Wonderful Things, Wonderful Prices, One Central Location
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The average pawn loan nationally ranges between $100 and $150. What a pawn shop will pay for something also varies from shop to shop, depending on how desirable an item is, and how much the pawn broker feels he can sell it for. So what can you possibly bring in that will net you some substantial cash? Let’s start by saying your 15 year old VCR is probably NOT going to be part of this discussion.
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“Pawning” is a process in which you give the pawn shop an item in exchange for a cash loan. For example, you might pawn your television as collateral for a $100 loan. If you repay the loan by a specified date after you pawn the item, you can retrieve your TV. The loan repayment amount will include interest and fees that are typically regulated by the state. If you don’t repay the money on time, the pawn shop takes ownership of the TV and can offer it for resale. Most of the items pawned are reclaimed by their owners, but some are forfeited and provide inventory for the pawn shop to sell. Pawn shops also purchase items outright to resell.