When you need cash, pawnbrokers can offer an easy and reliable way to secure a loan in no time. However, pawn shops offer more than just cash loans. You can also sell your item for the highest value possible. Here’s what you should know about the differences between pawning and selling.

Pawnbrokers Can Hold Your Item

When you pawn an item, you’re essentially taking out a loan and using the item as collateral. This means you can get it back eventually rather than selling the item outright. Pawnbrokers will work with you to determine the highest possible loan value for the object in question. The loan amount depends on the condition of your belonging as well as the market demand. Items like electronics, jewelry, and musical equipment tend to be more valuable. Then, the pawn shop will hold your item until you pay back the amount agreed upon at the time of pawning and any accrued interest.

Pawnbrokers Have a Right to Sell

When you pawn an item, you aren’t selling it. However, if you don’t repay the loan amount within the agreed-upon time, pawnbrokers have a right to sell the item. If you don’t anticipate being able to repay the loan amount, it might be better to simply sell your item altogether.

Selling May Provide a Higher Return

When you sell a valuable item at a pawn shop, the pawnbroker pays you for it, and you leave with the cash. Because there isn’t a loan or interest involved, you may receive a higher sale price. Additionally, you won’t have to pay any interest, which means you’ll be able to keep more money in your pocket at the end of the transaction. 

The amount of money you receive largely depends on the market and the type of item you want to pawn or sell. Reach out to pawnbrokers in your area to get a sense of how much cash you can expect and what types of items they’re looking for. If you have old electronics or jewelry sitting around, you might be sitting on cash without even realizing it. 

When you want to pawn or sell an item, it shouldn’t be a stressful experience. That’s why people in the Lincoln, NE, area trust the pawnbrokers at Moore Pawn & Furniture. This quality pawn shop has a reputation for honesty and integrity, and they are happy to consider any item of value, ranging from electronics to fine furniture. To inquire about their inventory, call (402) 477-5116, or visit them online to learn more about their services.