When you hear the word “pawnshop,” what comes to mind? Pawn shop myths taint the image of how pawning works, leading to understandable skepticism. We at Cash Express want to debunk those myths and give you a better understanding of the industry. Why? Because pawning is a viable financial option for you whether you’re buying, selling, or pawning.

The stereotypes and misconceptions regarding pawn shops often hold people back. But you can’t ask for a better place to get fast cash without a credit check. These stores are also great places to shop for a spectacular item at an affordable price. Let’s take a closer look.

Valuation: 

Some people think pawn shops undervalue goods so that they can give you less money. A reputable pawn shop will never do that. Many have on-site appraisers to clarify valuations. You won’t get the retail price because the shop needs to make money. At the same time, fair valuations keep a store competitive.

What goes into a valuation? Your item receives a checkup of sorts. The professionals look for accurate prices based on sales data, item condition, demand, brand, and provenance. Provenance is most important with high-end items like art and jewelry. It proves where each piece originates, the age of the item, and sometimes other historical information (like who owned it), all of which impact value. Thorough evaluation means you will get a fair price when you pawn an item, sell it outright, or go looking for a special gift. 

Reasons for Pawning: 

There’s this idea that people only pawn something when they are desperate. Certainly, there are emergencies when folks need to obtain money quickly, but other reasons exist for utilizing a pawn shop’s services. One is the quick turnaround. Conventional loans can take weeks (or longer) before you get any money. Another reason is it helps people with poor credit. Every credit check impacts a person’s credit score. If you’re already struggling, that’s the last thing you need. Here at Cash Express, no credit check is necessary. 

Retrieving your Goods: 

Myth says it’s difficult to retrieve your goods from a pawn shop. This is total bunk. When you pawn something, it’s well-documented. You will have a clearly defined loan duration and a schedule at which you must repay the loan. So long as you follow those rules, you get your goods back seamlessly. NOTE: Keep that pawn ticket in a safe spot! If you’re getting close to the end of the loan duration and still don’t have enough for retrieval, ask about an extension. Most shops are happy to work with you.

About Cash Express

What you really need to know about Cash Express is that we are the number one pawnbroker in Philadelphia for obtaining quick cash. If you look at our gallery, you can see the diversification in our inventory. We particularly seek precious metals, gems, antiques, and designer watches. But not everything here is fancy. We also have tools, musical instruments, handbags, and electronics among other things. 

It is worth giving us a call before you come to the store to see if we’re interested in your item. Our office number is 215-022-1560. You can also use our online contact form or email us info@pawnphiladephia.com for more detailed information.

If you are new to pawning, you may have questions about how pawnshops work and how best to protect your valuables. At Cash Express, we encourage people to learn about the process beforehand. We believe in documenting and protecting your valuables with due diligence, as should any shop you use to pawn personal items.

8 Tips to Protect Your Pawned Items and Initiate Safe Transactions

You want to pawn an item or two for temporary quick cash. How can you know for sure those items will be protected? After all, you want your goods returned in the same condition as when you first pawned them. 

Step One: Documentation. Take a picture of your item(s). Write down a description, brand, model, purchase dates, serial numbers, or any other identifying factors. Keep this in a safe place.

Step Two: Package it. Create secure packaging that protects your item(s) in handling and transportation but still allows for an appraisal inspection. Make sure you present your items in good condition (clean)

Step Three: Research potential pawn shops. You want someone nearby with a solid reputation on which you can depend. Whether you’re pawning tools or antiques, trust is a huge factor in this business. Talk to shop owners and staff. How do they treat you? Do you know anyone who has utilized their services? Do they have online reviews or references? Don’t skimp on your background check.

Step Four: Inquire about security. What systems does the shop have in place to protect its assets? Where will your item(s) be stored until you retrieve them?

Step Five: Ask about storage conditions. You don’t want electronics, for example, sitting in a damp warehouse. Climate control is essential for sensitive goods. 

Step Six: Consider insurance. Many shops offer this as an extra safety net. Go over all the terms before agreeing to the program.

Step Seven: Communicate. Don’t hesitate to ask questions if you feel unclear about any part of the pawn agreement. If you feel you cannot retrieve your item by the designated date, discuss an extension.

Step Eight: Learn about any local regulations that could impact your transaction. For example, if you are outright selling, the store often has a waiting period before they can put it out on the floor. First, the items have to be reported to law enforcement. Sometimes, items turn up as stolen. Laws like this improve the safety of pawning. 

MOST IMPORTANTLY: Keep your pawn ticket in a safe location. Without this, you cannot retrieve your goods. 

Pawning Realities

Certain items, like jewelry, can have a high retail value. However, don’t expect to get that price for your goods. The shop, should they have to sell it, has to make a profit. Think about this ahead of time. Make sure what you’re pawning meets your current financial needs.

Cash Express

When you need quick cash, Cash Express is your number-one go-to pawnbroker in Philadelphia, PA. We pawn various goods but specialize in precious metals, gems, coins, watches, and other high-end pieces.

It’s worth calling us before you bring in your items (s) to make sure it’s something for which we’re looking. That number is 215-922-1560. Alternatively, email info@pawnphiladephia.com, or use our online contact form. Ask questions, and our experts will happily help you further.