When you pawn an item such as gold or silver, you use it as collateral for a short-term loan from a pawn shop. The pawnshop holds the item until you repay the loan with interest. If you don’t repay when the loan comes due, the pawnshop can sell the item to recover the money it is owed.

Pawnbrokers are local businesses that can provide immediate financial assistance. It’s easy to get cash if you bring in anything of high value.

These items include:

Gold or silver

Jade

Diamonds

Fancy jewelry

Fine art

Antiques

Vehicles

When you’re in financial trouble and have gold or silver to pawn, you can do these ways so can pawn them at a local pawnshop. 

1. Get a Free Appraisal

You need to know your item’s actual worth before you pawn it. Call the shop to ask about an appraisal, or you can ask for an in-house appraisal. If you don’t want to use the shop for an appraisal, visit the local pawn shop and ask the staff about their services.

Some shops, however, generally don’t offer this service. Plus, you have to pay for the appraisal from the shop.

2. Shop Around

Before you actually pawn something, make sure to do your research. You should start by checking out a variety of pawnshops. You can search online or get referrals from friends or family members who have pawned items in the past. Then, visit a few shops in person and compare their rates.

As you shop around, you want to look for a reputable shop. Some things you might want to consider include:

The cost of interest

The length of the loan

The shop fees

Other fees that apply

Security

Whether you can get a cash advance

Presence of security cameras

The reputation of the shop

You should also consider contacting a few different pawn shops to get an idea of how they operate and how much they charge.

3. Get an Advance

If you want to get a loan quickly when you visit the pawnshop, you should consider getting a cash advance. You’ll need to pay a fee, but you’ll get your money immediately.

The loan amounts and fees vary from shop to shop, but you can usually get anywhere from $50 to $1,000. Some shops charge a flat interest rate or a flat fee for the service.

4. Choose the Right Pawnshop for Your Intentions

Before you go to the pawnshop, you should know what you want to do when you enter. If you want to raise a short-term loan but don’t want to get a loan, you can get your item appraised and sell it to the pawnshop.

You can also sell your items outright. If you want to get rid of the item entirely, the pawnshop can buy it. You’re going to get the loan amount plus any other fees back when the pawnshop sells your item.

5. Make Repayments

After you reach the due date on your loan, you can repay your loan any time after that. If you don’t make any payments, the pawnshop sells your item and keeps the money. You’re responsible for paying back the loan amount, but you can negotiate the interest rate.

When you reach the due date, you usually have three options:

Pay the loan off in full.

Get an extension.

Roll the loan over.

Pawning high-value items is a great way to get quick cash when you’re in financial trouble. If you need money, check out a local pawn shop.

Conclusion

The best way to pawn gold or silver at a local pawn shop is to get a free appraisal and shop around first. You should be able to find a shop that works within your budget and needs. When you’re ready to make a deal, make sure you know how you want to proceed. You can choose to sell your items outright or get a short-term loan and make repayments later.

River City Pawn is a trusted pawn shop in Leitchfield, KY that lends cash for for items of high value. Let us know what you have and we can give you a fair price. Visit us today for a free appraisal and get an offer.