A pawnbroker is an individual or business that offers secured loans to people, with items of personal property used as collateral. The items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral Decide how much time you need to repay the loan. Pawn shops will allow you a certain amount of time to repay your loan. If you do not pay in time, the pawn shop is allowed to keep your jewelry. To ensure the highest chances of reclaiming your valuables, be sure to make an accurate assessment of how long it will take you to repay. johannesburg pawn shop Be sure to factor in some “wiggle room” into your time frame. Perhaps add an extra couple weeks into your projected time frame in case something comes up and you aren’t able to produce the money as quickly as planned.
Research local and online pawn shops. Not all pawn shops are equal. Some will offer more money for less jewelry and others will have better interest rates or offer longer periods of time to pay back the loan. Do an online search ahead of time to find out which pawn shops offer the best terms based on your needs. Online pawn shops may be able to offer you a better loan and a longer time to pay it off, but they will be harder to negotiate with, especially if you are trying to pawn rare jewelry.
Visit two or three local pawn shops with your jewelry. Pawn shops try to remain competitive with each other, so if you decide to pawn locally, visit a few different shops to be sure you are getting the best value for your jewelry. Be careful. Pawn shops can swap your jewelry for cheaper items when you aren’t looking so never let your jewelry out of your sight. If you didn’t get an appraisal done, bring your own scale to showcase the weight of your jewelry. Don’t trust a pawn shop scale. Don’t let a pawn shop talk your jewelry down or appraise it for you.
Negotiate at the pawn shop. When you’ve found a pawn shop with the right terms for your needs, don’t be afraid to negotiate for the best deal. The pawn shop staff can always decline your offer or offer a counter, so you have nothing to lose by trying. When you negotiate, allow the shop to make the first offer. You can negotiate the value of the jewelry, the interest rate of the loan, and the time it will take you to pay it back. Be prepared to walk away if the shop staff isn't willing to give you the terms that you want.
Sign a contract. Don’t trust a pawn shop that doesn’t offer some sort of contract or agreement that documents the loan. Make sure the terms of the loan, the interest rate, and the timing of loan payback are clearly outlined. Be sure there is also a description of the jewelry included
Payback the loan on time. It’s really important to pay back the loan on time so that you can recover your jewelry safely. Pawn shops can’t resell everything that gets pawned so they will often melt down jewelry into pure metals and sell it at a market price. They can do this as soon as the jewelry is officially theirs.
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Author : MD Azhar Uddin Imran |
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