Pawnshops are common fixtures in every community. Offering a place for individuals to pawn, sell, or purchase quality items at fair values, these establishments are a convenient resource for all types of consumers. But as versatile and commonplace as these stores may be, many people aren’t quite sure how they work. Whether you’re looking for a good deal or need quick cash, here are five interesting facts about pawnbrokers that you should know.

5 Facts You Might Not Realize About Pawnshop

1. They’re Great for Cash Loans

Cash loans can be a saving grace if you’ve got bills that are due or you need money to cover an emergency. Other lenders—such as banks or cash-checking firms—will either require a good credit score or proven weekly income. These loans also tend to have high interest rates that make repayment difficult. At a pawnshop, you can get a cash loan without a good credit score or a proven paycheck. All you need is valuable collateral—such as jewelry.

2. Items Are Retrieved Often

Typically, people have 30 days to return and buy their item back without having to worry about it being sold. Some shops will extend these terms depending on the value of the item. The possibility to buy collateral back—with minimal interest—makes it ideal for those who don’t want to lose goods but need temporary cash.

3. Most Goods Can Be Pawned

When people think of items to pawn, they often think of coins, jewelry, and firearms. However, most items of value can be used as collateral. Some other commonly pawned goods include musical instruments, electronics, art, power tools, furniture, and golf clubs.

4. It’s Not Like the TV Shows

In recent years, pawn-themed reality shows have become popular. While these programs may be connected to actual stores, they don’t always represent the way most pawnbrokers operate. For example, if you need cash, you shouldn’t expect an intense haggling match with the pawnbroker or valuation from an industry expert. Instead, transactions are usually fast and customer-friendly. 

5. Pawning Can Help Repay Credit

Credit cards and other types of loans come with interest rates, making it harder to pay off the original debt. If you’re having difficulty paying off the balance, pawning for a cash loan could be an attractive option. You’ll only need to worry about losing collateral—not accruing interest that costs you even more money down the road.

Serving the Hinesville, GA, community for more than three decades, Gold & Silver Pawn is an exceptional spot to discover all that pawnshops have to offer. Stocked with everything from jewelry to electronics, this family-owned establishment is the perfect place to find exciting deals on many high-quality items. If you need money, these pawnbrokers are recognized for their fair and hassle-free valuation process. They even offer cash loans with attractive terms and flexible extension options. For more information about their goods and services, visit this local pawnshop online or call (912) 876-6580.