Pawn shops provide people with two reliable ways to receive money for their valuables—pawning and selling. While pawning involves using an item as collateral for a fast loan, selling requires owners to part ways with an item in exchange for cash. Before pawning or selling your goods, American Trading Company in Cincinnati, OH, recommends familiarizing yourself with some commonly asked questions about these two options.
FAQs About Pawning & Selling
1. Can I Reclaim a Sold Item?
By choosing to sell your item to a pawn shop, you are basically giving up ownership for good. This is different for pawning, which allows you to return to the shop and pick up your item once you’ve repaid the loan.
2. Do I Need a Credit Check to Pawn?
Generally speaking, pawn shops do not require a credit check to lend you money. When comparing pawning to applying for a loan at the bank, choosing to pawn is easier and faster for many borrowers.
3. How Does the Appraisal Process Work?
When you bring your item into a pawn shop, the broker will carefully inspect it and determine the value. Whether you’re trying to pawn rare coins or guns, you will have an opportunity to accept the offer or decline it.
4. How Should I Choose Between Pawning or Selling?
If you’re having a difficult time between deciding to pawn or sell your valuables, then it may help to explore the benefits of each. For items that have sentimental value, it’s best to pawn, since you can always get them back. However, you want a larger cash payout for a valuable item without having to pay back a loan, then you should sell.
Understanding how pawn shops operate will help you make the right decision when you want to earn money from your goods. To learn more about American Trading Company, Call them at (513) 385-6789 at their Galbraith Road location or (513) 661-3633 at their Harrison Avenue location or visit them online.