If you have never been to a pawn shop, they may seem a bit confusing to you. You may have questions like, what is a pawn loan? How do you pawn an item like jewelry? What is the difference between pawning and selling? We're here to answer those questions!
What is Pawning?
In short, pawning something is a collateral loan. When you are looking for a loan, you bring in an item of value, for example, a gold ring, and a pawnbroker will asses your item and make you a cash offer based on its value. If you want your item back, you can agree upon a date to repay the loan and your item will be returned to you. If you choose not to take your item back and repay the loan, the item will be sold by the pawn shop to customers.
What is the Difference between Pawning and Selling?
When you sell an item, you are not looking to get that item back. You are giving someone else ownership of your item in return for cash. Pawning, on the other hand, uses someone's personal item as collateral for a loan with the intention to get the item back when the loan is repaid. The item is only sold if the person can not repay the loan.
What are the Benefits of Pawning?
Pawning is a great way to get cash fast. There is no credit check, so pawning is an easy way to get a loan with no worries. You get your cash right away, and there is no wait for processing time. Another benefit of pawning is that you don't have to worry about lowering your credit. If you can't pay back your loan, your credit score won't suffer from it. Instead, your item will be kept and sold.
Buy and Sell Jewelry With Ease When You Visit Our Local Pawn Shop
Are you in need of fast cash and think pawning could be right for you?
Contact Big Tex Pawn Shop for more information on our pawn loans and items we buy and sell. We are conveniently located in Odessa, TX and proudly serve the surrounding areas of Midland, Pecos, and Andrews, TX.
