Author: Travis Stern

If you’ve never set foot in a pawn shop – you are not alone. Most people miss out on the true pawn shop experience simply because they don’t know what the experience will be like. Let’s look at some of the things you can expect the next time you visit a pawn shop.

Expect to be surprised at a pawn shop

Contrary to popular belief, pawn shops are not dark, shady, dingy places loaded with stolen items and people trying to scam you out of your hard-earned money.

Instead, they are bright, clean, secure, well-organized businesses with friendly, experienced employees who are ready to serve you with a huge variety of quality merchandise and services. Pawn shops are highly regulated at the federal, state and local levels, and they work closely with local and federal law enforcement to help prevent and identify stolen property. 

So, if you’re expecting to walk into a shady-looking business that deals in stolen goods, look elsewhere. Pawn shop owners and staff are highly trained and work proactively within the industry and with law enforcement partners to ensure you’re getting quality merchandise and excellent service, all at fair prices.

Expect knowledgeable, friendly staff

Again, contrary to what most people expect, pawn brokers are friendly, outgoing people who enjoy working with all types of customers who visit their store. Since pawn brokers deal with so many different items on a given day, they must be able to assess items quickly, know the going market value and demand for a particular item, and be able to negotiate professionally and fairly. At Gene’s Jewelry & Pawn, we are always working to provide you with the best-trained staff who have the top-notch education and experience to help you get what you need – from large diamonds and firearms to luxury watches, handbags, accessories and more.

Expect to find great deals

Whether you’re a bona fide bargain hunter or simply looking for a better way to go easy on your wallet, you can save big and find amazing deals on so many different items by simply shopping at your local pawn shop. It is likely to sell just about anything you may need at prices well below retail – including tools, musical instruments, jewelry, watches, firearms, electronics, antiques and more. Pawn shops thoroughly clean and test their items before they hit the sales floor, and most shops will let you try out items right there in the store before you buy, so you know exactly what you’re getting. Plus, most pawn shops offer warranties, protection plans and return policies, so you know you’re getting the most value for your money.  

Expect to have options to pawn, sell or buy

When people hear “pawn shop,” many forget that in addition to pawning items for quick cash, you can also sell items directly to the store. Pawning and selling can take the same amount of time and may even result in the same amount of money – but there is one clear difference. Selling your item means you are turning over the ownership rights to your item immediately in exchange for money. Pawning is another form of a collateral loan. The pawn store gives you a cash loan in exchange for your item. If you return within the terms of your loan to repay the loan amount and any interest, your item is then returned to you. 

If you’re selling, expect to get a portion of the item’s value

If you’re looking to sell an item, you should do a little bit of research upfront and be realistic in what the pawn shop may offer you for your item. Pawn brokers specialize in evaluating a wide variety of items, and they must be able to make a deal that accurately reflects the item’s condition, value and demand. On average, you can expect to sell an item for about 30 to 60 percent of its online or retail value.

So, in other words, don’t expect to walk in and be able to get top dollar for a bunch of stuff that’s been gathering dust in the back corner of your shed. Instead, take a little time to clean up your item, make sure it’s working properly, round up any accessories that go with it – like remotes, instruction manuals, etc. – and look at several online selling sites to see what similar items are selling for. This should give you a better idea of what the pawnbroker will offer, before you even walk in the door.

Also, be mindful of other factors that could affect your potential offer, like time of year, location, or customer demand. For example, don’t expect to get much interest in selling your snowblower if it’s the middle of summer, or you’re in an area that receives little to no snow. Same thing goes if you’re trying to sell an air conditioner in the middle of winter. However, pawn shops are always looking for certain items that have good resale value and are always in demand, like jewelry, precious metals, electronics, power tools, gaming consoles, watches and firearms, so expect to receive a decent offer on these goods, regardless of the time of year or your location.  

