Life truly is unpredictable! When you’ve hoped to hit a home run, it will throw a curve ball at you and take you by surprise. Likewise, financial difficulties come knocking at your door at the least expected hour of the day.
Fortunately, in today’s modern civilization, there is more than one way to cover your emergency expenses. You can apply for a loan at a financial institution if you are willing to go through the hassle of official formalities. But if not, you can always choose to get some instant cash against your valuable possessions by pawning or selling them at your nearby pawn shop!
Not sure whether pawning or selling is the right solution to your financial hardships? The answer depends on how many dollars you are in urgent need of and your readiness to part with your possessions for good.
Pawn Shop Myth Debunked
Many people hold this misconception that pawnshops are unregulated organizations who take advantage of those down on luck!
On the contrary, pawnshops are licensed organizations and are a part of our highly regulated industry. Certainly different from the traditional lending institutions, at a pawnshop, the customer and the pawnbroker fairly negotiate upon the value of the items in question and arrive mutually on a final amount and terms of the agreement.
Many pawnshops such as Loudoun Exchange & Jewelry give you two options. You can either sell your items in exchange for money or use them as collateral to avail a secured, short-term loan.
Pawning And Selling: The Difference
Selling an item at a pawn shop is a pretty straightforward process. You just walk in with the item you intend to sell and the pawnbroker quickly evaluates its worth and makes you an offer which, by the way, you can always negotiate for a better price. Once the mutual agreement is reached, you get paid in cash while the pawn dealer gets to keep the item and further resell it to another potential customer!
On the flip side, if you don’t wish to part ways with any of your possessions, pawning or a pawn loan is the perfect option for you! However, the process differs once you reach upon a mutually agreed amount. You are required to submit the items as collateral, provide an official identification form, and then sign a loan agreement to get the amount of money you need. The items submitted as collateral can only be retrieved once you have paid the loan amount along with interest to the pawnbroker within a predetermined time frame.
Pawning Vs Selling: How To Decide?
The amount of cash you need
If you are in need of a great sum of money, selling your items works the best! A pawnbroker is likely to offer better value of an item in sale because he is free to resell the item without waiting. However, the downside to this arrangement is that you are less likely to retrieve the item. Over time, if your financial condition improves and you wish to purchase the item you once sold at the pawnshop, chances are that you may not find it!
Whether or not you can give up the item
When you need to meet some urgent expenses, pawning your valuables for some quick cash is a smart choice. One where you don’t have to concern yourself with credit checks or a lot of paperwork! However, you must abide by the terms of the contract you have signed with the pawnbroker. Make sure you settle every payment along with interest within the specified time frame. Although most of the agreements provide some grace period to the customers, defaulting on a loan can ultimately lead to forfeiture of the item.
Need Some Quick Cash? Visit Loudoun Exchange & Jewelry In Loudoun County Today!
Loudoun Exchange & Jewelry is your trusted local pawnshop to get excellent value on all kinds of items. Make sure the items you bring are in good condition or working order and have a clear resale value. Whether you decide to sell your item or to secure a collateral loan, we provide you with quick cash and favorable agreements during your difficult times.
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