Monthly Archives

August 2013

Top 3 Tips to Pawn your Jewelry in Boston

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It’s a startling statistic that a third of all Americans do not have savings set aside for emergencies. Fortunately, there are options to get you out of a bind should the one arise. Local pawnshops like Boston Jewelry and Loan are licensed lenders that can help you get cash fast! No credit check required! All you need is a valid ID and a Social Security number.

Outside of a pawnshop, there are very few places to receive a quick, small loan. The option to pawn allows you to receive fast cash, without parting with your pawned item. This is known as a collateral loan. The pawnshop gives you cash in return for your item, and once you repay the loan with interest, you get the item back!

Jewelry is one of the most popularly pawned items. From wedding rings to watches to heirloom jewelry, pawnshops like Boston Jewelry and Loan will appraise your item and give you cash on the spot! But there are a few things to know about pawning jewelry, should you choose to do so.

Tip #1: Don’t expect jewelry store prices. Whether pawning or selling, know that you can expect a maximum of 75% of market value for an item in prime condition.

Tip #2: Know as much as you can about your item. Having original packaging or paperwork is ideal. But if you don’t have these, knowing other specifics is crucial. You want to know what type of metal it is and what stones, if any, are a part of your piece. This will help the appraiser know the value of your item so they can offer a fair price.

Tip #3: Repay the loan ASAP. Not only will fast repayment yield less accrued interest, but knowing that you are a reliable customer can result in a higher payout for any needed future loans. When pawnbrokers can trust that you are going to repay the loan quickly, they’re more likely to lend a higher amount.

Following these tips will help in your overall pawnshop experience.  The more that you know, the better you will understand the workings of Boston Jewelry and Loan.

Speaking of more to know, be aware that you also have the option to sell your item outright, which will give you instant cash without the burden of payback and interest.

If you’re looking for an instant cash payout or a collateral loan, visit us at Boston Jewelry and Loan today for a professional appraisal and fair compensation.

The Real Boston Pawnbroker – Reality Show vs. Reality

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What do you picture when you think of a “Boston Pawnbroker?” If you’re like many Americans, you picture one of two things; reality star Rick Harrison of Pawn Stars or the seedy undertaker from A Christmas Carol. While we are all guilty of letting outside factors influence our perceptions, it’s important to know fact from fallacy, as well as what you should do when it comes to visiting a Boston pawn shop.

Not all pawnshops are created equal. Choose wisely and protect your valueables by doing your research first. Know what your item is worth, both retail and wholesale prices. Don’t forget to take the condition of your item into account. It’s also a good idea to check out online auction sites such as eBay, to see the relative value of your item. This step will prevent you from being taken advantage of when you go to pawn or sell your item.

That being said, rest assured that there are professional, fair, and established businesses out there that thrive on a positive customer reputation as we do here at Boston Jewelry & Loan.  It can be a hard decision to part with a valuable item, but the offer of instant cash can be priceless. Certified, professional pawnbrokers aren’t looking to make money off of your misfortune – they’re looking to help you! This can be a win-win situation for everyone, and offering fair and reasonable prices can establish that.

Know if you’re looking to pawn or sell your item. When pawning, you are trading your item as collateral, and the pawn broker gives you a cash loan – in the approximate amount your item is worth. You are required to pay back the loan amount, plus interest, and your item will be returned to you as it was delivered. The benefit to this is that you get to keep your item. If you need cash and have something valuable that you are not ready to part with, this may be the best option for you. However, if you have things lying around that you don’t need or use anymore, selling may make more sense. Typically selling your item outright will return a higher payout.

Knowing the reality of pawnshops and what to expect will make your pawn shop experience a smooth one. To receive a great pawnshop experience, look no further! Visit us at Boston Jewelry & Loan!