Expect a no-hassle experience

We’ve all had an expensive repair or bill pop up at the worst possible time. The last thing you want to worry about is dealing with a lot of paperwork or having to wait to get the cash you need. If you find yourself in a situation where you need some fast cash, relax. Most people are pleasantly surprised by how quick and easy pawn shop transactions can be. Whether you’re looking to pawn, sell or buy, you can expect a convenient, hassle-free experience. Most pawn shop loans can be done in minutes with very little paperwork, and unlike traditional loans, there are no credit checks required and there’s no impact on your credit.

At Gene’s Jewelry & Pawn, we specialize in treating customers like family and offering you the best prices for your items. For more than 30 years, we have provided our customers with the high-level service they deserve. Visit one of our locations in North Charleston, Moncks Corner or Goose Creek, SC, today and see how we can help you. Visit us online to see some of our outstanding merchandise or to get a free estimate!

Have you noticed how your buying habits change depending on the season? Winter calls for warmer clothes, coats and hot chocolate, spring and summer shift to gardening supplies and vacation gear, while the fall focuses on back-to-school supplies and getting ready for winter.

Since summer is now here, you may be thinking of special items you need to entertain the kids, try out a new hobby, get stuff done around the house, or take along on your next vacation. Check out your local pawn shop and use these tips below to save some cash without sacrificing quality and variety!

Bicycles

Bikes are not only great exercise, they also help your kids get outside and explore, especially in the summer. You can easily find quality, gently-used bicycles for kids of all ages – and adults – at most pawn shops.

Tools

Many homeowners like to take advantage of time off and good summer weather to tackle a DIY project around the house. Whether you’re refreshing your rooms or home exterior with a fresh coat of paint, building a tree house or swing set with your kids or remodeling your kitchen, most pawn shops carry a wide range of used power tools and specialized equipment at reasonable prices to help you get the job done. 

Look for items like drills, saws, woodworking equipment, and combination sets like screwdrivers or wrenches. You can try out items right in the shop before you buy, and most pawn shops offer a limited warranty, so if something happens after you get home, you’re not stuck with tools that don’t work.

Yard equipment

Spring and summer are also peak seasons for working in the yard. Whether you need some handy tools to help you trim back overgrown bushes, plant a garden, do some much-needed tree work or just cut the grass, visit your local pawn shop. Most pawn shops regularly feature all kinds of yard and garden equipment, from push mowers and riding mowers to weed eaters, blowers, gardening tools and more.

Sports Gear

No matter what type of outdoor sports you and your family enjoy, you’ll likely find excellent options at your local pawn shop. Many people upgrade and pawn their old gear in the spring and summer, so you can often find great deals on all types of sports gear and equipment. Look for things like surfboards, kayaks, canoes, boats, jet skis, life vests, golf clubs, tennis rackets, soccer gear and much more.

Hunting, camping and fishing supplies

While summer may not be ideal for hunting, it doesn’t hurt to check out your local pawn shop in the summer to find rifles, pistols, ammunition, sights, clothing, camo, boots and other quality gear for your fall hunting trips. If you and your family enjoy camping or fishing instead, you can find gently used fishing poles, rods, tents, tackle boxes, coolers, backpacks, sleeping bags and everything else you may need to enjoy your next outdoor adventure.  

Cameras

Whether you’re looking for a new hobby to express your creativity or looking for some new camera gear to help you document your next trip, visit your local pawn shop first. Pawn shops often carry high-end cameras, lenses and other photography gear from several of the best camera manufacturers, and you can buy a well-known brand with numerous features and accessories for far less than retail.

Drones and remote-control items

Drones continue to grow in popularity, and if you or your kids are interested in trying one out without breaking your wallet, a pawn shop may be the answer. Most pawn shops carry a great lineup of incredible drones and other remote-control cars, trucks, boats and helicopters that are fun and easy to operate, at prices you can easily afford. Buying drones and remote-control toys at a pawn shop can be a great way to improve your hand-eye coordination, or just get outside with the kids and have some fun.

