Pawn Shops In Cranston (2024)

FAQs

What's the most a pawn shop will pay? ›

Most pawn shops offer loan amounts of 25% to 60% of your collateral's value. Be aware that pawn shops have high APRs that can make them one of the most expensive options to borrow money. Pawn shops do not require credit checks.

Across the board, jewelry (authentic, real jewelry - not costume jewelry) generally yields the most amount of cash. This is because jewelry is made from precious metals, such as gold and platinum, and often incorporates diamonds and other precious gemstones. Jewelry also tends to hold its value over long periods.

How Pawn Shops Work. At a pawn shop, you leave your property and, in return, the pawnbroker typically lends you approximately 25% to 60% of the item's resale value. The most commonly pawned items are jewelry, electronic and photography equipment, musical instruments, and firearms.

It depends on your situation. If you want your item back, and can afford to pay back the interest, pawning may be a good option for you. But if you need cash in a hurry, and want the highest offer, selling is the way to go. If you're considering selling to a pawn shop, we caution you.

In general, you can expect to receive about half of your item's market value in your loan. However, this depends on the item. Items that are regularly pawned, yet don't have a lot of buyers will lower the offer price. In those cases, you will receive less than 50% of the market value.

Pawnshop owners are smart and won't fall for purchasing stolen goods. They follow all of the local regulations and federal laws when it comes to purchasing goods. You simply can't bring in illegal items like drugs, passports, hazardous waste, and stolen goods to a pawn shop and expect to leave with cash.

Shoes. High-end designer shoes and sneakers are a great choice to buy, pawn, or sell at a pawn shop. Some of the most popular designer brands include Christian Louboutin TM, Jimmy Choo TM, and Manolo Blahnik TM. On the sneaker end, our pawn shops carry Air JordansTM, Nikes TM, ADDIDAS TM, and more!

Shops know they can sell tools faster (and for more money) when they are trusted brands. Bosch, DeWalt, Milwaukee, Stihl, and Snap-On will earn you the most. Usually, pawn shops will pay anywhere from $30-$200 for working tools, but you can expect that price to increase if you have any of these top performing brands.

High cost to borrow: The biggest downside to pawning is the cost. Consumer advocates consider an APR of 36% to be the upper end of affordability for any loan. A pawnshop loan of $100 that costs $10 in fees and is due in 30 days runs about 122% APR.

Do all pawn shops haggle? ›

Yes you absolutely can negotiate prices at a pawn shop. In fact, you are expected to negotiate.

While there's no traditional "penalty" for not repaying a pawn loan, the main consequence is losing the item you've pawned. The pawned item simply becomes forfeited, and the pawn shop owner can now sell your item. However, nothing bad happens to your credit and nothing is reported.

Listen more than you speak

Unless they ask directly, your pawnbroker does not need (or want) to know where you found your item, how long you've had it, or how much you originally paid for it. In fact, disclosing too much information like this may only hurt you.

You are most likely to get the best value for the item you want to exchange at a buy-sell-trade store — rather than accepting a high-rate loan that doesn't match your item in value, you'll receive a fair and honest amount of money or the equivalent value in store credit.

What do pawn shops pay the most for? Pawn stores usually pay the most for jewelry like diamonds and gold, timepieces, coins, vintage sneakers, designer purses, and handbags. However, every pawn shop can buy high-ticket items, including vehicles, real estate, and jewelry.

A pawn store will generally offer more money if you're selling your item instead of pawning it. However, it does depend on a few factors. For instance, if you're selling an in-demand item, such as gold jewelry or a high-end watch, the pawnbroker is more likely to offer you a higher cash value.

Pawn shops typically markup the price of jewelry by a certain percentage to make a profit. Understanding this markup can help you negotiate a fair price. For example, if the pawn shop marks up the price by 50%, you may want to negotiate to get at least 25% more than the initial offer.

1. Maurice Sendak Sketches. Price Deal: $250,000 In the episode "Can't Pawn Me Love" from Season 15, Rick Harrison acquired original Maurice Sendak sketches for Where the Wild Things Are. These unique sketches, never sold as reproductions, were estimated by an art expert to be worth $310,000.

Earning interest on loans and profits on retail sales are the principal income sources for the standard business model for a pawnshop. Pawnshopsg typically aim to generate overall net profit margins of at least 15% to 25%.