BR Savings Accounts. BR CD Rates. BR Debt Management. BR Personal Finance Calculators. BR Best checking accounts. Want a lower credit card interest rate? This article has been viewed , times. Learn more Pawning jewelry for money is not typically an ideal situation since pawn shops offer high interest rates and price jewelry at a fraction of its true value.
However, if you need a quick loan, pawning jewelry might be your only option. By taking the time to have your jewelry appraised, shopping around for the best loan deals, and getting your loan paid back on time, you can safely get the money you need and still get your jewelry back!
To pawn jewelry, start by picking pieces that are valuable, but you can live without, like an engagement ring from an old relationship. Once you have an appraisal, visit a few different pawn shops to see who will give you the most for your piece.
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No account yet? Create an account. Edit this Article. We use cookies to make wikiHow great. By using our site, you agree to our cookie policy. Cookie Settings. Learn why people trust wikiHow. Download Article Explore this Article parts. Related Articles. Article Summary. Part 1. Figure out how much money you need to borrow. Prioritize your pieces.
Try to choose jewelry to pawn that you know you can live without. Pawning family heirloom jewelry might be something you regret later on, but an engagement ring from an old relationship might be easier to part with.
Get your jewelry appraised. Pawn shops are usually only interested in pure metals, like gold and silver, and diamonds. They often turn down gold-plated items, as well as costume jewelry.
Keep some jewelry on reserve. Part 2. Decide how much time you need to repay the loan. Pawn shops will allot you a certain amount of time to repay your loan. If you do not pay in time, the pawn shop is allowed to keep your jewelry. To ensure the highest chances of reclaiming your valuables, be sure to make an accurate assessment on how long it will take you to repay. Research local and online pawn shops.
Not all pawn shops are equal. In addition to selling a vast selection of engagement rings, discarded musical instruments, mismatched tools, and old tech items, pawn shops offer cash loans in exchange for your belongings. In a nutshell, it is one way to get a personal loan without a credit check. It might seem like a good time to take that pearl necklace you inherited from your grandmother to the pawn shop and get a loan — but is it worth your trouble?
With pawnshop loans, you stand to lose the item you left with the pawnbroker. Depending on what you put up for collateral, that could be a big loss for you. Give up something of sentimental value like a family heirloom, and you could be kicking yourself for defaulting on that loan for the rest of your life.
While a pawn shop loan might seem like a good idea in theory, in practice it can be an expensive and risky proposition. During the U. Pawnbrokers typically give out small loan amounts even if the item you are pawning is worth more. How much did that iPad cost you in the first place? The amount of interest and fees a pawnbroker can charge varies from state to state, but it can be pretty high.
Think about that iPad again for a moment. You may even have the opportunity to extend or renew your pawn loan, but remember: The more you pawn something, the more you end up paying for it in the long run.
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