Sometimes life seems to go wrong for days, weeks, or even months at a time. It gets discouraging. Worry and anxiety ramp up. But you can go from desperation to opportunity. A pawnshop can turn things around quickly.

Stop and Look

What items do you have around your home that you haven’t used or even thought about in 6 months or more? Those are your golden nuggets for pawning. Make a list. Take pictures. Then contact a shop like Cash Express for help. We can get you cash far faster than any bank loan. 

How do Pawn Shops Work?

Basically, a shopkeeper looks at what you’ve brought in to sell or pawn. They consider the value. From here, things go one of two ways.

1. You sell the item outright. 

This is ideal if you don’t need or want it anymore. You come to a financial agreement with the owner about payment. 

They will check to see if  the item might be lost or stolen on Police Bulletins before finalizing anything. Don’t feel offended. It has to be done. In PA it is illegal to “receive, retain, or dispose” of stolen goods. This protects people coming to buy items, too. 

Once you’ve agreed upon an amount, you’ll sign off on a receipt and be given your cash. You’re ready to take that money and create opportunity. 

2. Pawn Loans: 

For this transaction, you will turn your item into the shop for a short term loan. That item is your collateral. Cash Express handles transactions like this every day to help people turn things around. 

The owner or staff will look over what you have. They may take one item, several, or everything, depending on what they need in their current inventory. This might seem odd at first since it’s only collateral. But, the store has to make money. If you default on your loan, the store can sell it, so value matters.

Do pawn shops ever say no to a loan? Yes, for specific reasons (keep these in mind when choosing what you want to pawn). 

1. It’s not an item the shop typically carries or has any detailed knowledge about. Some pawnshops specialize in specific types of inventory, like jewelry. That shop may want little else.

2. Problems with the item’s condition. If it’s damaged or broken, that figures into the potential resale price. In some cases, a piece may have no resale value at all.

3. Perishables. Taking on perishables is tricky as they pose health concerns.

4. Safety issues: A baby’s car seat that is not up to standards is an example of an item a pawn shop may not buy.

5. Being overstocked. If you bring in a handbag, and they already have 20, it's a harder sale unless there’s something special about it. 

About That Loan

Let’s say the shop will give you a loan. Don’t expect full retail price. The amount you’ll receive is between 24% and 60% based on end-term value. Nonetheless, that amount can ease desperation and give you an opportunity to dig out. 

The owner will outline the terms of your loan, including a specific repayment schedule (average 30 days). They will give you a receipt (ticket) for the item. DO NOT LOSE THIS. It serves as evidence of the loan and your personal item. 

Now, here’s the sticky part. Many things that have value also have sentimental connections. If you fail to pay on time, that item is now the store’s property. If you are uncertain about your ability to repay, avoid pawning such goods. Also, if you know you’ll be late, talk to the owner or staff. You may be able to get an extension. 

Come to Cash Express

Here, you don’t have to worry about having bad or no credit. Instead, we provide a quick cash answer to your current struggles. Reach out anytime. You can:

Use our online contact form 

Email us at info@pawnphiladephia.com, 

Call our office at 215-922-1560 or 

Visit our store in person: 731 Chestnut St., Philadelphia, PA 19106