As much as we try not to talk about it, money plays a defining role in our society. We work most of our lives to afford nice things and buy our own homes, but sometimes that hard work doesn’t even cover the basics. Sometimes we all need quick cash, and many turn to pawn stores to help get there.
What Is Pawning?
Your finances are personal, and so the reason you need cash is nobody’s business. Maybe you’ve asked family for help, but they were unable, or you’re in a situation with nowhere to turn. Pawning is when a business or store gives you money for valuable items, which you leave with the pawnbroker. You can get your item back when you pay the money you were loaned and any interest on it.
Do Your Research
Research pawnshops in your area and make sure you find a reputable one. Online reviews are typically reliable; read the terms and conditions carefully before agreeing to anything. You’ll need to understand fees, interest rates, and repayment terms.
What Can You Pawn?
You’re probably wondering what items you can pawn. The truth is that anything expensive is eligible, although some things are worth more than others. Begin with your electronics, as around 30% of Americans pawn electronics when they need cash.
Remember that technology goes out of style quickly, so while you might be tempted to reach for the heavy TV you’ve been keeping in your basement, it’s probably not worth enough to justify the trouble. Current electronics like laptops, computers, cell phones, watches, etc., will be your best bet.
Be honest with yourself. You probably need cash more than you do a video game console or a laptop that isn’t essential for work. Yes, it’s upsetting to give up something you enjoy having, but it isn’t forever, and you need to focus on what’s happening right now.
Televisions are great to pawn as long as they’re modern models. According to Television History, 99% of American homes own at least one television set, and 66% have at least three. That means that the pawnbroker will be willing to make you a deal for one since they know they can sell it if you can’t repay the loan.
Also, you can survive with just one TV in your house for a while. Yes, it’s great to binge your favorite show in your bedroom or a room separate from the rest of your home, but doing so is a luxury, not a necessity. Currently, money is more important than anything.
Making Difficult Decisions and Pawning Sentimental Items
If you’re wrestling with the reality that the only things you own worth the cash you need are cherished and sentimental, you might have to make some tough decisions. Usually, jewelry is popular in pawn stores because it comes with a much higher price tag. And, if you are in desperate need of cash, you should check through your necklaces, watches, earrings, and even rings to see if there’s something you can pawn to help you through this tough time.
There is no doubt that your engagement ring is important to you, and most people put them on the day they get engaged and vow never to remove it. However, according to Texas Lifestyle Magazine, 71% of engagement rings feature a diamond as the main stone. That means that, while you’re reading this, the answer might have been on your finger this whole time!
Managing your finances can feel impossible, and sometimes we have to do things we wished we hadn’t to get out of debt. Pawning is a means to earn quick cash, and once you’re in a better situation, you can get your belongings back. In the meantime, focus on putting yourself in a solid financial position, and be kind to yourself during this challenging time.