Pawn shops are a great resource and people use them all the time to sell their items and make a bit of money. However, if you’re new to the process, you’ll want to know how it all works and what you can expect from your pawning. That’s pretty understandable, and it can be confusing to work out for a newcomer. To help you figure it all out, and make your life a little bit easier, we’re going to go through the pawning process. Let’s talk about everything you need to know about a pawn shop loan.

Time to Make a Deal

The first part of a pawn shop loan is the art of making a deal. Naturally, you will want to make sure you are getting a good deal with a pawnshop loan, and it is crucial that you strike a good negotiation with the pawnshop employee. So, what you’ll do is go into the store and show the person behind the counter what you’ve got. They’ll take a look at it, examine the condition, see if it’s all working right, and then offer you a price. Now, you can negotiate a bit to get a better deal – some pawn shops will lowball you and see if you respond – so it’s up to you to barter for a deal you think is fair. Once you do, however, it’s time for the fun stuff.

Ticket to Pawn

Now, if you’re just selling an item outright, you’ll get a receipt for your items. If you’re pawning the item, you’ll get a ticket or a stub or whatever it’s printed on for that store. The information on it is pretty important, so let’s talk about that.

Your typical ticket will have the item printed on it, and the price they’ve given you for the item. It’ll also include the time you’ve got to buy the item back, with the interest involved – so your final total is the price of the item plus interest – anywhere from 10 – 50% (or higher depending on their rates and local laws).

You need to hang onto your ticket if you want your stuff back – they won’t give you anything without it. However, it’s just information regarding your pawn loan, so keep it handy. If you’re not sure what any of it means, ask the staff. They’re there to help, after all.

Quick and Easy

So, hopefully, you’ve worked out how easy a pawn loan can be. This isn’t meant to be a brain-teaser, because pawn shops work on repeat and regular customers. If you’re ever not sure, the folks behind the counter will help you out. The only thing to keep an eye on is always the interest – that’s key to ensuring that you get the right amount of cash together to pay your loan and get your items back. However, it’s really that simple. There’s a reason why people use a pawn loan to make it to payday or whatever else – it’s nice and straightforward.