How does pawning items at a pawn shop work?

Question

Do I take things in that I think are of value and sell it to the pawn shop and they pay me what they think it's worth?

Answer 1

They give you money way under the value something is worth. Say a tv costs you 400, they will give you 50. If you do not give them there 50 back in 30 days they keep you stuff and then sell it for 375. Never buy for 375 offer them 250.

Answer 2

Hello there,

Actually,  pawn shops are not totally in business for buying merchandise....  they are in business for loaning money on items brought into them.   Say you have a nice piece of jewelry and would like to get a loan for $100.00.  If the items is worth $100.00 they will loan you the money and set you up a 90 day payment schedule.  If you pay the loan back, you get your merchandise back... if not,  you lose it.

Pawn shops do buy merchandise and have a guide for what items are currently worth.   Say you have a 2 month old digital camera that is worth $400.00.  They may give you $150.00.   But if you have a 4 year old digital camera that you paid $400.00 for...  at the age it is...  they would most likely offer you $25.00 or less.   The guide keeps the informed as to the current retail used market.

They may also use eBay as a guide for what they will pay as well as what they put on the shelf for sale.

When you go into sell or make a loan,  you will be asked for your driver's license and contact information.   This is accompany the legal papers which police pickup every week to recover stolen property.

That is how it works.  Hope it helped give you some useful information.

Thank you for reading.

Answer 3

YES...The guy at the shop estimates how much your item is worth and then you can sell it to him for that much or you cand trade you item for something else at the same value.

in different countries you can pawn the items to pay off loans. Also there are legal restrictions to protect the guy and you from getting in trouble if items are stolen.