Pawn shops have been around for centuries. In fact, the first ones came on the scene more than 3,000 years ago as a way for people to sell goods and borrow money as needed.
They’ve been around longer than most businesses and for a great reason: they’re the best way to find high-quality items at affordable prices. But there’s more to pawn shops than being able to get a great deal.
Read on to learn about some of the best benefits of visiting your Fort Lauderdale pawn shop.
1. You Can Buy OR Sell
Pawn shops aren’t just places where you can pick up that vintage autographed baseball you’ve wanted since you were a kid at an incredibly low price. You can also sell items you don’t want and get cash for them almost immediately.
This is true at all local pawn shops, no matter how big or small they are.
Keep in mind that some shops have limits on their inventory. This means they may not always be looking for the items you want to sell. You can always call ahead to see if they’re taking certain types of items to save yourself some time.
2. There’s Always a Great Selection
The inventory at pawn shops is almost constantly changing. As soon as one person sells them an item, another person seems to buy it.
But this changing inventory means you have access to a great selection of products, no matter what you’re looking for. If the shop doesn’t have something that strikes your fancy during your first visit, don’t give up. Stop by a few days later to see if anything new came in.
Even if it takes a few trips, you’re sure to find what you’re looking for at a price that can’t be beat.
3. You’ll Get Accurate Appraisals
If you try to sell the item on your own, you’ll have to do the research yourself. This takes more than heading to the nearest online auction site to see how those sellers are pricing similar items. You need to know what the demand is like for items like yours.
For most people who need cash quickly, this is just too time-consuming.
When you pawn or sell an item to a pawn shop, the staff will determine how much it’s worth. They’ll examine the item in detail, making sure the components are in good condition and use their knowledge of the market, the demand, and buying history to give you a fair price.
After they’re done, they’ll tell you precisely what they’re willing to pay for it. You’re free to accept the price or walk away. But if you’re looking for a no-hassle way to get rid of items otherwise taking up space in your garage, a pawn shop is your best option.
4. They Don’t Care About Your Credit Score
Pawn shops don’t just buy and sell items. They also offer loans in a process called “pawning.”
If you need to borrow money, all you have to do is bring an item with you to the pawn shop. If the item is worth anything, the pawnbroker will offer you a loan. They’ll then take the item as collateral.
When you repay the loan plus any interest charged, the pawnbroker will give you your item back. But if you can’t repay the loan, they’ll keep the item and sell it themselves to settle your debt.
Unlike traditional lenders at banks and credit unions, pawnbrokers don’t care about your credit score or how much existing debt you have. All they care about is being able to get their money back by selling what you bring in as collateral.
That means they won’t check your credit or ask questions about why you need the money before giving you the loan.
5. You Get Money Fast
Pawn shops work to get you the money you need quickly. This is the case whether you’re selling an item or going to the pawn shop for a short-term loan.
After they value your items, the pawnbroker will tell you what they’re willing to pay. If you agree, you’ll get the cash you need as soon as you fill out a little paperwork.
You won’t have to wait for a loan application to get approved or for money to appear in your bank account. You’ll have the money before you walk out the door.
6. Saves You Time
Think of a pawn shop as your one-stop-shop for everything from antique watches to fine artwork for your home. Instead of having to go from store to store, browsing different collections and questioning whether you’re getting the best price, you just have to go to a single place. This can save you hours of fruitless searching.
But pawn shops don’t just save you time when you’re buying items. They save you time when you sell them, too. You won’t have to waste time researching values and trying to negotiate with prospective buyers.
Instead, you’ll get a fair price often minutes after you walk through the door.
7. Lower Prices Than Standard Retail Stores
It should come as no surprise that brand-new jewelry, artwork, and collectibles can be expensive. But those prices are almost always higher at standard retail stores.
This is because they source items through a distributor, meaning they pay higher prices for those products in the first place. They offset their costs by marking their products up.
Pawn shops buy directly from you—there is no distributor to worry about. This allows them to offer items for sale at prices that are much lower than what you’d find in a standard retail shop.
See the Benefits of Pawn Shops for Yourself
The next time you’re looking to buy something nice for a loved one or want to add to your collection of classic memorabilia, check with your local Fort Lauderdale pawn shops first. You’ll get to choose from high-quality pieces that you might otherwise miss out on.
And if you’re looking for a loan but want to forgo the hassle of working with a bank, contact us today. We’ll explain the process and let you know what types of items you can bring in as collateral.