Wedding and anniversary gifts

Summer is generally full of weddings and anniversaries, and while the happy couple is unlikely to be registered at the pawn shop, you can still find some great gift ideas and deals at your local pawn shop. Most pawn shops offer extensive selections on unique pieces of modern and antique jewelry at a fraction of their normal retail price. Pawn shops are also great places to buy a quality, affordable engagement ring! And if you’re looking for a special anniversary gift for your loved one, you’ll find a wide variety of cool anniversary gift ideas – from high-end custom jewelry to beautiful cufflinks, watches, necklaces and more.

Electronics

“I’m bored!” How many parents have heard that from their kids, especially on those summer days when it’s too hot to go outside? You might need some high-end gadgets to help entertain them – and get them out of your hair! Pawn shops carry all kinds of quality pre-owned electronics and accessories, from TVs, computers, laptops, cell phones and gaming systems to DVDs, video games, tablets, headphones and everything in-between. Most pawn shops offer the latest technology at a fraction of the price you’d pay at a retail outlet. And unlike buying from an independent seller, you’ll also get a warranty that what you buy has been tested thoroughly and can be returned if something goes wrong once you get it home.

Why Gene’s Pawn?

Whether you’ve got home improvement projects to tackle, new hobbies or sports your family wants to try, or you’re just looking for cool, new ways to get out and explore this summer, check out Gene’s Pawn. We have a wide variety of gently used goods available, so you can find just the right gear to get you through all your summer adventures and projects, without putting a strain on your bank account. 

With over 30 years in business and three locations across the Lowcountry of South Carolina to serve you, our staff caters to you. We listen carefully, carry a vast array of quality merchandise at low prices and provide the professional expertise and advice to ensure you are getting the most value from shopping with us. Visit us today and let us show you why Gene’s is the best!

Have you ever wondered how  pawnshops make money? Since pawnshops function as both a regular retail shop and as a money lender, it can be a bit confusing. Let’s make it simple. Earning interest on personal loans and profits on retail sales are the two main sources of income for a standard pawnshop. They can also make money by providing extra services, such as money transfers or layaway, depending on their specific business model and/or local market.

Key Takeaways

• The top two ways pawn shops make money is by making personal loans and by reselling retail items.
• A pawnshop owner makes a loan to a customer, who pledges a personal item as collateral. The customer gives the item to the pawnshop to hold during the term of the loan.
• If the customer does not repay the loan or keeps up with the monthly interest charges, the customer forfeits ownership of the item they put up as collateral to the pawnshop.
• Pawn shops usually charge higher interest rates on personal loans because they assume more risk from customers potentially defaulting on loans.
• Pawn shops generally earn about 65% of their income from personal loans, interest and fees, while they earn about 35% of their income from selling retail merchandise.

Making Personal Loans

Standard pawn shops typically make most of their income from personal loans, including interest and fees. How does this work? Let’s look at an example:

• The customer brings a gold watch to the pawn shop as collateral.
• The pawnbroker carefully examines the watch to assess its value at $200 and offers a cash loan of $100 on the spot.
• The customer agrees to the offer and has 30 days to pay back the loan, plus any interest. 
• If the customer doesn’t pay back the loan in time, the pawnshop keeps the watch and sells it to make its money back, plus any profit.

Personal loans can vary greatly from pawn shop to pawn shop, even in the same area. Why? A lot depends on the shop’s current inventory and customer demand. While loans are based primarily on the item’s value, the pawnbroker also must consider how many similar items they currently have in the shop’s inventory and how quickly the item might sell if the customer defaults on the loan. So, for example, if you bring in a TV as collateral, and the shop is already full of other TVs for sale, you probably won’t get a high loan offer. However, if you bring in a unique high-value item, like a designer handbag or a piece of antique jewelry, chances are the shop will offer you a higher loan amount.

Also, in areas where there are multiple pawn shops nearby, you may be able to shop around and see if you can get a more competitive offer elsewhere. Most pawn shops compete directly with each other for business and will offer higher loan amounts and competitive prices to attract more customers to their shop.

