How Pawning Can Benefit You This Tax SeasonFebruary 28, 2020 12:31 am Leave your thoughts
Tax season is in full swing. You still have about a month and a half to file your tax return. Perhaps you’ve filled out the paperwork already, and are simply dreading having to pay off your tax bill.
If you find yourself with an unexpected tax bill that you suddenly need to scrounge up the money to pay off, there are a variety of options to get you the cash you need. Rather than going to a predatory payday loan service, you could instead visit a pawn shop this tax season to try to pawn some unused items of value in Barberton, OH. For example, jewelry you never wear, or collectible items you have lying around your house could be pawned to act as a short-term loan so you can fulfill your tax liability.
Pawning items for a short-term loan
Of course, any time you go to a pawn shop with the intention of using the money as a short-term loan, you need to have a plan to pay it back if you’re going to be able to get your items back. If you’re uncertain whether you’ll be able to do so, you must select items you’re okay with losing—that’s simply how the pawn industry works.
Gold is a particularly beneficial item to use for pawning, as it will generally either hold or increase its value over time. This makes it the perfect collateral for a loan. You can get some instant cash by pawning gold jewelry you never wear, and then once you’ve paid off your tax bill, you can start saving back up to get the jewelry back from the pawn shop. You’ll work with the pawn shop on the terms of the loan, and may be able to get extensions or renewals as needed to get your item back.
Keep in mind that pawn shops are generally regulated by the banking industry, so there are going to be limits on the amount of interest they’re able to charge. This is why you’re usually better off going to a pawn shop than other types of quick turnaround loan services—you’ll get much lower rates and will be able to get your collateral back. Plus, you won’t have to go through the credit checks at a pawn broker like you would with any other type of more conventional loan service. You’ll be able to turn in your item and walk away with quick cash.
If you’re interested in pawning an item to be able to make your tax payment, you should take the item to the pawn broker and talk about how much of a value you’re able to get for the item. You might also be able to find online services that can at least give you a value estimate.
To learn more about the pawn industry and how you can take advantage of the services of pawn shops this tax season in Barberton, OH, we encourage you to contact Sydmor’s Jewelry and Pawn Shop today. We look forward to answering your questions!
Categorised in: Pawn Loan
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