All About Pawn Shops

by | Nov 9, 2013 | Jewelry


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Pawn Shops Detroit are not like what you see on reality TV. Sure, some of them would have you think they are since TV shows have put the spotlight on pawn shops. More of them advertise with tough pictures of the whole staff in biker clothes, but really it is hit or miss in a pawn shop. You don’t always find thousand-year-old artifacts and priceless signed paintings; sometimes you find a red wagon with three different colored wheels. Therefore, before you go into your pawnshop thinking you will get tons of money for that antique soda can, do your research. It is easier to find out what it’s worth before going in to negotiate a price.

If you don’t know how pawn shops work, here is a little lesson for you. If you need money for something and don’t want to go to the bank, then a pawnshop can be a good option for you. The pawnbroker will loan money to you for something you bring in for collateral. They will usually loan you what they think it is worth. You then pay the loan back with interest to essentially buy your stuff back. You can also sell the things you bring in if you just want to get rid of them and are not interested in getting a loan.

The interest rate is roughly the same as that for credit cards would be, but the pawnshop can add extra charges if they choose. They can charge for handling and appraisal if they want to, so ask these questions and see if they will charge you. Every once in a while, you will find something in the store you would like to trade for what you have. This can be valuable to you because you can throw it into negotiating the amount you are getting for your item. In a pinch, a pawnshop can be a good way to find the money you need quickly and not have to get rid of your things if you do not want to. Just don’t go into the store expecting TV amounts of money, and you should be fine.

Visit C & L Exchange Pawn Shops Detroit can be a good option for you for selling unwanted items.

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