In the event you suddenly need an amount of cash, rather than selling a valuable asset, you can visit your local pawn shop, where you can deposit certain goods that can be used a security for a short-term loan. While some pawn shops will lend money on computers and other electrical appliances, the majority will accept any of the following as security for a loan.
- Gold Jewellery – If you have gold jewellery, regardless of its age and condition, your local pawn shop in Sydney would estimate its value and lend you a fixed amount based on that evaluation. It might be a very valuable heirloom, or even old gold jewellery that you never wear, if it is made from gold, the pawn shop will accept it.
- Diamonds – Whether loose stones or as part of a jewellery item, a pawn shop will appraise the value of any diamond and would be prepared to lend a specific amount based on their assessment of the diamond’s value.
- Luxury Watches – Well-known luxury watch brands such as, Rolex, Cartier, Omega, Breitling, Tag Heuer and many more. Of course, the pawn shop experienced staff would need to closely examine the time piece before offering an amount that can be borrowed using the watch as security.
- Gold and Silver Coins and Ingots – Any amount of gold or silver that is in coin or ingot format can be used as security for temporary loan. Make sure that you already know the weight and purity of the precious metal prior to visiting the pawn shop, where the details will be confirmed in front of you. If, for example, you have a considerable collection of gold coins and have an urgent need for some cash, rather than selling them, you can pawn them and have them returned when you repay the loan at a later date.
- Luxury Bags – Brand name bags and purses are also acceptable at a pawn shop, with names such as Louis Vuitton, Gucci, Chanel and Christian Dior all accepted. The pawn shop staff would carry out a close inspection of the bag, then make an offer on how much you can borrow.
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How Does a Pawn Shop Operate?
It really is quite a simple, straightforward process; the pawn shop values the items you wish to pawn, and should you agree to this, they will pay you cash on the spot. The pawn shop will inform you of their monthly interest rates, which might be as low as 2 or 3%, and whenever you are ready to repay the loan, give the pawn shop 24 hours’ notice and you can visit the shop, pay the money and receive your goods. It really is as simple as that!