Pawn shops are interesting places that often crop up in what is considered the dodgier parts of town. Pawn shops take loans for solid goods as collateral and then put those goods that they keep up for sale. You can also straight up sell goods at pawn shops and get some money for them. But are pawn shops really worth going to at all if you aren’t in a pinch? They have a reputation for being the shady places that thieves go to sell stolen goods, but if you have the know-how you can make pawn shops work for you, and save a few bucks along the way.
BuyingBuying things from a pawn shop generally won’t save you money. This is because the pawn brokers will but the goods at pretty good price and then sell them for a higher price than which they bought them to turn a profit. It is unlikely that you will find any good deals in a pawn shop, but you might find some unique things in there, if you are willing to pay for them. The bottom line is that you need to avoid buying things at pawn shops if you want to find a bargain.
To make some quick cash at a pawn shop, you can sell your valuables. Make sure that the pawn shop owner isn’t trying to scam you, and make sure that you know the value of everything you try to sell. The business is a crafty one by nature, and you need to be on your toes at every turn when selling your items. If you get a good deal then you will come away from it with enough money for whatever you might need, but if you can scammed you’ll be up a creek. Make sure to do your research and be savvy in your dealing with brokers, even if you are only selling.
LoansDon’t broker a loan at a pawn shop unless you can pay it back almost immediately. Selling an item will get you a much better deal, as you won’t have to pay any interest or pay back the deal. Essentially, when you pawn an item, don’t expect to be able to buy it back if you can’t do it within the month. Eventually, the result will be the same; the item is lost to you, but you got a worse deal than you would have if you had sold it. It is always better to expect that you won’t be able to buy the item back and just sell it, and if the situation is dire enough, you will know that you did the right thing.
The big thing to remember is that when dealing with pawn shops and brokers never go into a situation blind. Research is incredibly important before you make any sort of deal and agree to payment. Make sure the broker you are using is honest and doesn’t have a reputation for fencing goods. And always make sure to stay safe.