Have you debated whether you should sell a particular item or pawn it? For example, maybe you have a family heirloom like jewellery or antique coins. You need fast cash badly. Still, lending money against the item makes you feel unsafe.
Furthermore, you do not know if your valuable item will be protected in a Brisbane pawn shop. So, to help you make a reasonable decision, we want to provide you with information on pawning and selling to add more light on both processes.
A Pawn Loan vs. Selling: How does it work?
Whether you do a pawn loan or decide to sell your expensive jewellery to a pawn shop, you need to visit a pawnbroker to start. The assistant at the shop provides you with a value of the asset to provide you with a pawn loan or selling value.
If you agree to a loan, you will receive the cash. Your asset is placed in a secure storage place of the pawnbroker until you come to redeem your item agreed on the terms in your contract. The loan amount the pawnshop works out on the value of your item, and you repay the loan with interest to receive your goods back.
When selling expensive jewellery or watches, the same applies. You get the cash worth of the value without paying interest, and you need not come back as the pawnbroker bought the item.
Selling Compared To Paying a Pawn Loan Term
The good news is when you sell your estate jewellery or any other precious metals, you do not face the pawn loan term. A pawn loan is only for a short period of three months, but you can extend the payment if you make an upfront interest payment. However, if you do not repay your loan or extend it, the pawnbroker sees it as a default and the item is placed up for sale. Therefore, the pawnshop sells your watch to recover the money loaned.
What Can You Pawn and Sell to Pawnshops
Whether you want instant cash pawning or selling valuable items provides you with just that. You can pawn or sell electronics, musical instruments, diamonds, and coins, to gold jewellery. The important thing is that the merchandise needs to have value.
Great, now you decided you want an instant loan on the item handed in as collateral. However, is your goods safe at a Brisbane pawn shop? The answer is 100% yes. Therefore, your article is safe when kept at a pawnshop.
Pawnshops Include the Following Safety Measures
- Pawnshops have secure storage locations that accommodate different items. For example, electronic items have a place that is dust-free and moisture-free. While valuable items such as gold and precious metals are kept in a secure safe.
- Pawnbrokers regularly inspect goods to make sure nothing gets stolen or misplaced.
- Most pawnbrokers also make sure they have security systems that are state of the art in place with CCTV cameras and alarms.
- Lastly, pawnbrokers have insurance coverage using third-party insurance to cover all items standing in the shop.
Final Thoughts
As you can see, if you are undecided to pawn your goods for fast cash to a Brisbane pawn shop, we hope the article gives you peace of mind. Still, if you still feel concerned, you always can sell your valuable jewellery to the pawnbroker instead.
