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Comparing Selling and Pawning: What You Need to Know

When you take an item to a pawn shop, you have the option to sell it to the pawn shop, or pawn it. When you pawn an item, a pawn broker appraises it, and the item is considered collateral for your cash loan. You’ll have a certain amount of time to pay back this loan, plus interest, to your pawn broker. If you’re unable to, the pawn broker sells your item in the pawn shop to recoup the loan amount.

When you sell an item at a pawn shop, you’re simply getting cash in exchange for your item. Your pawn broker appraises and tests your merchandise to determine its value. You’ll be offered a payout based upon a percentage of the value that the pawn broker has placed on your pawn. This payout is not a loan, will not be charged interest, and doesn’t need to be repaid.

If you’re interested in getting cash for gold in NYC, or selling watches, jewelry, diamonds, or electronics, come see us at Gem Pawnbrokers. Our pawn brokers are friendly, knowledgeable, and offer the most competitive prices in the area. For more information on the items that we buy, call us today at (718) 596-5626.

Why Savvy Shoppers Buy from Pawn Shops

Pawn shops are an incredible source of high quality, extremely discounted luxury items, from gold and diamond jewelry, to high-end electronics. Anyone who is looking for a bargain on designer or name brand items knows to check the merchandise at their local pawn shops. Here are just some of the reasons that savvy shoppers buy from pawn shops.

Deep Discounts on High Quality Items

Pawn brokers only accept pawns that are in amazing condition, so their merchandise is always top quality. Thrift stores and garage sales may offer great deals, but there’s no guarantee that the items you buy will be in good condition or usable. When you buy gold, watches, electronics, or jewelry from a pawn shop, you can rest assured that it is authentic and in working condition.

High-End Specialty Items

Many pawn brokers specialize in buying and selling high-end items, like designer watches and jewelry, genuine gold and diamonds, and top brand electronics. Buying these items in a pawn shop allows you to get an amazing deal from an expert appraiser. You won’t have to haggle with sketchy salespeople over the internet, thrift store employees, or people holding garage sales. Best of all, you can see the pawned merchandise before you buy it to make sure it’s authentic and worth the price.

Better Selection Than Retail Stores

When you shop at retail stores, you’re at a disadvantage because you only have access to merchandise that is in season at the moment. You’re forced to pay higher prices for new merchandise that might not even completely meet your needs. At a pawn shop, your choices are practically limitless, making it easy to find exactly what you want.

At Gem Pawnbrokers, our pawn brokers in NYC pride themselves on offering a huge selection of high quality merchandise at the lowest prices in the area. Whether you’re interested in jewelry buying, diamond buying, watch buying, gold buying, or electronics buying, you’re sure to find the best price on whatever you want at our pawn shops. To learn more about our merchandise, you can visit our website or call us today at (718) 596-5626.

Tips For Selecting Estate Jewelry

When you visit a pawn shop to buy gold, diamond, or silver estate jewelry, you have the opportunity to buy high-end items for incredibly low prices. You should visit a pawn broker who specializes in estate buying to ensure that you’re dealing with an expert.

Watch this video for great tips on selecting estate jewelry at your local pawn shop. Jeff Cohen, an expert in antique jewelry buying and watch buying, discusses how to spot a great piece of estate jewelry that is worth its pawn shop price.

At Gem Pawnbrokers, we employ pawn brokers in NYC who specialize in estate buying. We sell only the highest quality gold, diamonds, jewelry, and watches, and we offer the best prices in the area. For more information about our merchandise, you can visit our website or call us today at (718) 596-5626.

Getting the Facts About Pawn Shops

A pawn broker at your local pawnshop can help you pawn items to get fast cash when you need it. Pawn shops also sell watches, gold, jewelry, electronics, and other valuable items at incredibly discounted prices. Before you visit a pawn shop in your area, read these important facts about pawn shops and how they work.

How a Pawn Works

When you pawn an item, you’re offering it as collateral for a cash loan. Your pawn broker is lending you money based upon the appraised value of your pawn. When you pay back your loan, plus interest, by the designated date, you’ll get your pawned item back. If you can’t pay back your loan, you’ll have to surrender your pawned item to the pawn broker as payment in full.

How Pawn Brokers Determine the Value of a Pawn

Pawn brokers have extensive experience in appraising items and have professional tools that they use to determine the value of a pawn. Your pawn shop will place a value on your item based upon its most current appraised value, its current condition, and how likely it is that the pawn shop will be able to sell the item if you default on your loan. Pawn shops often employ pawn brokers who specialize in certain areas, such as gold buying, watch buying, electronics buying, diamond buying, jewelry buying, and estate buying.

How Pawn Shops Are Regulated

Federal laws that apply to financial institutions regulate pawn shops and pawn brokers. Each state also has a set of regulations to which pawn shops and pawn brokers must adhere, and pawn brokers must also be hold an active license with local regulating agencies. Pawn brokers must provide daily reporting to local law enforcement agencies of each consumer credit transaction that they authorize.

At Gem Pawnbrokers, each of our pawn shops in NYC is committed to responsible industry practices and total customer satisfaction. Our pawn brokers have experience in buying and selling jewelry, electronics, gold, diamonds, and other valuable items. We offer cash loans, and sell high quality merchandise at the best prices in the area. To learn more about our pawn shops and their pawn services, call us today at (718) 596-5626.

A Brief Guide to Pawn Broking and Collateral Loans

Pawn shops offer cash loans that are secured by collateral. They may offer cash for gold or allow you to pawn certain items as collateral for your loan. This practice is useful for anyone who needs cash fast or who may not qualify for a bank loan. If you’re considering pawning items at your local pawn shop, it’s important that you understand the basic terms of a collateral loan.

If you qualify for a loan at your local bank, your loan is secured by your personal credit history. Pawn shop loans are secured by collateral, which is any item your pawn broker deems valuable enough to resell if you default on your loan. If you don’t repay your loan amount plus interest and fees by the due date, your pawn broker can sell your valuables to recoup the cost of your loan.

For more information about cash loans and pawning jewelry in NYC, come see us at Gem Pawnbrokers. The experienced pawn brokers at our 28 convenient pawn shop locations can help you sell gold, or secure a loan with other qualifying collateral. Call us today at (718) 596-5626 or visit our website for our collateral loan terms.

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