Just like any Pawn Shop around New York City, Major Pawn offers its customers the option to either pawn an item or sell it. Pawning means you can redeem it once you have the money to pay us back. Selling it means you get instant cash but we keep your item for good. So how do you know if you should pawn or sell us your item?
How Pawning Works
If you wish to pawn us valuable possessions such as gold, silver, jewelry, diamonds, coins, and watches, here are the steps you will have to take. Bring in your item to any one of our shops located throughout Queens, Nassau County, Suffolk County, and the nearby areas. You can find a full list of our branches and their addresses on our website.
Once there, one of our expert staff will assess its value to determine your loan amount. The term of our loans is 4 months at 3% interest rate per month. This means that you can claim your item any time within the 4 month period after you have paid the principal loan plus the accumulated interest.
You can claim your item by simply presenting your white pawn ticket that we gave you during the initial transaction. It is advisable for you to phone us beforehand if you intend to pick up your item so we can have it ready for you when you drop by. You can find our contact numbers on your ticket as well as on our website.
If you are unable to pay off your loan within 4 months, you can extend your loan for up to 4 more months by paying the finance charges. Just make sure to do this before the expiration of the contract or else the pawn shop has the right to keep your item for good. You can also decide not to pay off your loan. You are by no means obligated to come back for your item.
How Selling Works
Basically, after the assessment of your item’s value, you will be given instant cash upfront. You will not be charged additional interest rates. This also means you will not be able to come back for your item.
Now that you know the difference between pawning and selling, you can already decide which option to take. The choice is really up to you and would depend on a number of factors. Consider the following:
When You Should Pawn
Personal value– Usually, gold and other kinds of jewelry have a strong sentimental value to the owners. If you have a ring that has been passed down from generation to generation in your family, then you should definitely pawn it instead of selling.
Bigger cash amount– Generally speaking, you can get more cash from pawning. Pawning has a lower risk to a pawn shop because we do not have to worry about reselling the item.
Reuse your item– If you come back for your item, you can use it again to secure loans in the future. You do not have a limit on how many times you can pawn it as long as you keep coming back for it every time.
Appreciating items– Gold, jewelry, and some watches are things that increase in value over time. If you hold on to them, you can use them as collateral to get higher loans as the years pass.
When You Should Sell
No personal value– If you have something that you can live without, has no sentimental value, and you will not miss, then you should consider selling.
Instant cash– By selling an item, we will give you instant money on the spot with no additional charges. You can be on your way with cash in hand in a matter of minutes.
No obligation– Some people prefer to sell because they don’t want to worry about paying off another loan. They don’t have to pay off any interest rates either. They just want a fair deal that will get them cash in exchange for their item.
Whether you choose to pawn or sell, you can be assured that with NYC Major Pawn Shop, you will get the right amount of money, a no-hassle transaction, and an experience that will make you a returning customer.