Over the past decade, reality TV has helped boost the public's interest in traditional pawn shops. Today, America has about 12,000 pawn shops that offer quick cash to those who need it and often valuable items to those who want them with a lower price tag.

Pawning is when you take a valuable item to a pawn shop in exchange for a cash loan. For example, you might take your mountain bike to the store and give it to the shop as collateral for a $75 loan. If you pay back the loan by a certain date, typically 90 to 120 days after you pawn the item, you can retrieve your bike.

You may need to pay interest, which is regulated by state law. The repayment amount also includes any fees required by the pawn shop. The pawn shop will offer your bike for resale if you don't repay the loan within the allocated period. The store could also simply buy your bike outright if they want it.

If you are going to a pawn shop to sell or pawn something, here are four things you should bring with you:

1. A Valid ID

The most crucial piece of identification you need to bring to a pawn shop is your state ID, driver's license, or military ID. Most pawn shops are licensed and regulated by state governments. Even if they are private businesses, they are subject to state laws. Some states require that you present your ID as proof you're of legal age to do business with a pawnshop. 

The pawn shop will verify your identity and contact your state or local government to ensure you are not in a stolen property database. This also helps them verify that you are at least 18 years old. In states with many pawn shops and relatively few pawn brokers, pawn shops often share information about people who have sold or pawned stolen goods. If a pawn shop sees something suspicious about your ID or about the item you are trying to sell or pawn, they may contact your state's regulatory agency.

2. What You're Pawning or Selling

Of course, you'll need to bring the item you want to sell or pawn. Most of the time, pawn shops sell things that have some value. They might also be interested in things that can be sold again.

However, most pawn shop owners need to see the item in question before they can give you a firm estimate. When they see the item in person, they can better judge its condition, whether it's real, and how much it's worth. Despite the inconvenience of traveling with your item, you should always bring it with you if you want to pawn or sell something.

3. Proof of Ownership

If you are selling an item, it is helpful to have proof of ownership, such as a receipt or bill of sale. This helps the pawn shop verify that the item is yours to sell and gives them some information on where it came from originally. If you are pawning an item, ownership is not as much of an issue.

4. Proof of Value

If you are ready to sell an item, you should always bring a certification of authenticity if the item is valuable. This will help the pawn shop verify that the item is real, especially if it is an antique or a collectible. If you are pawning something, you should have some extra documentation to prove it is real. If you have a bill or receipt of sale, that helps too. Consider looking at the price guide to see what similar items have sold for if you don't.

Conclusion

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When you go to pawn shops, you should always come prepared with the appropriate documentation and things; that way, you will have a better chance of getting the money you need at the exact time you need it.

There is just one trusted brand in Kentucky for excellent jewelry and pawnshop in Owensboro, KY. River City Pawn Shops offers six locations around the state where you may purchase, sell, or pawn your jewelry, electronics, sports equipment, and other valuable stuff. Visit one of our locations in Owensboro, Henderson, Madisonville, Leitchfield, Murray, or Princeton today.