Pawnshop loan terms, interest rates and fees

Monthly interest rates charged by pawnshops generally vary from as low as 2 to 3% all the way up to 25%. State laws determine what pawn shops can charge for interest on personal loans, and state regulations can vary greatly from state to state.  

Pawn shops generally make loans on a 30-day basis, but they can also be extended, based on personal circumstances. To avoid forfeiting the property put up as collateral, the customer must either pay back the loan in full plus the interest charge by the end of the 30-day period or simply pay the monthly interest charge, which extends the loan for another month. If the customer pays the minimum monthly interest on time each month, most shops are willing to extend the loan indefinitely. However, this means they may hold onto your stuff indefinitely, too, so just remember that by extending the loan, you are essentially paying the pawn shop to store the item you put up for collateral.

Be aware that most pawn shops make loan offers around 25% to 50% of the expected resale value of the item you’re pledging as collateral, so don’t expect your loan to be worth the full value of your item. Why? In addition to your loan, the pawnbroker must consider the potential costs to store, clean and repair your item, especially if you default on your loan, as well as what it would take to advertise it for resale and any general overhead expenses.

Selling retail merchandise

Pawn shops make about a third of their total income from retail sales. This includes any merchandise the broker bought directly from customers, as well as any items that were pledged as collateral by customers who then defaulted on their loans.

So, when you take an item to a pawn shop, you’ll always have the option to sell or pawn. You can always ask the pawnbroker how much more you would get for selling your item outright rather than pawning it. Most shops offer about 10% to 15% more to buy items than they would offer to pawn, mostly because it’s a much easier transaction for them, resulting in a good quality item that can be immediately resold, often for a decent profit.

Providing extra services

In some locations, pawn shops may offer additional services for a small fee, including check cashing and bill payment services to money transfers and shipping locations for major delivery carriers. Providing these services not only helps the local community, but it also helps the shop owner bring in additional customers and potential income.

Gene’s is here to help!

At Gene’s Jewelry & Pawn, we specialize in treating customers like family and offering you the best prices for your items. For over 30 years, we have provided our customers with the high level of service they deserve. Visit one of our locations in North Charleston, Moncks Corner or Goose Creek, SC, today and see how we can help you, or visit us  online to get a free estimate for your items or shop our outstanding selection from the convenience of your couch!

When people think of pawning something, they likely think of jewelry or electronics. But there are many other things you can pawn quickly for decent money. In fact, there are a lot of common household items that are always in demand with pawnbrokers.

What do pawn shops buy most?

Generally, pawn shops will buy just about anything that has some value to it. However, pawn shops are always interested in buying big-ticket items they can sell quickly, including jewelry, guns, electronics and tools.

Before you decide to visit your local pawn shop, make sure you grab your driver’s license or ID and proof of ownership of the item. Doing this now will save you some time, help the pawnbroker process your transaction easier, and make you a more valuable customer. If you’re pawning a gun, make sure you also bring your concealed weapon license or state permit if required.

What items are considered high demand?

• New, vintage or estate jewelry – Any type or condition, as long as the gems are intact
• Precious metals (gold, silver), gemstones and Rolex watches
• Electronics – Everything ranging from old cell phones, tablets, iPhones, iPads and laptops, to even high-end headsets
• Guns – Any type or condition, but newer firearms or unique collectors’ items are more likely to get more money
• Power tools – Drills, saws, sanders, grinders
• Musical instruments – Guitars, violins, cellos, trumpets and pianos are most popular
• Collectible coins or stamps – These must be in mint condition to fetch the most money
• Electronics – Flat-screen TVs, laptops, tablets, cell phones or computers
• Furniture – Think of bigger pieces, like couches, chairs, dressers or bedroom sets
• Yard equipment – Lawn mowers (especially riding lawn mowers), weed trimmers, etc.
• Expensive camping gear – Large, multi-room tents, heavy-duty sleeping bags or other expensive gear
• Fitness equipment – Treadmills or ellipticals are most popular, but don’t forget a good set of weights or other premium gear
• Sporting equipment – Golf clubs or fishing rods are probably the most common, but don’t overlook things like snowboards, skis or surfboards if you are in the right area for them to sell
• Gaming systems – Xbox, Nintendo, PlayStation

What other items sell well in pawnshops?

