When you are struggling to gather the cash you need to pay a bill or to buy something that you need, you can try to pawn something valuable to get by. The pawn shop will give you a loan when you give them something valuable for collateral, and then you can give them the money back and the item will be returned to you.
Pawning items can be a successful way to get money when you need it fast, but there are a lot of things you'll want to consider. Here are some tips for pawning jewelry.
Get the Items Cleaned and Appraised
Before taking any jewelry to the pawn shop, first make a trip to the jewelry store where you bought it or to a jewelry appraiser to have it cleaned and appraised. You want to know how much the true value is before you take out a loan on it. You can also take this paper work with you to the pawn shop so they can see what the resale value potential will be, as well as a breakdown of what the gold or stones will be worth.
Take pictures of the items that you're dropping off at the pawn shop to make sure that they are in the same condition when you pick them us they were when you dropped them off. You may also want to take the pictures to more than one pawn shop if you want to see how much you can get at different locations.
Read the Contract
Read the contract that you sign when you get the cash to know what amount of time you have to pay the money back and so you know what the penalties are if you're late with your payments. You don't want to head in to get your items and find out that you're too late or that you broke the rules of the contract.
The pawn shop is willing to give the loan because they aren't at risk. If you don't show up with the money they will sell your items and then recuperate the loss for the money that they gave you. If you need money and you know you can pay the money back when you get paid or before they will have to sell the items, take your jewelry into a pawn shop and get the funds that you need for your financial woe. Consider taking your items to a company like Sol's Jewelry & Loan.