Your Trusted Pawn Shop in Van Nuys - Maxferd Jewelry and Loan (2024)

FAQs

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

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.

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.

Pawn shops use factors like market value, resale value, current supply and demand of their local market, profit margin, and condition of the item to determine value. Pawn shops are businesses that loan money to customers when they bring valuable items used as collateral; they also buy things outright.

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.

You simply lodge your item of value with the pawnbroker. This is taken as security against the loan that the pawnbroker then advances to you. Your item(s) are then kept safe for a maximum of six months and are then redeemed by you when you repay your original loan amount together with the agreed interest payment.

A lot of high end sports equipment can pawn for $200 if you've got them lying around. Vintage and antique goods are also within the $200 pawn price range a lot of the time.

Precious metals are a fantastic item to pawn in any form. Gold, silver, and platinum are always in high demand and can snag you a hefty payout, especially if you decide to pawn or sell at Precious Metals Refinery. Like precious metals, diamonds are one item that seems to never go out of fashion or drop in desirability.

Unlike pawn shops, buy-sell-trade stores are places for patrons to sell their items in exchange for cash or store credit. These stores operate on a more traditional model, profiting through the repurchase and sale of products for an agreed-upon price, as opposed to accepting items as collateral for a loan.

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. The average amount of a pawn shop loan is about $75–$100.

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.

What are two disadvantages of a pawn loan? ›

Your income and employment status play a role in determining the size of the loan amount, as do factors such as the collateral and your credit history. Number of Months: The number of months refers to the loan term broken down by the total months you have to repay it.

If you are in a position to wait for the maximum payout, then selling may be more beneficial than pawning. On the other hand, if you need cash quickly with no long-term commitment, then pawning may be the better option.

Yes you absolutely can negotiate prices at a pawn shop. In fact, you are expected to negotiate. Anyone in a pawn shop you deal with who does not see you negotiate will wonder what the heck you are doing. So yes, go into the pawn shop expecting to haggle, whether you are buying, selling, or pawning.

Pawnshop loans allow customers to get instant cash in exchange for collateral — whatever the item is that they offer to the shop. A pawnshop loan is an agreement in which you offer an object, such as a piece of jewelry, and take a cash payment on a percentage of its value.

Interest rates on pawnshop loans often fall between 20% and 25% per month, and the pawnshop may charge additional fees, such as a storage fee for your collateral. These fees can result in an annual percentage rate (APR) that may exceed 200%. Other borrowing options may offer lower interest rates and fees.

A pawn loan is less of a risk for the pawnbroker, because they aren't as concerned about reselling the piece. If you have a valuable you don't mind parting with and you don't want to have to worry about paying back a loan, then it may be easier for you to just sell. You will have the extra cash you need on the spot.

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.