As you may know, a pawn shop is in the business of offering secured personal loans to people who have property to use as collateral. There will be a contract that states how much time the individual has to redeem an item for the amount of the loan, plus a pre-determined interest rate. An unpaid loan at the end of the time period means the pawned item can go up for sale to the shop’s customers.
Thinking about pawning a belonging? Before you head on down to your local pawn shop in Barberton, OH, you should have a good idea of what some of the more commonly pawned items are worth today. There are two main factors that go into determining an item’s worth. First, it will depend on the individual pawn shop, and each state has its own laws regarding pawned items. The thing to keep in mind is that if you decide to pawn for a quick loan instead of opting to sell outright, and you cannot or decide not to pay back the loan, then the pawnbroker can sell the item. The broker has to be able to turn a profit, so your loan will be a lesser dollar amount than what the item is actually worth.
Furthermore, you might want to pawn something that has more personal sentimental value than monetary value; a pawnbroker is not likely to offer what you think it is worth. However, a collectable or rare item may fetch more at a pawn shop. While many pawn shops are reputable, you should still do your own research so you don’t get taken advantage of.
Here are some of the most common items that are brought to pawn shops:
- Laptops: Most pawn shops only accept newer computers with modern technology, typically laptops that are under two years old, and it’s tougher to get a loan against computers over five years old. Pawned laptop prices can range anywhere from $25 and $400.
- iPhones: Smartphone technology is constantly changing, so the newer the cell phone, the more value it has to a pawn broker. Other factors include storage capacity, overall condition and whether it still has its charging cord and USB connector. You can expect newer iPhones with accessories to be valued between $50 and $150.
- Televisions: Pawned TV value depends on things like age, size, brand and style. Flat screens will get the most, but all approved TVs are likely to value at between $25 and $200.
- Jewelry: Pawnbrokers take an objective approach to valuing jewelry. Quality jewelry with precious metals and stones are desirable, and most gold pieces are dependent on the metal’s scrap value for that day, as the gold market constantly fluctuates. In other words, you’ll likely just have to see what the pawn shop can offer for gold and diamonds the day you go in.
Are you considering paying a visit to a pawn shop in Barberton, OH? At Sydmor’s Jewelry and Pawn Shop, we can make deals for loans against items, and also sell a variety of quality products, including jewelry, guns, tools, electronics and more. Visit our full-service pawn shop today!
Categorised in: Pawn Shop
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