Entering the New Year with More Money! 

Local pawnbrokers like the Gold Standard in New York exchange cash for valuables like watches, rings, jewelry, electronics and guns.

by Claire Simon Sunday, January 02, 2011
In these tough economic times, many people are looking for ways to convert things they already have into cash. That’s the beauty of pawns.

Local pawnbrokers like the Gold Standard in New York exchange cash for valuables like watches, rings, jewelry, electronics and guns.

The best part about using pawns is that you can pawn your favorite ring and know it’s not the last time you’ll see it. That’s because the pawn is temporary and at the end of the term, you can pick you item back up.

Suppose you need a loan. A pawnbroker makes loans on personal property left as collateral. You can essentially borrow money on that necklace in the drawer that you no longer wear. You can even borrow money on tools, household items like toasters and television, musical instruments and just about anything of value in your home.

Typically, pawn loans average between $70 and $100 but they can be much smaller or much higher depending on what is offered as collateral. The loan is usually for 30 days and interest rates vary with the amount of the loan. You can either sell items to the pawnbroker or take a loan out against them.

Why should anyone use a pawnshop?

Pawnshops are quick and convenient and come with a lot less hassle than borrowing money from a bank. The amount customers get is a percent of the value the pawn show can sell the item for.

If a customer defaults by not paying back the loan, the item becomes the property of the pawnshop and the shop has the right to resell it. On average, about 70-80 percent of loans are repaid. In fact, pawnshops have many repeat customers.

To learn more about how to sell and trade with pawnshops, visit http://www.nygoldchasers.com, or The Gold Standard of Forest Hills at 70-58 Austin Street, Forest Hills, NY 11375

General | Categories: investments
0    submitted by Claire Simon
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