Pawn Shops: Lender of Last Resort

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In todays’ tough times, if you need money and can’t turn to a bank, one option is to turn to lenders of last resort… pawn shops. But is that a good idea?

“You always have people that are down and out, you know it happens everywhere and that’s one of the reasons pawn shops have been around.”
-Richard L. Scheinman, Pawn Shop Manager

Pawn shops are certainly nothing new: shops that lend money against your possessions have been around in one form or another since biblical times. And as you might imagine, when times are bad, business is good.

“We’re getting people that are coming in that have never been here before. They’re selling their gold, they’re selling their electronics, they’re selling tools.”
-Richard L. Scheinman, Pawn Shop Manager

It’s no secret that interest rates on these types of loans are amount the highest you’ll find, making pawn shops lenders of last resort. But if you’re coming here, there are things to remember to get as much as possible when you pawn.

First, decide if you really want… or can realistically expect, to get the item back. Because if you’re really just selling your stuff, you’ll probably get more for it by putting it on eBay.

Then visit a pawnshop and see what’s selling. Ask the pawnbroker what’s hot…and what’s not.

“Popular items right now obviously is gold. Everybody has gold that they want to get rid of or I shouldn’t say that, that they want to borrow money on. But tools are a big thing or some types of tools. TVs and electronics are very big.”
-Richard L. Scheinman, Pawn Shop Manager

And shop your item around… and let the pawnbroker know it! You’ll almost certainly receive different offers in different places.

And don’t forget that pawnshops do more than loan money. They also sell stuff. So even if you find this isn’t a place for a borrowing bargain, you might find it the perfect place for bargain shopping.

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Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.

  • http://www.jazzjewelers.com/ Tampa’s gold buyer

    Just make sure you do your homework, look around for the best deal and read all of the reviews on the store you are going to sell you gold jewelry for cash. if you are looking to sell not pawn a jewelry store most of the time well pay more for your gold.

  • http://www.jazzjewelers.com Tampa’s gold buyer

    Just make sure you do your homework, look around for the best deal and read all of the reviews on the store you are going to sell you gold jewelry for cash. if you are looking to sell not pawn a jewelry store most of the time well pay more for your gold.

  • http://www.sellgoldtampa.com/ sell gold in tampa fl

    I would strongly suggest checking out the Jazz Jewelers before selling gold or silver to ANYONE. I did a great deal of research, online and offline, and learned a lot about this business. I found that the JAZZ JEWELERS paid more than anyone else I could find.

  • http://www.sellgoldtampa.com sell gold in tampa fl

    I would strongly suggest checking out the Jazz Jewelers before selling gold or silver to ANYONE. I did a great deal of research, online and offline, and learned a lot about this business. I found that the JAZZ JEWELERS paid more than anyone else I could find.