While the items listed above are nearly guaranteed to generate quick cash in a pawn shop, there are also some other high-end or expensive items that pawn shops deal in regularly that may not be quite as common.

Vintage technology – Got an old stereo receiver or older model computer (hello, original Macintosh) that still works well? Or perhaps you were lucky enough to score an original, unopened iPhone. These types of items are harder to find and would be scooped up quickly by potential buyers.

Vehicles – Not every pawnshop deals in cars, trucks, RVs or motorcycles, but if you find one that does, you can probably pawn your vehicle for a good chunk of cash. Make sure you can demonstrate ownership of the vehicle in question, and don’t be surprised to be asked to leave all your keys and documentation once you complete the transaction.

Diamonds – Quality diamonds are always in high demand at pawn shops across the country. Whether you have a cut stone or it’s part of an old ring or necklace, it can’t hurt to get it appraised before you walk into your local pawn shop. Make sure you understand the stone’s quality and size, so you get the best deal possible.

Designer clothing, handbags or accessories – Fashionistas and bargain hunters alike are always looking to scoop up luxury pieces at bargain prices. If your items are clean, in great condition and easy to authenticate, you have a better chance of pawning it for even more money.

Appliances – While most people think of small hand-held appliances like mixers or toasters, there are always people looking for great deals on big-ticket appliances like refrigerators, washers/dryers, or air conditioners.

Collectibles – Depending on the item, there is often a market for specific collectibles. Remember how hard it was to get your hands on some Beanie Babies, special edition dolls, collector’s cards or retro comic books? That’s still true today, and collectors are always looking for unique pieces to fill out their favorite collections. See if you have anything like vinyl records, vintage ads, classic video games/gaming systems or even any old sports cards sitting around. Chances are they could earn you some quick cash.

Tips to keep in mind when pawning

While pawning items isn’t difficult, keeping these tips in mind can help you earn even more on your items:

• Be confident.
• Be polite and friendly – a great attitude goes a long way!
• Understand you may need to negotiate, and don’t be surprised if the pawnbroker asks you a lot of questions about your item – they have a business and reputation to protect, too, so be willing to provide as much information about your item as you can.
• Do your research before you step foot in the pawn shop – take some time to understand what your stuff is worth beforehand, so you have a better idea of what’s reasonable.
• Ask questions – if you don’t understand something, or you want clarity – ask for it.
• Visit multiple pawn shops to comparison shop – you’re not obligated to pawn or sell anywhere, and visiting different shops can often lead to different quotes for your item.
• Bring multiple items to sell, especially if you’re trying to get a certain amount of money from pawning.

Visit Gene’s Pawn Shop today!

If you need cash quickly and have valuable items you wouldn’t immediately miss, a short-term pawn loan could be a great option for you. At Gene’s Jewelry & Pawn, we specialize in treating customers like family and offering you the best prices for your items. For more than 30 years, we have provided our customers with the high level of service they deserve. Visit one of our locations in North Charleston, Moncks Corner or Goose Creek, SC, today and see how we can help you, or visit us online to see some of our outstanding items or to get a free estimate.

If you’ve ever considered opening your own pawn shop, you may have thought it was simple – set up a shop, fill it with inventory and open the doors. However, there’s a lot more planning and research that goes into opening and operating a pawn shop. Let’s dive into what it takes to open a pawn shop and create a successful business.

Do your research

Visit as many pawn shops as you can, both inside and outside of your immediate market area. Note what works well for each shop, as well as where they’re located and what kind of customers they attract. If there are multiple shops within the same area, pay attention to how they distinguish themselves. Attend industry trade shows and speak with fellow owners. This not only helps you make important business contacts, it also helps you learn the industry more quickly. Reading up on the industry in trade magazines or online can also help you learn more and clear up any misconceptions you may have about owning a pawn shop.

