Many people visit pawn shops because they're short on cash. After all, a pawn broker offers you a couple of great options for using an item of value to get money. The first option is to get a cash loan, which is also known as pawning or taking out a pawn loan. The second is to sell us your unwanted items for a very fair and reasonable price. If you're ready to get some much-needed cash, visit our local store here in Virginia Beach. Hilltop Pawn is your local pawn store, and we're always looking to help you with your financial needs!
Pawning vs. Selling: Which Pays More?
If you're in a pinch and your goal is to get as much money as possible, you're likely wondering whether you should pawn or sell. In regards to how much money you'll get, there isn't a difference between pawning and selling. With our pawn loans, you aren't actually required to come back and repay your loan. Therefore, to reduce our risk, we offer the same loan amount that we would offer if we were buying your item outright.
How much you'll get paid isn't what you have to think about when you're deciding between pawning or selling. Instead, you should consider whether you want to get your item back. You'll get a fair price either way. If you want a certain amount of time to repay a loan but want your item back eventually, pawning is smart. If you don't really care about getting your items back and want to get some extra cash without having to repay it, selling is a good option.
What Does Pawning Mean?
"Pawning" refers to taking out a pawn loan from a shop like Hilltop Pawn and Jewelry. This is a very common pawn transaction here! Basically, our loans are different from payday loans and other types of loans because we require collateral. You bring in an item, we make a loan based on the value of the item, and you leave the item with us. When you're ready to come in and repay, you'll get your item back. It reduces our risk significantly, making it possible for us to serve more customers, all without worrying about things like credit score or how long you've had your job. Bad credit doesn't matter here at all!
Pros and Cons of Pawning
Pawning has many benefits. Of course, before taking out a pawn loan, you should definitely consider any potential downsides, too. This can help you determine whether you want to sell your item or take out a pawn loan.
What are the Benefits of a Pawn Loan?
● No bank account required. ● We don't care about your credit report; poor credit is not a problem at all. ● Our interest charges and additional fees are regulated by state law. ● Defaulting on your loan won't impact your credit or ability to borrow from us again. ● We accept many different valuable items as collateral for our loans. ● You'll get your item back, as long as you pay by your due date. ● If you can't repay by the date on your pawn ticket, you can get an extension. ● You can take out a short-term loan on Saturdays, when the average financial institution isn't open.
What are the Possible Downsides of a Pawn Loan?
● If you can't repay your loan, you could potentially lose an item that has sentimental value. For this reason, it's important to only take out a loan if you know you can pay it back, or make sure you bring in an item that you don't mind potentially losing. ● You do have to pay interest, but because our loans are state-regulated, you never have to worry about overly high interest rates with your typical pawn loan.
Is Selling Better Than Pawning?
Every person and situation is different when you're trying to decide if you want to sell or pawn. It really all comes down to the question of whether or not you want to get your item back. If it's something important to you, like your engagement ring or a family heirloom, it makes sense to want to take out a pawn loan instead of selling. If it's a piece of jewelry that you don't wear anymore or a guitar that you don't play anymore, selling may make more sense. Then, you don't have to worry about paying back the money for something you don't really want or use anymore, and it's one of the easiest possible ways to sell items of value.
If you're still unsure, stop by with your item and any questions that you have. We'll help you each step of the way. We make it easy for you to get a great deal for unwanted items, and you don't have to worry about the hassle of finding someone to buy these items.
How Much Will I Get When Pawning or Selling My Items?
How much you'll get when you sell or pawn really depends completely on what you bring in. The type of item that you bring, its brand, the condition that it's in, and various other factors impact potential resale value. We consider what we could resell your item for in our shop and make our offer based on that.
These are some of the different items that we'll either make a loan or offer you a high payment for:
● Video games, consoles, and accessories ● Estate jewelry ● Firearms ● Gold jewelry ● Sporting goods ● Musical instruments ● Power tools ● Gold bullion or bars ● Precious metals
Whether you're interested in a pawnshop loan, or if you want to sell your items for quick cash, Hilltop Pawn in Virginia Beach is here to help. Bring us all of your high-value items to either get a quote for a collateral loan or to sell your items for top dollar today!