Finances can be tight after the holidays when all the bills come due for any gifts and holiday shopping you bought with credit. However, there are some ways you can get some extra cash to pay for these extra expenses by pawning or selling items you have of value. Here are some tips and insight to help you through this process.
Pawn an Item
When you have an item of value, such as jewelry, coins, a valuable antique or other item, you can take it to a local pawn shop to get a loan upon it. The good part about pawning your item with the pawn shop is you don't need to have good credit to take money out on the item, the item only needs to have value as collateral.
Pawning an item can be a better way to get cash because the amount you can pawn an item for is usually more than the pawn shop would pay you if you sold the item to them. The reason a pawn shop will pay you more to pawn it is because they will earn interest on the item while they have it and if you don't redeem it back at the end of the pawn time period they can sell the item to recoup their money.
When you are ready to pawn your item, the pawn shop will determine the pawn valuation of the item, which is the amount they will lend you for the item. The pawn shop will give you the cash and the pawn ticket, which tells you how long the pawn loan period will be for and the amount of the pawn. After that time period you can pay the interest and renew the pawn or redeem your item by paying off the loan.
Sell an Item
Do you have an extra television that you could live without, an old violin you never play anymore, or jewelry an ex gave you? If you have an item of value that you don't need to hold onto, you can sell it to a local pawn shop. A pawn shop will value your item and offer you a purchase price to buy the item outright from you. In this transaction, you take the cash from the pawnbroker and have no obligation to buy the item back or pay any interest to them.
Be sure to clean the item up well to make it look as good as possible before you take it to be pawned. If you have any certifications or documents explaining the item's history or origin, take these with you as well, as they can help you get the most for your item. Visit a site like http://www.mainepawn.net for