Pawn shops are a great place to get some extra cash. To pawn an item is to give the owner something of value in exchange for a loan. Once you pay back the loan, you can have your belongings returned. Before you pawn, however, it is important to ask a few questions from the pawnbroker. This will ensure you both are getting a fair deal.

3 Questions to Ask Your Pawnbroker

What Is the Interest Rate & Fees?

The loan you receive after pawning your possessions generally includes some interest rate, so ask the owner what that percentage is. This number will differ from shop to shop. Likewise, be sure there are no hidden fees and ask about a ticket or storage fee. You should also understand what is expected from you monetarily before you make a deal.

Do You Have Insurance?

It is best to deal with a pawn shop that has proper insurance. If they were to get broken into and your item was stolen, what would be the consequence? When the shop is insured, they will be covered for any expenses. Ask to see proof of the insurance to ensure it is accurate.

Where Are My Items Kept?

If you are going to store your possessions at a pawn shop, it is imperative that you see where it will be stored. Depending on its size and fragility, certain items will need protection from the outside elements. Make sure your belongings will be safe when they are there. You would not want to have your item returned in less-than-perfect condition.

If you are considering visiting a pawn shop, remember to ask these three questions. Whether pawning gold, jewelry, or other valuables, you can trust the experts at Waipahu-Hawaii Pawn. For over 20 years, they have been a trusted pawn shop for residents and visitors alike. They are proud to provide fair and reliable service. For more information, visit their website or call (808) 671-6555 today.