Buying/Selling/Pawing

Shop Status:OPEN

Looking to Buy/Sell/Pawn items.

Pitch me your sales or what you wish to pawn.

CURRENT TC:
Toricredits:
257,492
Incase you are unfamiliar with the concept of pawning heres some C/P




Pawn2
pɔːn/
verb
gerund or present participle: pawning
deposit (an object) with a pawnbroker as security for money lent.
"I pawned the necklace to cover the loan"
synonyms:pledge, deposit with a pawnbroker, put in pawn, give as security, put up as security/collateral, use as collateral, Mortgage;

Getting the loan

Here's how a pawnshop transaction works:

• Pawnshops offer collateral-based loans -- meaning the loan is secured by something of value. You take in something you own, and if the pawnbroker is interested, he will offer you a loan. The pawnbroker then keeps your item until you repay the loan. The loan amount will likely be a small fraction of the item's actual value.
• You can sell your item to the pawnshop outright, but pawnbrokers are less enthusiastic about these transactions because loans offer much more profit potential for the pawnbroker.
• You must receive a pawn ticket. Don't lose this! Not only is it the receipt for your item, it also summarizes the terms of your loan: fees, expiration date, description of your item, etc.

Unlike pawnshop loans, personal loans don't require collateral. You'll find the best rates on personal loans at Bankrate.com
.
Repaying the loan

You have 2 choices for repayment:

• Return to pay the balance, including the loan amount plus all added fees, before the deadline, which is usually 1 to 4 months after the initial transaction.
• Don't return and the pawnshop keeps your item. Aside from losing your item, there are no other consequences -- no collection action and no effect on your credit report. On average, though, 80% of all customers do reclaim their items, according to the National Pawnbrokers Association.

In some locations, you can extend the loan period by up to several months, but you'll incur additional charges.