FINDING GOLD

By Isabelle Cruz White

There are times when we do not have enough money. We need cash just enough to last us until the next payday. Loans help people who find themselves in tight spots. Banks lend money but only after a grueling and time-consuming process. How about deadlines you need to meet or emergency cases? Pawnshops are good places to borrow money. They do not need credit scores nor take forever to evaluate your application.

How Do Pawnshops Work?

A pawnshop is in the business of lending people money in exchange for items. A person gives or 'pawns' an item and is given a deadline to pay back the borrowed money. If the borrower fails to pay the loans on time, the item is forfeit. A pawnshop may sell the unredeemed items after the deadline.

The amount lent is not the actual value of the item but only a fraction of the price. Some pawnshops hire a gold buyer who is an expert in determining the best price and value of materials made from gold.

The Pros of Pawning

Pawnshops exist for those who need quick cash fixes. This is the clear advantage of using a gold buyer and pawnshops. You can get easy and fast money through legitimate means provided you are not trying to pawn stolen items.

Another distinction a pawnshop has over bank loans are the background and credit checks. You do not need to have a high credit score to pawn items. If you fail to pay a pawnshop and redeem your items, they will not report you to credit bureaus. Transacting with pawnshops does not affect your credit score at all.

You can pawn anything from electronics to action figures as long as they are valuable. Pawnshops understand most of their clients are in desperate need of cash so they accept almost everything except perishable goods.

The Cons of Pawning

There are risks to pawning, too. The money you will get will always be significantly lower than the market price of the item you are trying to pawn. Appraisals in pawnshops are typically low. If you need a specific amount, make sure your item is more valuable. They can also reject your asking price, imposing the value based on their own appraisal. They might also reject your item for any reason.

An obvious risk to pawning is losing your valuables. Pawnshops have the right to declare ownership of an item if not claimed within the deadline. They typically sell these to recover their losses and keep the business afloat.

Another significant disadvantage is the high interest rates and the short duration of loans. Pawnshops are only required to hold your items for a month and Impose high interest on the item before you can buy it back.

Times are hard and money is not easy to come by. Not everybody can keep a good credit rating nor wait for banks to process applications. In times of financial trouble, finding a gold buyer or reputable pawnshop is your best bet. There are risks to using these kinds of services but there are benefits as well. It really depends on your preference and necessity.

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