If you’re in need of some fast cash, you might be tempted to sell your valuables or pawn them. However, there are a few things to keep in mind before making this decision. Pawn shops are an excellent resource for securing quick cash and can provide an alternative to selling your items for a fraction of their worth.

When pawn shop with loans your valuables, the pawnbroker will take your items and give you a set amount of money on the spot. If you’re able to pay back the loan and interest within a certain redemption period, you will get your item back. If you’re unable to repay the loan, you will lose your item to the pawn shop.

To determine the value of your items, pawnbrokers look at several factors including market demand, condition, and unique features. Doing your research before bringing your items to a pawnshop will help you negotiate and ensure that you are receiving a fair price.

How to Locate Reliable Pawn Shops Close By

Be sure to bring a government-issued ID and any receipts for your items when pawning them. This will allow you to prove your ownership and protect yourself from being scammed or buying stolen goods.

When deciding what to pawn, it’s important to consider sentimental value versus monetary value. Your grandmother’s antique brooch might hold sentimental value, but it’s unlikely to fetch a high loan amount at a pawnshop. Items with high resale value and in good condition will be more likely to yield a higher loan offer.