What Questions Should You Ask When Pawning An Item?
Have you ever considered pawning your unwanted items? Whether you might find yourself in an unlucky financial position or just have items that are sitting with no use, you might be able to get a quick loan or cash, depending on what you are after!
If you have a spare room or cupboard, filled with valuables that are gathering dust why not pawn them and get some much needed extra money?
But, unsure what to say or to ask? Cuttings Jewellers has got you covered! We will go through the best questions to ask.
How Do Pawnbrokers Work?
A pawnbroker will loan you money depending on the value of your item you decide to pawn. The loan includes an interest rate which depends on the amount you received; you will pay the loan back on a fixed term basis. You can then claim back your item after paying off the loan. But if you fail to meet the terms of the loan, the pawnbroker may charge you to get your item back or keep your item.
But What Questions Should I Ask?
How Much Can I Get For This?
The main question you want to know is “How much can I get for this?”. It is the reason you have come into the shop and hopefully before anything else is discussed you can get a true offer on your item before making a decision.
How Long Have You Been In The Business?
Always ask how long a pawnbroker has been in business - usually the longer they have been around, the better the reliability of the service. You can do this by purely asking about the background of the shop.
What Are The Terms And Conditions I Need To Know?
Asking about certain things like “What happens if I can’t pay it back or if I lose my receipt?”. This means they can reassure you about any concerns you have and what rules they have in place if you can no longer afford to pay your loan back. For example, if worst comes to worst pawnbrokers may be prepared to extend the deadline (but with added interest )but please check with the specific pawnbroker first.
Will my Items be Safe?
Some pawnbrokers may cover pawnbroking items, however, some like ourselves are only fully insured against our jewellery. It is the customers' responsibility to check with their own insurance companies about their policy. We do ensure these items are stored away very securely in a heavy duty safe and have very good overall security, so this question will need to be asked.
Do You Have Any Notification Service In Place?
Although not an actual requirement for pawnbroking shops, it can be an extra safety net for you. This simply means a pawnshop may be able to provide you with updates on your loan. For example, they could have an automated reminder a few days before a payment is due, to ensure you remember that loan is due to paid or it could mean that your item is ready to be picked up in store as all payments have been paid.
What Is Your Interest Rate And/Or Fees I Have To Pay?
In pawnbroking, as we have already established, you have to pay an interest rate. When pawning your unwanted item you want to make sure that the rate is low enough so that it’s a reasonable amount to pay off. Additionally, there may be some sort of transactional fees. For example, storage fees associated with keeping your item on the premises.
Summary
In summary, there are important questions you need to ask before agreeing to pawning your items. As long as you have confidence in your pawnbroker and they can answer all of the questions above, you are most likely in good hands. Good luck pawning your items and have fun with that extra bit of cash!
Here at Cuttings we have been a family-run independent jewellers owned by the Kirkland family for over 50 years. Three generations of jewellers and pawnbrokers have carried on the family tradition, and we are proud to carry on the traditional, old-fashioned approach to business - service, quality and value, combined with friendly, and expert advice. If you would like to read more about us and our history click here. So you can put your trust in us and if you are interested about pawning your items, get in touch with one of our friendly staff here.