What is the best way to pawn something?

For those who need instant cash without carrying out credit checks, using your valuables such as watches and jewellery can be used as collateral until you can pay the loan back. This is ideal for those who may be unable to receive loans elsewhere. The only downside is that, If you are unable to pay the loan back in time, you will need to forfeit the item to the pawnbroker.

Steps to take before pawning an item 

Pawnshops do not typically offer to loan the full market value amount of collateral. It’s essential to get the best price you can if you are needing the money, so you want to make sure you get enough to cover your needs. 

1. What do you possess that is worth some noticeable value?

It’s important to think about the items you own that pawnbrokers may accept to then offer you a loan. For example, here at Cuttings, we will offer pawnbroking loans on luxury watches and jewellery. For example, something like a Rolex watch will produce a much larger loan amount than a sterling silver necklace, so it is important to assess what will be worth pawning.

2. Would you be willing to sell outright?

The majority of pawnshops will offer more money if you sell them the item outright, rather than using it as collateral for a loan. On the other hand, pawning an item does mean you can still keep your valuable item(s) if you pay the required loan amount in time. If an item is sentimental to you then pawning it may be the best option. If not, let a pawnbroker know if you are willing to part with the item to get the best possible price. 

3. Do your research

Look at a pawnbroker’s reviews, social media accounts etc. to look at other customers’ experiences. When you receive loan offers from pawnbrokers, assess which offer is best for you.

4. Bring documentation

Pawnbrokers like ourselves, along with many others, will recommend bringing any authenticity documentation that accompanies the item when visiting. This helps provide the most accurate valuation.

5. Clean your items

Just like if you were to sell your home, it needs to look presentable before a viewing. The same applies when you’re looking to pawn or sell your items. You can read a number of our watch and jewellery cleaning guides here to make sure your items sparkle!

Here at Cuttings, we are a family-run independent pawnbrokers owned by the Kirkland family for over 50 years. We always use our expert knowledge and advice to give you the best quote for the items you pawn, so you can always put your trust in us. If you are interested in pawning your items or selling to us, then get in touch with one of our friendly team here.