![]() ![]() will make a preliminary offer, then pay to ship your item, insured, to its offices. You provide as many details as possible and, ideally, upload a photo. also charges a 6% interest rate: $60 monthly on a $1,000 loan. But deep-pocketed - backed by the Internet giant Lightbank, which founded Groupon - caters to customers who have pricier items (think Rolex watches or large diamonds) and offers loans averaging almost $2,000, usually with three- to six-month terms. Brick-and-mortar shops offer small, short-term bridge loans, which last year averaged $150 nationwide and were usually due within 30 days. On the plus side, pawning will not put red flags on your credit record - even if you default.Ģ. On a $200 loan, that would be $50 per month, compared to the current average credit card rate, which at press time was about 15% annually, or $30 per year on every $200 borrowed. You'll pay very high interest rates at a pawnshop: up to 25% per month. Though it dangles the promise of cash in exchange for gold, watches, musical instruments, and more, going to a pawnshop should be a last resort, for when your credit cards are tapped out and you can't get a family loan - say, your car needs a new alternator and you must drive to work. Either way, you have to learn the ropes so you won't sell yourself short:ġ. What's more, there's now a whole online pawning industry for people who don't want to set foot in a pawnshop. ![]() Default on the loan, and the prize goes to the pawnbroker - who then has the right to sell it. Do so on time, and you'll get your item back. If you want to get your item back, you have a set time period (often 30 days) to repay the loan with interest. Here's how it usually works (no matter what The Old Man might do on TV): You bring in your item, the pawnbroker makes an offer, and then - after some negotiation - he gives you cash. The real heart of pawning is short-term "safety net" loans for more ordinary items. But that series usually focuses on rare finds that are sold for a flat fee, not pawned. Which documents the doings at a Las Vegas shop. pawning - is on the uptick, no doubt due to the hot reality show Pawn Stars, The old practice of hocking personal belongings to get cash fast - a.k.a. ![]()
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