Understand the requirements needed to open a pawn shop

One of the biggest misconceptions about the pawn industry is how regulated it is. Because pawn shops are considered “financial institutions” under federal law, becoming a pawnbroker means you will have to understand and follow a number of federal, state and local regulations. At the federal level alone, this includes the IRS Code, the U.S. Patriot Act, the Gramm-Leach-Bliley Act, and the Truth in Lending Act, as well as federal firearms licensing and consumer privacy and protection regulations. There are severe fines and penalties for owners who fail to comply, either knowingly or unknowingly, with these regulations. 

Licensing at the state, city or county levels varies by state, so it’s important to check thoroughly at all levels to make sure you’re adhering to the proper requirements. Besides obtaining some sort of business license, you’ll likely need to register for other licenses, including a pawnbroker and/or secondhand dealer license, a precious metal dealer license, a firearms dealer license and possibly more.

Focus on quality, not quantity

Most new pawnbrokers are eager to set up their showroom and start filling it up with all sorts of used merchandise. However, it’s more important to keep the “money lender” perspective in mind at first. Make sure you have sufficient start-up capital available to begin building up your pawn loan base. Make it as easy and clear as possible for potential customers to get the cash they need quickly and conveniently. The inventory will come quickly after that.

Also, make sure you have the right knowledge and tools to test and identify precious metals and gemstones. In most pawn shops, fine jewelry accounts for over 50% of items pledged for a pawn loan or offered for sale. If you or your staff can’t properly identify a diamond from a cubic zirconia or a solid gold ring from a heavily plated one, you will have a hard time attracting and keeping good customers.

Communicate clearly

Based on your location and the state and local regulations, make sure you adopt clear policies and procedures for how you do business. Ensure your customers are just as clear on how you run your operation as you and your staff are. This includes everything from the minimum amount of time you can hold collateral from pawn loans or how you store and secure merchandise, to how you complete a pawn loan transaction, including all the applicable finance charges and fees.

Create a community of support

Set up time to meet with your local law enforcement team. Meeting with local law enforcement helps you and your customers in several ways.

First, it helps build trust and transparency right from the beginning. Second, it not only helps protect your business and your customers, it helps deter crime. No pawn shop owner wants to be suspected of dealing with stolen property, so being proactive with your local sheriff’s office and police department helps recover stolen goods and punish thieves.

Design with your customer in mind

Your customers should feel safe and comfortable in your shop. It’s important to select colors, lighting, signage, flooring and other design finishes and security features for your space that make your customers feel welcome. You’ll also want to think about available floor space versus inventory, and how to best lay out the flow of your shop, based on your customers’ needs. For example, your jewelry area should be clean and brightly lit, while other areas of the shop may feel more home-like, with seating areas, muted lighting or warm colors and textures.

Focus on ways you can specialize

Again, the name of the game here is distinguishing how your shop is unique and why customers should shop with you. Some shops may specialize in a particular niche or selection of items, especially if the store staff is extremely knowledgeable and passionate about it, whether that’s comic books, sports memorabilia or antique furniture. However, being able to offer a wide variety of specialty items means you can be more creative in your business and potentially attract even more customers.

If you do specialize, you’ll likely need more education and/or tools to properly authenticate luxury items, such as high-end watches, vintage jewelry or exclusive name-brand handbags. Customers expect you’ve done your due diligence to thoroughly review and verify legitimate luxury items, so take advantage of training opportunities, expert advice and authentication tools that help you build specialty merchandise into your business.

