Pawn Shop & Second Hand Dealer in Sydney

Should You Get a Pawn Loan or Sell Your Second-Hand Goods of Value

When you’re in urgent need of money to manage your routine household expense or to deal with unexpected expenses, pawn shops can provide you with two options for your second-hand goods of value –

You can use your second-hand item of value to get a short-term pawn loan.
Sell the second-hand item for its value.

Sometimes, it’s difficult to choose whether to pawn or sell your second-hand items. In this post, we will try to make your task easier by suggesting when it would be beneficial to pawn an item temporarily and when it makes sense to sell your second-hand goods of value for quick cash.

Selling Your Item Vs Getting a Short-Term Pawn Loan – How They Differ

Selling

If you want to sell, the pawnbroker will estimate the value of your second-hand item and negotiate an offer with you.
The moment you agree to the offer, the pawn shop will give you the cash for the said item.
Remember, when you sell your second-hand item to the pawnbroker, they will have the freedom to resell the item to the next potential customer.

Pawning

Conversely, when you pawn your item to the pawnbroker, you’re just keeping your item in the safe custody of the pawnbroker until you return to redeem your item after repaying the loan amount and interest.
Before offering you with a pawn loan, the pawn shop will inspect your second-hand item to ascertain its value.
Once the pawnbroker makes a pawn loan offer and if you agree to their offer, you’ll have to sign a pawn loan contract. This contract will have all the details about the pawn loan including the loan amount, the interest charged and tenure of the loan (before which the loan repayments have to be made along with interest and fees if any).

Should You Sell or Pawn Your Quality Second-Hand Item

Well, it depends! A quick look at the two different scenarios:

If you would like to retain your item, then you would be better of pawning your item. However, you’ll need to adhere to the pawning contract and repay the loan amount and interest before or on the expiry date to redeem your item.

If you need a large amount of money, then you need to think of selling your valuable second-hand item, as pawning will just get you a fraction of the cost as a pawn loan. When you sell your item, you won’t be able to buy back the item later on, as someone else would have already bought it from the pawn shop.

Different Types of Pawn Shops

There are different types of pawn shops – some pawn shops accept a large variety of products ranging from electronics and modern gadgets like Smartphones and laptops to musical instruments, sporting gear and home appliances to gold and other precious jewellery, whereas, you’ll find pawnbrokers who are dealing with only vehicles or gold and jewellery pieces.

The Bottom Line

When you want to pawn or sell different types of quality second-hand items, then you’ll have to look for a licensed pawnbroker and second-hand dealer who facilitate pawning, as well as, buy and sell a vast array of second-hand items including used gold and other jewellery pieces.

Pawn shops are a great place to get easy cash on the same day! You can choose to pawn or sell your second-hand item of value or gold jewellery to get quick cash so you can better manage your cash-crunch!