In this modern age of credit cards and online payments, it can be easy to relegate pawn shops as an icon of a past era. But it’s even easier to lose track of all the little numbers living in your phone screen and find yourself slipping into debt.
If you find yourself in this situation, don’t panic. Pawn shops aren’t just alive and well in the present day—they might be just what you need to get out of your current financial struggles.
What Is a Pawn Loan?
If you haven’t worked with a pawn shop before, you probably have a fuzzy idea of how a pawn loan works. You know people bring valuable items to pawn brokers, like jewelry, electronics, and even power tools, and receive a cash payment. This is a good explanation of how selling something to a pawn shop outright would work, but pawn loans are a little different.
In the case of a pawn loan, you aren’t selling your item. It won’t immediately be put on the shelves for interested customers to examine. Your precious possessions are safe, waiting in the pawn shop’s storage for you to come collect them.
How Does It Work?
Pawn loans start a lot like selling an item outright. You’ll bring an item of value to BLADE RUNNERS PAWN LLC, get an appraisal, and a cash offer.
This is the point pawn loans start to look different from a sale. Instead of getting the full value of your item, you’ll usually get a portion of the full price as a loan. The pawn shop will keep your item as collateral for this pawn loan until you return to pay it back.
Don’t worry. Your valuable mementos aren’t being tossed on a pile in the back. It’s not a promise in good faith your item will still be there when you return—we’ll draw up a contract outlining the terms of the agreement and give you a claim ticket so you can prove you are the owner of the item when you return, and no one else can take it.