The Gene’s Jewelry & Pawn difference

As you can see, it takes much more than just stocking a lot of secondhand merchandise to successfully open a pawn shop. And, with over 30 years in business and three locations to serve you across the Lowcountry, we here at Gene’s Jewelry & Pawn have worked hard to create and establish a business that caters to you, our dedicated customers. We listen carefully, carry a vast variety of quality merchandise, and provide the professional expertise, tools and advice to ensure you are getting the absolute best value possible when you shop at Gene’s. Visit us today and let us show you why Gene’s is a cut above the rest!

With spring cleaning season in full gear, you might be eager to clear out some space and get rid of clothing that no longer fits your style or other gently used items around your house. If you’ve got some personal items you want to sell, read on to figure out the key differences between consignment shops and pawn shops.

There are three main differences when comparing consignment shops vs pawn shops:

• When you give up ownership of your item
• When the seller (you!) is paid
• How the shop is paid

Item Ownership in Consignment Shops vs Pawn Shops

At a pawn shop, the item you use for collateral on a short-term loan is still yours all the way through the term of the loan. The pawn shop keeps and stores your item safely for you, but it still belongs to you. If you decide to sell your item outright or fail to meet the terms of the pawn loan, you give up ownership of your item to the pawn shop.

Consignment shops are designed specifically to sell your unwanted items directly to the public, which then earns you a percentage of the sale price. When you leave your items at a consignment shop, you are giving them immediate ownership of your stuff. If it sells, you receive a cut of the profits, while the shop takes the rest. If the items don’t sell within a specified time, which could be anywhere from 30 to 90 days, some shops may still try to sell them at a discounted price, or you can get the item back.

When You Get Paid

If you want to earn some extra cash for your unwanted items, but aren’t in a hurry to get it, a consignment shop may be a better option. If, however, you need that cash immediately, or you need the cash quickly but don’t necessarily want to sell your items, you’re better off going to a pawn shop.

With consignment shops, you receive money when the item sells. Depending on the store’s policies, you may be waiting 90 days or more to get your money. You also run the risk that if your item doesn’t sell, you won’t get paid at all. However, if your item doesn’t sell on consignment, you can still get your stuff back and then try to sell it another way.

With pawn shops, you get cash on the spot. When you visit the pawn shop, the employee will ask if you want to sell or pawn, so you have the option of selling your item(s) right then and there and walking away with your money. If you decide to pawn, you get the best of both worlds. You maintain ownership of your stuff and can use it as collateral for a short-term loan. 

Getting a pawn loan is quick, easy, and hassle-free. Most loans can be done in minutes, require very little paperwork, are paid immediately and, unlike traditional loans, have zero effect on your credit. Once you repay the loan, usually within 30 days, you get your stuff back. You can even use it as collateral multiple times, as long as you repay each loan on time and become a trusted repeat customer. In fact, most pawn shops prefer to issue loans rather than buy or sell personal property, because it’s easier and more cost-effective.

How the Shop Is Paid

Consignment shops and their sellers get paid when items are sold. Generally, the consignment shop receives a percentage of the item’s sale price, while the seller receives the rest. Because consignment shops typically have standard store policies on how these percentages are charged, you should be aware of these terms and ask any questions you have before you give your items over for consignment.

By comparison, pawn shops get paid in two ways. First, if you pay back your pawn shop loan in full, the pawn shop earns interest on the loan. About 80% of all pawn loans in the U.S. are paid back in full. However, if you don’t pay back the loan on time, the pawn shop can then sell your item and keep the entire profit earned from that sale.

Consignment shops and pawn shops offer different advantages for people looking to make some money from their gently used goods. Hopefully these tips can help you determine which option works best for you, depending on your needs and personal situation. If you need cash quickly and have valuable items that you wouldn’t immediately miss, a short-term pawn loan could be a great option for you. 

At Gene’s Jewelry & Pawn, we specialize in treating customers like family and offering you the best prices for your items. For more than 30 years, we have provided our customers with the high level of service they deserve. Visit one of our locations in North Charleston, Moncks Corner or Goose Creek, SC, today and see how we can help you. Or visit us online to see some of our outstanding items for sale or to get a free estimate for your items!