there are no strings attached. Just like you might sell an item at a yard sale or in an online store, selling involves setting a price and then, in most cases, letting the item go to the first paying customer. Many people enjoy selling because it’s a quick and simple process. If you sell your item to a pawn shop, you aren’t expected to do anything after the transaction. Pawning, on the other hand, is a little different.
Most people like to think of pawning as a loan placed on collateral. Whatever item you put up for money is called the pawn. Many kinds of items can be pawned, such as precious metals, gemstones, watches, jewelry and firearms. Electronics and power tools are also popular items at most pawn shops.
Instead of selling your item outright to the pawn shop owner, in the case of pawning you borrow money against the particular item. The most money that you will likely receive on a pawned item is about 10% of its total value. Most pawns are good for between 60-90 days. The pawn shop will hold your item until you pay back the loan in full. Most pawn shops also charge interest as well as a storage fee.
Pawn shops have been around for years and if you’ve never checked one out, now might be the perfect time. At Cash Express of Philadelphia, we are always ready to help our visitors have a satisfying experience, whether it’s through buying, pawning or selling. If you want to shop for quality items at half the price of regular store prices, then check out Cash Express.