What you need to know about pawn shops

Pawn shops may have a reputation of being places where desperate people go to get pennies on the dollar for expensive stuff but it is not always the case. There are dozens of federal laws (and hundreds at the state level) regulating the practice including how much interest they can charge, so as long as you know the rules you should be safe and sound. For example, if you borrow 500 dollars worth of stuff, you will have to pay back 600 in 30 days or risk losing the item. If used smartly and for items with high intrinsic value (such as iPhones, gems, diamond rings, or electronics: start looking around the house for stuff that could be sold and therefore use as a catalyst for a new life of more financial security. In other words, the answer to better well being could be lying in the garage or storage.

• They will buy ANYTHING that is in LOCAL demand. SO each will buy different things. Therefore, call before you go! You may be surprised that some will want guns and others will pay top dollar for marvel comics.
• a pawnshop is just a loan company that takes items as collateral that aren't typically taken as such by banks. If one fails to pay the loan plus interest, the item is sold to recoup the losses.
• Average interest rates are about 20-25%, and these are set by the State.
• You usually have 30 days to pay back.
• Watch for vintage items. Before selling anything, look it up on eBay. Old Apple computers can fetch hundreds!

Pawnshops top products

People living in wealthy nations around the world have so much purchasing power compared to the rest of the world that they accumulate good at an alarming rate. People end up with tons and tons of "garbage" items at home and as a result people think that these are the items that pawn shops are looking for. WRONG!

Pawn shops are banks lending you money using as collateral items that banks won't use such as precious metals, jewelry, guns and fancy watches. Here are some of the most popular items:

Best Items to Pawn for 1000 dollars & Up

It is not easy to convince a pawnshop that an item is worth over 1000 dollars unless if we are talking a gold watch with diamonds on it or straight up precious metals. That is right: pawnshops will take your silver as collateral and they will inspect it really well before they hand you a check.

Pawn shops that buy precious metals

With the price of gold skyrocketing in the past decade and with investors and informercials constantly talking about the next big stock market crash, it is no wonder gold, platinum, silver and other precious metals being the most sought after goods for pawn shops. This means that gold bards, not jewelry made out of gold, is the easiest and there is no hesitation whatsoever from shops.

Pawn shops that buy diamonds & gemstones

Since diamonds are artificially scarce by large companies and prices are so stable, pawn shops do not have to worry about price volatility. It is no wonder - therefore - that diamonds are in high demand with pawn shops.

Pawn shops that buy fancy jewels

It is a safe bet especially if it is with packaging and from a top brand such as Tiffany, Cartier or Bulgari. This is interesting to pawn shops because these brands (and dozens of others) have a lot of room for mark up.

Best Items to Pawn for 500 dollars

With very few golden exceptions, most fancy items (including a watch worth 4000 new) will be pawned for 500 bucks or so. The same go for most firearms which are coveted by a lot of pawn shops because of how easy it is to resell them.

Pawn shops that buy watches

A good Rolex is always a lot of money. With prices starting at the several thousands anywhere in the world, it i usually an easy pawn. You will be required to show proof of authenticity as watches can be easily faked. The reason why a watch is valuable is societal and human: there is scientific evidence suggesting that a watch is one of the few physical items a female remembers about a possible male mate.

Brands they are looking for include Breitling, Patek, IWC, Ulysse Nardin, Hublot, Paneral and whatever else is on Kanye's wrist.

Pawn shops that buy firearms

Americans love their guns and so do pawnshops in areas where guns are loved the most. With over 300 million firearms and thousands changing hands everyday. pawnshops love rifles, hand guns, shot guns and other hunting equipment.

Best Items to Pawn for 100 dollars

• Pawn shops that buy power tools
  Pawn shops have become the go-to shop for used power tools in many towns across America because many of the average working man out there (construction, mechanics, handyman, so on) can't afford brand new tools. With these going for hundreds of dollars in online markets such as Amazon, no wonder pawn shops are selling these like hot cakes.

• Pawn shops that buy electronics
  With few exceptions, the average American household contains dozens of electronic items such as computers, tablets, TVs and so on. Sadly, they are not worth much, but you would be surprised at the value of certain vintage items.

• Pawn shops that buy smartphones
  Smartphones are staple and with a significant portion of the population not able to afford new phones now worth over $1000, pawn shops are now used phone shops. iPhone, Galaxy, LG or Sony can fetch a lot of money out there even old stuff. Vintage phones are worth hundreds!

• Pawn shops that buy video games and consoles
  Call of duty is a quick way to have fun and a quick way to make money too. If you are tired of that old game, chances are someone will be willing to buy it at a pawn shop which means you can take it to a pawn shop and take out a quick loan and 30 days later you can have your game back. Your wrists will thank you. Old consoles such as Neo Geo, SNES, Atari, and so on: they will take it all.

Alternatives to pawn shops

A lot of people want to go to pawnshops to start a business, save some some cash, or just to make ends meet. Yet, pawn shops are not the only solution. You can make extra money is MANY WAYS including the ways below:

• Loans from friends
  Nothing like a notarized loan from a friend to get going. It is embarrassing to many people, but it is often the cheapest way as long as you know you will be able to pay it back in the agreed upon time.

• Unsecured loans
  There are many types of unsecured loans available to people such as Bitcoin loans, debit card loans and zero percent credit cards.

• Starting a business
  Start a new business with the money you got from the pawnshop and get cracking! It is possible: get a group of friends together and start planning a bit, but overall you don't need too much planning or cash: just an idea, passion and hard work.

• Making money in various ways
  Rich people are giving stuff away, find an alternative way of making extra cash including ebay sniping, renting your car and even dumpster diving.