Top 3 Tips to Pawn your Jewelry in Boston

By August 26, 2013News

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.

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